Novo Nordisk First Quarter Profit up 23%, Lifts Outlook
COPENHAGEN (AP) — Novo Nordisk A/S said today its first quarter profit soared 23 percent, helped by increased sales of its core insulin products.
The world's top producer of insulin said net profit in the January to March period reached 3.3 billion kroner ($595 million), up from 2.7 billion kroner in the same period in 2009.
Sales increased by 9 percent to 13.7 billion kroner ($2.45 billion) from 12.5 billion kroner.
"We are encouraged by the solid business performance in the first quarter of 2010. The increasing use of our modern insulins is the primary driver of growth," Chief Executive Lars Rebien Soerensen said.
Rebien Soerensen added the launch of new diabetes drug Victoza in Europe was "progressing well" in the United States and Europe.
License fees and other operating income were 224 million kroner ($40.15 million), up from 87 million kroner in the first three months of 2009. The development is primarily driven by income from Novo Nordisk's portfolio of intellectual property including a non-recurring income of approximately 100 million kroner related to a settlement, the group said.
Novo Nordisk upgraded its forecast for operating profit growth in 2010 to "more than 10 percent," from an earlier forecast of "around 10 percent."
The company's shares rose 2.10 percent to 455 kroner ($81.55) in morning trading in Copenhagen.
Headquartered in Copenhagen, Novo Nordisk employs 29,000 people in 76 countries.