Novo Nordisk increased operating profit in local currencies by 12% in the first six months of 2014

Novo Nordisk increased operating profit in local currencies by 12% in the first six months of 2014
7% sales growth in local currencies driven by Levemir® and Victoza®

Sales increased by 7% in local currencies and by 1% in Danish kroner to DKK 42.0 billion during the first six months of 2014 compared to the same period in 2013.

Sales of modern insulin increased by 12% (6% in Danish kroner).
Sales of Victoza® increased by 12% (8% in Danish kroner).
Sales in North America increased by 9% (4% in Danish kroner).
Sales in International Operations increased by 11% (decreased by 3% in Danish kroner).
Sales in Region China increased by 17% (13% in Danish kroner).

Gross margin improved by 0.4 percentage point in Danish kroner to 83.0% driven by a favourable price development as well as a positive impact from product mix and productivity.

Operating profit increased by 12% in local currencies and by 4% in Danish kroner to DKK 16.8 billion.

Net profit increased by 6% to DKK 13.5 billion. Diluted earnings per share increased by 9% to DKK 5.09.

The roll-out of Tresiba® (insulin degludec), the once-daily new-generation insulin with an ultra-long duration of action, continues. In Japan, the first country to launch Tresiba® with reimbursement at a similar level as insulin glargine in March 2013, it now represents 21% of the basal insulin market measured in monthly value market share.

The cardiovascular outcomes trial for Tresiba®, DEVOTE, is progressing ahead of plans and Novo Nordisk now expects to have data to support an interim analysis around the turn of the year 2014/2015 which potentially enables a submission of the interim analysis to the US FDA in the first half of 2015.

For 2014, sales growth measured in local currencies is still expected to be 7-10% and operating profit growth measured in local currencies is still expected at around 10%.

Lars Rebien Sørensen, CEO: "We are satisfied with the financial results achieved in a challenging first half of 2014. Tresiba® is doing well in key markets and the DEVOTE trial continues to progress ahead of plans. This has enabled us to shorten further the timeline towards the interim analysis and a potential US launch of Tresiba®. Furthermore, with the positive opinion for Xultophy® from the EU regulatory authorities, we have passed a key milestone in bringing the first insulin and GLP-1 combination product to the market."

Contacts for further information

Media:
  
Mike Rulis +45 4442 3573 [email protected]
Ken Inchausti (US) +1 609 514 8316 [email protected]
Investors:
  
Kasper Roseeuw Poulsen +45 3079 4303 [email protected]
Jannick Lindegaard Denholt +45 3079 8519 [email protected]
Daniel Bohsen +45 3079 6376 [email protected]
Frank Daniel Mersebach (US) +1 609 235 8567 [email protected]
Company announcement No 48 / 2014

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