Novo Nordisk increased operating profit in local currencies by 15% in the first quarter of 2014
BAGSVAERD, Denmark, May 01, 2014 (GLOBE NEWSWIRE via COMTEX) --
7% sales growth in local currencies driven by Levemir® and Victoza®
Sales increased by 7% in local currencies and by 2% in Danish kroner to DKK 20.3 billion.
Sales of modern insulin increased by 10% (4% in Danish kroner).
Sales of Victoza® increased by 13% (9% in Danish kroner).
Sales in North America increased by 7% (3% in Danish kroner).
Sales in International Operations increased by 12% (decreased by 2% in Danish kroner).
Sales in Region China increased by 18% (15% in Danish kroner).
Gross margin improved by 1.1 percentage points in Danish kroner to 83.0% driven by a favourable price development as well as a positive impact from productivity and product mix.
Operating profit increased by 15% in local currencies and by 6% in Danish kroner to DKK 8.0 billion.
Net profit increased by 8% to DKK 6.5 billion. Diluted earnings per share increased by 10% to DKK 2.43.
The roll-out of Tresiba® (insulin degludec), the once-daily new-generation insulin with an ultra-long duration of action, is progressing. In the first countries to launch Tresiba® with reimbursement on a similar level as insulin glargine, it now represents between 10% and 17% of the basal insulin market measured in monthly value market share.
Recruitment for the cardiovascular outcomes trial for Tresiba®, DEVOTE, is progressing ahead of plans and Novo Nordisk now expects to have sufficient data to support an interim analysis mid-2015.
For 2014, sales growth measured in local currencies is now expected to be 7-10%, whereas expected operating profit growth measured in local currencies is maintained at around 10%.
Lars Rebien Sørensen, CEO: "We are pleased to reiterate our expectations to operating profit growth for 2014 despite a challenging start of the year and a lower outlook for sales growth. We are encouraged by the performance of Tresiba® in key markets and by the rapid recruitment into the DEVOTE study, which enables us to shorten the timeline for the interim analysis and a potential US launch."
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]
Lars Borup Jacobsen +45 3075 3479 [email protected]
Daniel Bohsen +45 3079 6376 [email protected]
Frank Daniel Mersebach (US) +1 609 235 8567 [email protected]
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