Novo Nordisk Q1 Profit Up 7%

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The FINANCIAL — Sales within diabetes and obesity care increased by 13% to DKK 23.8 billion (11% in local currencies).

Sales within biopharmaceuticals declined by 24% to DKK 4.7 billion (25% in local currencies), primarily reflecting an impact from rebate adjustments in Q1 2016 and a recent introduction of a generic version of Vagifem, both in the USA.

Operating profit increased by 10% reported in Danish kroner and by 6% in local currencies to DKK 13.5 billion, according to Novo Nordisk.

Net profit increased by 7% to DKK 10.2 billion. Diluted earnings per share increased by 9% to DKK 4.06.

In the first quarter of 2017, Fiasp, fast-acting insulin aspart, received marketing authorisation from the European Commission as well as approvals in Norway, Iceland and Canada. Fiasp has now been launched in the first European countries as well as Canada. Furthermore, Novo Nordisk resubmitted the New Drug Application for fast-acting insulin aspart in the USA following the Complete Response Letter received in October 2016.  

In May, Novo Nordisk received approval from the EU commission for the label update of Tresiba® based on data from the SWITCH trials, demonstrating a clinically relevant reduction in hypoglycaemia compared with insulin glargine U100.  

In March, Novo Nordisk received positive opinion from the European Medicines Agency for the recommendation of a marketing authorisation for Refixia® (nonacog beta pegol, N9-GP) for the treatment of haemophilia B.  

As of 1 July 2017, Lars Green will be appointed executive vice president and head of Business Services and Compliance.  

For 2017, reported sales growth is now expected to be 1-4% measured in Danish kroner, now reflecting a positive currency impact of 1 percentage point. Reported operating profit growth is now expected to be 0-4% measured in Danish kroner, now reflecting a positive currency impact of 1 percentage point.  

Lars Fruergaard Jørgensen, president and CEO: “With the performance in the first three months, we are well on track towards our targets for 2017. Sales were driven by our new, innovative products within diabetes and obesity care, and we are seeing the effects of our cost control initiatives, enabling us to invest in future growth opportunities.”

 

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