Novo Nordisk reports double-digit sales growth

Novo Nordisk has issued its financial statements for the three months ended March 2007, with the company reporting a ten per cent increase in sales over the same period last year to DKK 9,818 million (900 million pounds).

This growth in revenues was driven by a 32 per cent increase in sales of modern insulins, together with a 12 per cent rise in sales of NovoSeven and 11 per cent rise in sales of Norditropin.

Net profit at the company during the first quarter of the year rose by 21 per cent compared with the same period in 2006, reaching DKK 1,709 million, with a 44 per cent increase in diluted earnings per share to DKK 5.35.

Lars Rebien Sorensen, president and chief executive officer of Novo Nordisk, said: “We are pleased with the solid sales growth that we have seen in the first quarter of 2007, despite the depreciation of key invoicing currencies.”

He added that a major driver of growth at the company is the modern insulin market in the US, with the firm forecasting further growth in this area as a result of its increased sales force due to be in place by the end of June 2007.

In March 2007, Novo Nordisk reported that its shareholders would receive increased share dividends for the previous year, with payouts of DKK 7.00 per share, a rise of 17 per cent on the dividend for 2005.