Novo Nordisk gives share repurchase update

Novo Nordisk has issued a statement regarding its planned share repurchase programme.

The comment is given in continuation to an earlier announcement made at the end of January this year and is pursuant to Section 204.25 of the New York Stock Exchange Listed Company Manual.

Novo Nordisk said the company and its wholly-owned affiliates now own 16,571,430 of its own B shares of DKK 1 as of June 30th 2008.

This sum equates to a total nominal value of DKK 16,571,430 (1.8 million pounds), which makes up 2.61 per cent of the total share capital of the company.

“In the second quarter of 2008 a total of 2,810,000 B shares were repurchased, and 296,660 B shares were disposed of to employees in connection with employee incentive programs,” Novo Nordisk said.

It added that on June 13th 2008, 12,960,000 B shares were cancelled by the firm.

In April 2008, Novo Nordisk announced its financial results for the first quarter of the financial year.

The firm reported a 22 per cent increase in operating profits on the back of a 15 per cent rise in sales measured in local currencies.

Sales of modern insulin products rose by 33 per cent, with sales of NovoSevern rising by ten per cent and those of Norditropin increasing by 17 per cent.