Novo Nordisk achieves improved results in 2013

Novo Nordisk has announced its financial results for the 2013 business year, during which it achieved an annual sales total of 83.6 billion Danish kroner (9.26 billion pounds).

This represented a 12 percent year-on-year increase in local currency terms, thanks to double-digit rises in sales of key products such as Victoza, as well as its modern insulins and biopharmaceuticals ranges.

Improved performance was noted across the company's US, Chinese and international operations, while progress was made on securing regulatory approval for liraglutide as a new treatment for obesity.

Additionally, Kare Schulz has been appointed as the firm's new president and chief operating officer.

Lars Rebien Sorensen, president and chief executive officer of Novo Nordisk, said: "We are pleased with Novo Nordisk's financial performance in 2013, a year which also posed challenges for us."

The company also announced a new share repurchase programme last week, as part of an overall strategy to buy back up to 14 billion kroner over a 12-month period beginning January 31st 2013.