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Home Industry News Novo Nordisk raises profit growth expectations

Novo Nordisk raises profit growth expectations

31st October 2008

Novo Nordisk has increased its expectations for this year’s profit growth to between 32 and 35 per cent, it emerged this week.

The company, which specialises in diabetes care and areas such as growth hormone therapy and haematosis management, reported increased sales in five of its products/areas for the first nine months of 2008.

The profit growth increase is around ten percentage points higher, reflecting lower operational costs and positive developments in significant positive development.

Overall, sales rose by 13 per cent in local currencies and operating profit went up by 15 per cent to 8,999 million Danish kroner (945.4 million pounds).

Novo Nordisk explained, however, that due to non-recurring tax exempt income from its divestment in Dako’s business activities, net profit fell by three per cent to 7,315 Danish kroner.

President and chief executive officer Lard Rebien Sorensen said he was “pleased” the business had developed thus far during 2008.

“This allows us to raise guidance for full-year 2008 operating profit growth. Furthermore, our preliminary plans for 2009 indicate continued double-digit growth in both sales and operating profit.”

Products currently in Novo Nordisk’s research and development pipeline include Liraglutide for type 2 diabetes and NovoMix 50 and 70 for both type 1 and type 2.

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