Novo Nordisk reports solid first quarter performance

Novo Nordisk has published its financial report for the first quarter of the 2010 fiscal year, during which the company achieved a 15 per cent growth in profits.

This increase pushed the pharmaceutical company’s reported operating profit up to 4.4 billion kroner (512 million pounds), driven by a rise in sales of key products.

The performance of Novo Nordisk’s modern insulins portfolio played a key part in this, increasing by 17 per cent year-on-year, while sales of drugs such as NovoSeven and Norditropin also rose during the three-month period.

Lars Rebien Sorensen, president and chief executive officer of Novo Nordisk, also pointed to the successful introduction of its new diabetes drug Victoza as a driver of growth.

He said: “We are encouraged by the solid business performance in the first quarter of 2010.”

Earlier this week, the company published clinical trial data supporting the efficacy of Victoza, with the drug demonstrating benefits when compared to the alternative treatment Januvia.