Novo Nordisk announces increased profits in 2007

Novo Nordisk has published its financial statement for the 2007 fiscal year, with the company reporting a 32 per cent increase in net profits over last year’s figures to 8,522 million Danish kroner (850 million pounds).

Sales in local currencies increased by 13 per cent during the year, while sales measured in Danish kroner rose by eight per cent.

Novo Nordisk reported that ongoing improvements in productivity accounted for an increase in gross margin from 75.3 per cent in 2006 to 76.6 per cent in 2007.

Diluted earnings per share increased by 34 per cent during the fiscal year to 13.39 Danish kroner.

The company has forecast operating profits to increase by a minimum of 25 per cent during the year, or 20 per cent if currency impact and non-recurring costs related to the AERx discontinuation are taken into account.

Lars Rebien Sorensen, president and chief executive officer of Novo Nordisk, said: “We are very pleased with the 2007 results.

“They are driven by robust sales growth in all major markets of our portfolio of modern insulins and strong gross margin improvement.”

He added that these results have made the firm confident in its delivery of solid growth during the coming year.

Last month, Novo Nordisk announced the sale of three metabolic disorder programmes to TransTech.