Novo Nordisk reports double-digit growth in Q1 2013

Novo Nordisk achieved a 14 percent year-on-year increase in sales during the first quarter of 2013, according to the firm's latest financial report.

The three-month total of 20 billion Danish kroner (2.27 billion pounds) reflected a 36 percent annual increase in sales of the diabetes therapy Victoza, as well as a 14 percent rise in modern insulins revenue.

During the quarter, Novo Nordisk was able to launch the new-generation insulin Tresiba in the UK, Denmark and Japan, as well as receiving complete response letters from the US Food and Drug Administration for its filings for Tresiba and Ryzodeg.

For the year as a whole, sales growth is now expected to come to between nine and 11 percent, with operating profit growth of ten percent.

Lars Rebien Sorensen, president and chief executive officer of Novo Nordisk, said: "We are pleased with the strong sales in the first quarter of 2013, driven by our portfolio of modern insulins and Victoza."

Last month, the company announced a therapeutic antibody discovery agreement with Kymab, which will support research into new treatments for a number of conditions.