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Novo Nordisk Q1 operating profit down 10% in local currencies

pharmafile | April 29, 2016 | News story | Medical Communications, Sales and Marketing |  Financial, Novo Nordisk, Q1, earnings, outlook, results 

Denmark’s Novo Nordisk (NYSE: NOV) on Friday posted a 10% drop in first-quarter operating profit and said it maintains its full year sales forecast.   

Operating profit at 12.31 billion Danish crowns ($1.88 billion) was down against 13.86 billion Danish crowns a year ago. 

The company reported earnings per share of 3.71 Danish crowns ($0.57), down 2.1% versus a year ago. Sales grew 8% to 27.2 billion Danish crowns.

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Chief Executive Lars Rebien Sørensen, said: “We are pleased with the results during the first quarter of 2016 where Victoza and Tresiba both delivered significant growth.”

For 2016, Novo Nordisk still expects sales growth of 5% to 9% in local currencies. The company sees adjusted operating profit growth of 5% to 9% in local currencies. 

All regions contributed to sales growth; however, US was the main contributor with 64% share of growth measured in local currencies, followed by international operations and the new sales region Pacific contributing 23% and 6%, respectively, the company said in a statement. 

Sales growth in the US was boosted by about 3% from nonrecurring adjustments to rebates in the Medicaid patient segment. 

Anjali Shukla

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