Novo Nordisk Increased Operating Profit by 24% in the First Quarter of 2011 (28 April 2011)

- Organic Sales Growth of 15% Driven by Victoza(R), NovoRapid(R) and Levemir(R)

News provided by

Novo Nordisk A/S

28 Apr, 2011, 07:37 GMT

BAGSVAERD, Denmark, April 28, 2011 /PRNewswire/ -- Sales increased by 15% in Danish kroner and by 11% in local currencies.

- Sales of modern insulins increased by 14% (11% in local currencies).

- Victoza(R) sales of DKK 1,098 million (growth of 191% in local currencies).

- Sales of NovoSeven(R) increased by 6% (4% in local currencies).

- Sales in North America increased by 16% (14% in local currencies).

- Sales in Region China increased by 34% (28% in local currencies).

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Gross margin improved by 0.3 percentage points in local currencies, reflecting a favourable product mix development, but due to a negative currency effect, the gross margin declined by 0.2 percentage points to 80.1% compared to the first quarter of 2010.

Reported operating profit increased by 24% to DKK 5,418 million. Measured in local currencies, operating profit increased by approximately 20%.

Net profit increased by 23% to DKK 4,073 million. Earnings per share (diluted) increased by 26% to DKK 7.06.

Novo Nordisk has completed a pre-specified meta-analysis based on the Degludec phase 3a trial programme. The meta-analysis confirmed that Degludec is associated with a lower risk of hypoglycaemia compared to insulin glargine, both on the total number of confirmed hypoglycaemic events, and on the number of confirmed nocturnal hypoglycaemic events. Both findings are statistically significant.

The 2011 outlook remains unchanged: sales growth of 8-10% and operating profit growth of around 15%, both measured in local currencies.

Lars Rebien S0rensen, president and CEO, says: "We are encouraged by the continued double-digit sales growth driven by Victoza(R) and modern insulins. It strengthens our confidence in the company's long term growth prospects despite the near-term impact on sales growth from healthcare reforms in the US and other major markets, which is reflected in the 2011 outlook."

Company Announcement no 25 /2011

Read the full announcement in PDF format:

http://www.novonordisk.com/press/sea/sea.asp

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