Novo Nordisk increased operating profit in local currencies by 15% in 2013

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Sales growth of 12% in local currencies driven by growth in sales of Victoza®, NovoRapid® and Levemir®

Sales increased by 12% in local currencies and by 7% to 83.6 billion in Danish kroner.

  • Sales of modern insulins increased by 14% (10% in Danish kroner).
  • Sales of Victoza® increased by 27% (23% in Danish kroner).
  • Sales of Biopharmaceuticals increased by 12% (6% in Danish kroner).
  • Sales in North America increased by 18% (14% in Danish kroner).
  • Sales in International Operations increased by 17% (8% in Danish kroner).
  • Sales in Region China increased by 13% (12% in Danish kroner).

Gross margin improved by 0.4 percentage point in Danish kroner to 83.1%, reflecting a favourable price and product mix development partly offset by a 0.3 percentage point negative currency impact.

Operating profit increased by 15% in local currencies and by 7% in Danish kroner to DKK 31.5 billion.

Net profit increased by 18% to DKK 25.2 billion. Diluted earnings per share of DKK 0.20 increased by 20% to DKK 9.35.

In December 2013, Novo Nordisk filed for regulatory approval of a 3 mg dose of liraglutide, the once-daily human GLP-1 analogue, as a treatment for obesity with the regulatory agencies in both the US and in EU.

Kåre Schultz is appointed president & COO, a role in which he will work closely with CEO Lars Rebien Sørensen on matters relevant to the company's senior leadership and the Board of Directors.

For 2014, sales growth measured in local currencies is expected to be 8-11%, whereas operating profit growth measured in local currencies is expected to be around 10%.

At the Annual General Meeting on 20 March 2014, the Board of Directors will propose a 25% increase in dividend to DKK 4.50 per share of DKK 0.20. The Board of Directors has furthermore decided to initiate a new 12 months share repurchase programme of up to DKK 15 billion.

Lars Rebien Sørensen, president and CEO: "We are pleased with Novo Nordisk's financial performance in 2013, a year which also posed challenges for us. The double-digit sales growth has again in 2013 been driven by robust growth of our portfolio of modern insulins and Victoza®. For Tresiba®, the Complete Response Letter in the US was a disappointment, but in markets where we have launched the product, performance has been encouraging."

News Source : Novo Nordisk increased operating profit in local currencies by 15% in 2013

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