Novo Nordisk Q2 profits up 29%

Hannah Blake

pharmaphorum

Denmark’s Novo Nordisk has announced its second-quarter financial results, which show that the company has had a strong performance so far in 2012. Net profit grew by 29% in the second quarter, attributed mainly by the strong sales of its new diabetes drugs, including Victoza (liraglutide). Overall revenues increased 22% to 19.47 billion kroner (US $3.24 billion), from 16 billion kroner this time last year.

"We are very satisfied with the financial performance in the first half of 2012, driven by a continued strong performance of our modern insulins and Victoza®. We are also encouraged by the IDegLira data which show the benefits of Tresiba® in combination with Victoza®.”

Lars Rebien Sørensen, president and CEO.

Novo Nordisk now has a global value market share of 25%, compared to 24% at this time last year, which makes the company the world leader in diabetes care.

The forecast for the rest of 2012 has now been increased, following the strong performance in Q2. Sales growth, measured in local currencies, is now expected to be 9-12% (previously 8-11%). Operating profit growth is now expected to be around 15%, a figure which was previously expected to be at least 10%.