Novo Nordisk Q1 Profit Decreases; Affirms 2016 Outlook

(RTTNews) - Novo Nordisk (NVO) reported that its first-quarter net profit decreased by 4% to DKK 9.5 billion. Earnings per share decreased by 2% to DKK 3.71. Adjusted for the partial divestment of NNIT, net profit and earnings per share increased by 20% and 23% respectively.

Operating profit decreased by 10% reported in local currencies and by 11% in Danish kroner to DKK 12.3 billion. Adjusted for the non-recurring income related to the partial divestment of NNIT and the income related to out-licensing of assets for inflammatory disorders, both in 2015, operating profit in local currencies increased by 10%.

Sales increased by 9% in local currencies and by 8% in Danish kroner to DKK 27.2 billion. Lars Rebien Sørensen, president and CEO: "We are pleased with the results during the first quarter of 2016 where Victoza and Tresiba both delivered significant growth."

Looking forward, the Group said, for 2016, sales growth is still expected to be 5-9% measured in local currencies. Growth in adjusted operating profit is also still expected to be 5-9% measured in local currencies.