1st-qtr earnings down at Novo Nordisk but better than expected

Danish diabetes care giant Novo Nordisk (NOV: N) reported strong first-quarter 2016 revenue growth this morning, with sales up 8% (+9% local currencies) at 27.2 billion Danish kroner ($4.12 billion).

Earnings per share of 3.71 kroner were down 2.1% from the like 2015 period, but better than the 3.62 kroner predicted by analysts. Net profit decreased 4% to 9.46 billion kroner, beating the expectations of analysts polled by FactSet of 9.16 billion kroner. Adjusted for the partial divestment of NNIT, net profit and diluted earnings per share increased by 20% and 23%, respectively.

Lars Rebien Sørensen, president and chief executive, commented: "We are pleased with the results during the first quarter of 2016 where Victoza and Tresiba both delivered significant growth. Furthermore, we are very encouraged by the successful outcomes of the SWITCH, LEADER and SUSTAIN trials, which further strengthen the clinical profiles of Tresiba, Victoza and semaglutide."