Modern insulins and Victoza drive 8% nine-month sales rise at Novo Nordisk

Danish insulin giant Novo Nordisk (NVO: N) has reported financial results for the first nine months of 2011, showing that turnover rose 8% to 48.23 billion Danish kroner ($9.0 billion). Shares in Novo Nordisk shares rose 6.6% to 581.50 kroner in morning trading yesterday, outperforming the Copenhagen bourse's blue chip index which was up 4.5%.

Growth was driven by modern insulins at 20.91 billion kroner, +7%; Victoza (liraglutide), up a massive 185% to 3.89 billion kroner; protein-related products (1.74 billion kroner, +5%), offset by human insulin (7.99 billion kroner, -10%) and oral diabetic products (1.93 billion kroner, -8%).

Sales growth in the first nine months of 2011 was reduced by approximately 2.5 percentage points due to health care reforms in the USA, several European markets, China and Turkey, noted the company. Gross profit increased 7% to 38.76 billion kroner. Operating profit grew 12% to 16.29 billion kroner with operating profit margin of 33.8%. Net profit grew 19% to 12.41 billion kroner.