Novo Nordisk beats forecast as 1st-qtr 2011 Victoza sales rocket

Danish insulin giant Novo Nordisk (NVO: N) posted first-quarter 2011 results, showing that total sales grew 15% to 15,693 billion Danish kroner ($3.07 million), boosted by the company’s diabetes drug Victoza (liraglutide),which saw turnover nearly triple to 1.1 billion kroner.

The company posted net profit of 4.07 billion kroner, up 23% and beating the average estimate of 3.91 billion kroner in a Bloomberg survey of 14 analysts, with earnings per share (diluted) of 7.06 kroner, a rise of 26%. The 2011 full-year outlook remains unchanged: sales growth of 8%-10% and operating profit growth of around 15%, both measured in local currencies, the company stated. However, due to the strengthening of the Danish kroner, it has cut its sales growth expectations in that currency to just 6%.

Lars Rebien Sorensen, president and chief executive, says: “We are encouraged by the continued double-digit sales growth driven by Victoza and modern insulins. It strengthens our confidence in the company’s long term growth prospects despite the near-term impact on sales growth from health care reforms in the USA and other major markets, which is reflected in the 2011 outlook.”