Novo Nordisk drops 4.5% as 4th-qtr results miss estimates, cuts long-term profit view

Shares in Danish insulin giant Novo Nordisk (NOV: N) fell nearly 4.5% in morning trade on the Copenhagen Stock Exchange after the company posted quarterly results below expectations and lowered its long-term profit outlook.

Results were also impacted by the slowdown in sales of diabetes drug Victoza (liraglutide injection), on the back of market competition.

Novo Nordisk said its long-term target for operating profit growth has now been set at 10%, down from 15% forecast earlier, but no target for operating margin development has been established, as the operating margin is expected to stay at its current level around 44%. For 2016, the company sees sales growth of 5%-9%. Operating profit is also expected grow 5%-9%, it said in a statement.