Novo Nordisk net profit leaps 26% in first nine months of 2012

Danish insulin giant Novo Nordisk (NOV: N) today reported financial results for the first nine months of 2012 with 18% growth in sales to 57.1 billion Danish kroner ($9.9 billion), driven by 21% (14%local currencies) growth in insulins, 74% (64%lc) growth in Victoza (liraglutide). Operating profit leapt 34% (21%lc) to 21.9 billion kroner. Net profit increased 26% to 15.68 billion kroner and earnings per share rose 31% to DKK 28.32.

Earnings before interest and tax (EBIT) in the third quarter alone rose to 7.86 billion kroner from 5.61 billion in the like 2011 period, beating an average 7.23 billion kroner forecast in a Reuters poll of analysts. Third-quarter net profit rose 35% to 5.67 billion kroner, comfortably above the 5.27 billion kroner average estimate of 18 analysts polled by Dow Jones Newswires/Factset. Novo Nordisk shares edged around 1% higher to 938.50 in early trading.

For full year 2012, the company now expects sale growth in local currency of 10% to 12% (previously 9% to 12%), and operating profit growth in local currencies of 16% to 18% (previously around 15%). The company also disclosed preliminary outlook for 213 with high single-digit growth in sales and operating profit in local currencies.