Novo Nordisk posts better-than-expected 1st-qtr results

Danish diabetes giant Novo Nordisk (NOV: N) pleased markets this morning with first-quarter 2019 financial results that beat analysts’ consensus expectations, and sending the firm’s shares up 0.72% to 329.40 Danish kroner by late morning trading.

Sales increased by 9% in Danish kroner terms and by 4% at constant exchange rates (CER) to 29.3 billion kroner ($4.38 billion). Operating profit of 14.2 billion kroner saw growth of 8% at CER and was positively impacted by a reversal of write-downs of oral semaglutide prelaunch inventory, beating an average 13.2 billion kroner forecast in a Reuters poll of analysts. Net profit was down 3% at 10.45 billion kroner.

For the full-year 2019, sales growth is still expected to be 2%-5% at CER, and operating profit growth is still expected to be 2%-6% at CER, the company noted.