Novo Nordisk rises despite reporting mixed results and job cuts

Danish diabetes care giant Novo Nordisk (NOV: N) this morning released financials, showing that sales for the first nine months of 2018 had decreased by 2% in Danish kroner and increased 4% in local currencies to 82.1 billion Danish kroner ($12.52 billion).

Operating profit decreased 6% in Danish kroner and increased by 2% in local currencies to 36.5 billion kroner, impacted by the significant depreciation of the US dollar and related currencies versus the Danish kroner in first half of 2018 compared with the same period in 2017. Adjusting for severance costs related to lay-offs in the third quarter of 2018, operating profit increased by 4% in local currencies.Net profit for the nine months increased 1% to 30.1 billion kroner and diluted earnings per share increased 3% to 12.40 kroner.

For the third quarter alone, net profit of 9.037 billion Danish kroner was down 2.1%. Analysts at data firm Refinitiv had been expecting third-quarter net profit to come in at around 9.565 billion kroner. Notwithstanding, Novo Nordisk’s shares were up 2.30% at 291.45 kroner by 10.54 CET this morning. However, the shares had fallen nearly 15% year-to-date.