Novo Nordisk's third-quarter 2009 profit rises 3%

The world's largest maker of insulin, Denmark's Novo Nordisk, says that third-quarter profit rose 3% to 2.8 billion Danish kroner ($555 million) compared with the prior-year Chief executive Lars Rebien Sorensen noted that robust sales growth of the company's portfolio of modern insulins was the key driver.

Reported operating profit increased 30% to 11.71 billion kroner. Adjusted for the impact from currencies and non-recurring costs in 2008 related to the discontinuation of all pulmonary delivery projects, underlying operating profit increased by around 15%. Net profit was up 15% to .45 billion kroner, beating the average expectation of a rise to 3.60 billion crowns, according to a Reuters poll. Earnings per share (diluted) increased 18% to 13.90 kroner. The company upgraded its forecast for operating profit growth in 2009 to 15% from an earlier forecast of between 12%-14%.

The Copenhagen-based firm says it continues the constructive dialog with the US Food and Drug Administration regarding the regulatory process for liraglutide. Formal feedback from the FDA regarding liraglutide, a once-daily human GLP-1 analogue, is still expected in the fourth quarter of 2009. The launch of Victoza (liraglutide) in Europe is progressing well, said the CEO, 'and we are seeing strong in-market penetration in the first-wave launch countries, Germany, the UK and Denmark.'