Novo Nordisk slumps, despite posting a 17% hike in 3rd-qtr net profit

Danish diabetes care giant Novo Nordisk (NOV: N) today post financial results, showing that net profit for the third quarter of 2016 increased 16.9% to 9.8 billion Danish kroner ($1.44 billion). This beat the expectations of analysts polled by FactSet of 9.46 billion kroner. Sales rose 2.8% to 27.54 billion kroner, missing analysts' expectations of 28.01 billion kroner.

However, the company’s shares plunged 14.54% to 238.70 kroner in morning trading, as Novo Nordisk also trimmed its full year 2016 and 2017 guidance.

For the first nine months of 2016 sales increased by 6% in local currencies and by 4% in Danish kroner to 82.2 billion kroner.