Novo Nordisk starts year with 15% net profits hike

Danish insulin giant Novo Nordisk (NOV: N) reported first-quarter 2012 results last Friday, with a 13% rise in sales to 17.8 billion Danish kroner ($3.16 billion; up 10% in local currencies), boosted by its operations in North American, where revenues grew 21%, and international operations (ie, excluding North America and Europe, up 24%.

Net profit increased 15% to 4.66 billion kroner, resulting in earnings per share (diluted) increasing 18% to 8.32 kroner. Reported operating profit increased 18% to 6.39 billion. Measured in local currencies, operating profit increased by around 13%.

For the full 2012 year, Novo Nordisk says that sales growth measured in local currencies is now expected to be 8%-11% (previously 7%-11%), and operating profit growth measured in local currencies is now expected to be at least 10% (previously around 10%). Notwithstanding the apparently solid figures, investors reacted by selling the company's stock, which fell 2.5% to 817.5 kroner by 10.22 GMT, in an overall Copenhagen OMX C20 index, which traded down 0.2%.