Novo Nordisk warns of lower profits and sales for 2017

Shares of Danish diabetes care giant Novo Nordisk were down 5.6% at 235.50 Danish kroner at 9.20 CET, after the company warned of slower sales and profits growth in 2017, along with presenting fourth-quarter and full-year financial results for 2016.

Fourth-quarter sales were 29.57 billion kroner ($4.25 billion), up 3% in local currencies and 2% in kroner, beating the 29.49 billion kroner seen in a Reuters poll. Operating profit at 11.21 billion kroner was 3% higher in local currencies and 1% in kroner terms, was well down on analysts’ expectations of 11.42 billion kroner.

Sales for the full year were 111.8 billion kroner, an increase of 6% in local currencies and up 4% in kroner terms.