Victoza sales boost Novo Nordisk

Danish insulin giant Novo Nordisk (NVO: N) yesterday reported full-year 2011 sales of 66.35 billion Danish kroner ($11.72 billion), which increased by 11% in local currencies and 9% in Danish kroner, driven by modern insulins at and its novel type 2 diabetes drug Victoza (liraglutide). The company's shares rose nearly 5% to 713 kroner in Copenhagen after the release of the earnings report, as the results beat analysts’ expectations.

Net profit increased 19% to 17.1 billion kroner. Earnings per share (diluted) increased 22% to 29.9 kroner. A dividend of 14.00 kroner per share is proposed for approval at the annual general meeting - a 40% increase compared to 2010. Novo Nordisk raised its forecast, predicting full-year 2012 sales to increase between 7% and 11%. The group also said it would initiate a new share buyback program of some 12 billion kroner in 2012.

For the fourth quarter of 2011, group turnover grew 12% to 18.1 billion kroner, beating analysts’ consensus estimates of 17.6 billion kroner. Net profit for the three months rose 18.5% to 4.68 billion kroner.