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Novo Nordisk increased adjusted operating profit by 6% in local currencies in 2016
Sales increased by 6% in local currencies

Sales increased by 6% in local currencies and by 4% in Danish kroner to USD 16.6 billion.

  • Sales of Tresiba® increased by 221% to USD 0.6 billion (219% in Danish kroner).
  • Sales of Victoza® increased by 12% to USD 3.0 billion (11% in Danish kroner).
  • Sales of Saxenda® increased by 245% to USD 0.2 billion (243% in Danish kroner).  
  • Sales in the USA increased by 4% (4% in Danish kroner).
  • Sales in International Operations increased by 14% (2% in Danish kroner).
  • Sales in Region China increased by 12% (6% in Danish kroner).

Operating profit was unchanged in local currencies and decreased by 2% in Danish kroner to USD 7.2 billion. Adjusted for the non-recurring income related to the partial divestment of NNIT and the income related to out-licensing of assets for inflammatory disorders, both in 2015, operating profit in local currencies increased by 6%, in line with the most recent guidance of a ‘5-7% growth in local currencies’ provided in October 2016.

Net profit increased by 9% to USD 5.6 billion. Diluted earnings per share increased by 11% to USD 2.22. Adjusted for the partial divestment of NNIT, net profit and diluted earnings per share increased by 17% and 19%, respectively.

In November 2016, Novo Nordisk announced that Tresiba® demonstrated a safe cardiovascular profile and a statistically significant 40% reduced risk of severe hypoglycaemia compared to insulin glargine U100 in the DEVOTE trial.

Also in November 2016, Novo Nordisk received the FDA approval of Xultophy® 100/3.6, the once-daily combination of insulin degludec (Tresiba®) and liraglutide (Victoza®). In January 2017, Novo Nordisk received EU approval of Fiasp®, the new-generation fast-acting insulin.

On 1 January 2017, Lars Fruergaard Jørgensen replaced Lars Rebien Sørensen as president and CEO, who retired after 34 years of loyal service with the company, the last 16 years as CEO.

For 2017, reported sales growth is expected to be 1-6% measured in Danish kroner, positively impacted by currencies of 2 percentage points. Reported operating profit growth is expected to be 0-5% measured in Danish kroner, positively impacted by currencies of 2 percentage points.

At the Annual General Meeting on 23 March 2017, the Board of Directors will propose a final dividend of USD 0.65 for 2016 per share of DKK 0.20. The expected total dividend for 2016 of USD 1.08 per share, of which USD 0.43 per share was paid as interim dividend in August 2016, corresponds to an increase of 19% compared to 2015. The Board of Directors furthermore intends to initiate a new 12-months share repurchase programme of up to USD 2.3 billion.

Lars Fruergaard Jørgensen, president and CEO: “2016 was a challenging year. While we met our financial guidance for the year, strong market headwinds in the USA meant that we had to revise our long-term financial targets. However, 2016 was also a year in which we announced very encouraging clinical data for our key products, providing a solid foundation for future growth.”

About Novo Nordisk

Novo Nordisk is a global healthcare company with more than 90 years of innovation and leadership in diabetes care. This heritage has given us experience and capabilities that also enable us to help people defeat other serious chronic conditions: haemophilia, growth disorders and obesity. Headquartered in Denmark, Novo Nordisk employs approximately 42,000 people in 77 countries, and markets its products in more than 165 countries. Novo Nordisk’s B shares are listed on Nasdaq Copenhagen (Novo-B). Its ADRs are listed on the New York Stock Exchange (NVO). For more information, visit novonordisk.com

Conference call details

On 2 February 2017 at 13:00 CET, corresponding to 7.00 am EST, a conference call will be held.  Investors will be able to listen in via a link on novonordisk.com, which can be found under ‘Investors’. Presentation material for the conference call will be available approximately one hour before on the same page.

Webcast details

On 6 February 2017 at 14.15 CET, corresponding to 8.15 am EST, management will give a presentation to institutional investors and sell-side analysts in London. A webcast of the presentation can be followed via a link on novonordisk.com, which can be found under ‘Investors’. Presentation material for the webcast will be made available on the same page.

 

Financial calendar

7 February 2017

PDF Version of the Annual Report 2016

8 February 2017

Deadline for the company’s receipts of shareholder proposals for the Annual General Meeting 2017

24 February 2017

Printed version of the Annual Report 2016

23 March 2017

Annual General Meeting 2017

3 May 2017

Financial Statement for first three months of 2017

9 August 2017

Financial Statement for first six months of 2017

1 November 2017

Financial Statement for first nine months of 2017

 

 

Further information about Novo Nordisk is available on novonordisk.com.

*For convenience, Danish kroner has been translated to USD in this release, using the average exchange rate of USD 1.0 = DKK 6.7328.

 

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