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Novo Nordisk increased reported operating profit by 8% in the first six months of 2017
Sales increased by 4% measured in Danish kroner

Sales increased by 4% in Danish kroner and by 3% in local currencies to USD 8.3 billion.

  • Sales of Tresiba® increased by 155% to USD 0.5 billion (149% in local currencies).
  • Sales of Victoza® increased by 21% to USD 1.7 billion (18% in local currencies).
  • Sales of Saxenda® increased by 98% to USD 0.2 billion (90% in local currencies)
  • Sales in North America Operations increased by 5% (2% in local currencies).
  • Sales in International Operations increased by 4% (5% in local currencies).

Sales within diabetes and obesity care increased by 11% to USD 6.7 billion (10% in local currencies). Sales within biopharmaceuticals declined by 19% to USD 1.4 billion (20% in local currencies), primarily reflecting an impact from the introduction of a generic version of the hormone replacement therapy product Vagifem® and from rebate adjustments for human growth hormone in Q1 2016, both in the USA, whereas sales within haemophilia were broadly unchanged.

Operating profit increased by 8% reported in Danish kroner and by 6% in local currencies to USD 3.9 billion.

Net profit increased by 4% to USD 2.9 billion. Diluted earnings per share increased by 6% to USD 1.17.

In June, Victoza® received a positive 17–2 vote from the FDA Advisory Committee acknowledging that clinical trial data provided substantial evidence of cardiovascular risk reduction. Furthermore, Novo Nordisk received EU approval for an update of both the Victoza® and Saxenda® labels reflecting the evidence of cardiovascular risk reduction.

The Board of Directors has approved an interim dividend for 2017 of USD 0.44 per share of DKK 0.20 that will be paid in August 2017.

The financial outlook for 2017 has been updated and sales growth measured in local currencies is now expected to be in the range of 1% to 3% compared with the previous range of 0% to 3%. A negative currency impact of 3 percentage points is now expected, reflecting the recent and significant depreciation of the US dollar and most other key invoicing currencies versus the Euro and the Danish krone. Operating profit growth measured in local currencies is now expected to be in the range of 1% to 5% compared with the previous range of -1% to 3%. A negative currency impact of 4 percentage points is now expected.

For 2018, formulary negotiations with Pharmacy Benefit Managers and managed care organisations in the USA are progressing. Subject to the final outcome of these negotiations, average prices after rebates are expected to be lower compared with the levels in 2017, predominantly driven by the basal insulin segment. The market access for Novo Nordisk’s key products is, however, expected to remain broadly unchanged compared to 2017.

Lars Fruergaard Jørgensen, president and CEO: “We are well on track to deliver on our targets for 2017 based on sales growth driven by our new, innovative products within diabetes and obesity care and a continued focus on cost control. Although the formulary negotiations in the USA reflect the tough competitive environment, we remain confident that our long-term financial growth targets are achievable.”

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 41,400 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 9 August 2017 at 13.00 CEST, corresponding to 7.00 am EDT, 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 10 August 2017 at 14.15 CEST, corresponding to 8.15 am EDT, 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

1 November 2017

Financial Statement for first nine months of 2017

1 February 2018

Financial Statement for 2017

 

 

Contacts for further information

Media:

 

 

Katrine Sperling

+45 3079 6718

krsp@novonordisk.com

Ken Inchausti (US)

+1 267 809 7552

kiau@novonordisk.com

 

 

 

Investors:

 

 

Peter Hugreffe Ankersen

+45 3075 9085

phak@novonordisk.com

Hanna Ögren

+45 3079 8519

haoe@novonordisk.com

Anders Mikkelsen

+45 3079 4461

armk@novonordisk.com

Christina Jensen

+45 3079 3009

cnje@novonordisk.com

Kasper Veje (US)

+1 609 235 8567

kpvj@novonordisk.com

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 6.87569

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