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Novo Nordisk increased reported operating profit by 1% in 2017 to USD 7.4 billion (5% growth in local currencies)
Reported sales were broadly unchanged at USD 16.9 billion (2% growth in local currencies)

Sales within diabetes care and obesity increased by 4% to USD 14.1 billion (7% in local currencies).

  • Sales of Tresiba® increased by 81% to USD 1.1 billion (85% in local currencies).
  • Sales of Victoza® increased by 16% to USD 3.5 billion (18% in local currencies).
  • Sales of Saxenda® increased by 62% to USD 0.4 billion (64% in local currencies)

Sales within biopharmaceuticals declined by 18% to USD 2.9 billion (16% in local currencies), reflecting the impact in the USA from the introduction of a generic version of the hormone replacement therapy product Vagifem® and a rebate adjustment for growth hormone in Q1 2016. Sales within haemophilia were broadly unchanged (2% growth in local currencies).

Sales within International Operations increased by 2% in Danish kroner (5% in local currencies) driven by sales growth in all business regions measured in local currencies. Sales within North America Operations decreased by 2% in Danish kroner and were unchanged in local currencies, reflecting the non-recurring effects in biopharmaceuticals impacting growth negatively by 4 percentage points.

Operating profit increased by 1% reported in Danish kroner and by 5% in local currencies to USD 7.4 billion. Net profit increased by 1% to USD 5.8 billion. Diluted earnings per share increased by 3% to USD 2.33.

In December, Novo Nordisk received the US Food and Drug Administration (FDA) approval of Ozempic® (semaglutide) for treatment of people with type 2 diabetes and a positive opinion from the Committee for Medicinal Products for Human Use (CHMP) under the European Medicines Agency (EMA) recommending marketing authorisation for Ozempic®. Ozempic® will to be launched in the USA next week.

Chairman of the Board of Directors Göran Ando has decided not to seek re-election at the Annual General Meeting in March 2018. The Board of Directors proposes current member of the Board of Directors Helge Lund to be elected as chairman of the Board of Directors.

As per 15 February 2018, Karsten Munk Knudsen, currently senior vice president of Corporate Finance, will succeed Jesper Brandgaard as chief financial officer. Jesper Brandgaard will continue as executive vice president responsible for Biopharm and Legal Affairs.      

For 2018, sales growth is expected to be 2-5% measured in local currencies and operating profit growth is expected to be 1-5%. Sales growth reported in Danish kroner is expected to be 7 percentage points lower than in local currencies, reflecting the significant depreciation of the US dollar and related currencies versus the Danish krone. Likewise, reported operating profit growth is expected to be 10 percentage points lower.

At the Annual General Meeting on 22 March 2018, the Board of Directors will propose a final dividend of USD 0.78 for 2017 per share of DKK 0.20. The expected total dividend for 2017 of USD 1.26 per share, of which USD 0.48 per share was paid as interim dividend in August 2017, corresponds to an increase of 3% compared to 2016. The Board of Directors furthermore intends to initiate a new 12-month share repurchase programme of up to USD 2.3 billion.

Lars Fruergaard Jørgensen, president and CEO: “I am pleased, that we delivered on our plans for 2017 and we are continuing to build a platform for sustainable growth. The approval of Ozempic® in the USA was the culmination of a year in which we achieved important product approvals and label updates. In 2018, we will focus on the global launch of Ozempic® and pursue the full value potential of our strong product portfolio in what continues to be a competitive environment.”

ABOUT NOVO NORDISK

Novo Nordisk is a global healthcare company with 95 years of innovation and leadership in diabetes care. This heritage has given us experience and capabilities that also enable us to help people defeat obesity, haemophilia, growth disorders and other serious chronic conditions. Headquartered in Denmark, Novo Nordisk employs approximately 42,100 people in 79 countries, and markets its products in more than 170 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 1 February 2018 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 5 February 2018 at 14.00 CET, corresponding to 8.00 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

6 February 2018

PDF Version of Annual Report 2017

7 February 2018

Deadline for the company’s receipts of shareholder proposals for the Annual General Meeting 2018

23 February 2018

Printed version of the Annual Report 2017

22 March 2018

Annual General Meeting 2018

2 May 2018

Financial Statement for the first three months of 2018

8 August 2018

Financial Statement for the first six months of 2018

1 November 2018

Financial Statement for the first nine months of 2018

1 February 2019

Financial Statement for 2018

 

CONTACTS FOR FURTHER INFORMATION

Media:

 

 

Katrine Sperling

+45 3079 6718

[email protected]

Ken Inchausti (US)

+1 267 809 7552

[email protected]

 

 

 

Investors:

 

 

Peter Hugreffe Ankersen

+45 3075 9085

[email protected]

Hanna Ögren

+45 3079 8519

[email protected]

Anders Mikkelsen

+45 3079 4461

[email protected]

Christina Kjær

+45 3079 3009

[email protected]

 

Kasper Veje (US)

+1 609 235 8567

[email protected]

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 6.60195

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