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Novo Nordisk's operating profit decreased by 6% in Danish kroner and increased by 2% in local currencies in the first nine months of 2018
Adjusting for severance costs related to lay-offs in the third quarter of 2018, operating profit increased by 4% in local currencies.

Sales decreased by 2% in Danish kroner and increased by 4% in local currencies to USD 13.2 billion.

• Sales of Victoza® increased by 6% to USD 2.9 billion (12% in local currencies).

• Sales of Ozempic® were USD 129 million and the total GLP-1 franchise increased 10% (18% in local currencies).

• Sales of Saxenda® increased by 42% to USD 0.4 billion (53% in local currencies).

• Sales of Tresiba® increased by 8% to USD 0.9 billion (15% in local currencies).

• Sales in International Operations increased by 2% (8% in local currencies).

• Sales in North America Operations decreased by 6% (increased 1% in local currencies).

• Sales within diabetes care and obesity decreased by 1% to USD 11.1 billion (increased by 5% in local currencies).

Sales within biopharmaceuticals decreased by 6% to USD 2.1 billion (1% in local currencies). 

Operating profit decreased by 6% in Danish kroner and increased by 2% in local currencies to USD 5.8 billion, impacted by the significant depreciation of the US dollar and related currencies versus the Danish krone in first half of 2018 compared with the same period in 2017. Adjusting for severance costs related to lay-offs in the third quarter of 2018, operating profit increased by 4% in local currencies. 

Net profit increased by 1% to USD 4.8 billion. Diluted earnings per share increased by 3% to USD 2.0. 

In February 2018, Novo Nordisk launched Ozempic® in the USA, a new once-weekly GLP-1, and the weekly newto-brand prescription market share for Ozempic® has now reached 19% strengthening the total Novo Nordisk GLP-1 market share. Ozempic® has now been launched in seven countries in Europe and in North America. 

Since August 2018, Novo Nordisk has announced phase 3a results from additional three of the 10 clinical trials in the PIONEER programme for oral semaglutide, a new once-daily GLP-1 tablet for people with type 2 diabetes. The trials confirmed statistically significant reductions in both HbA1c and weight for oral semaglutide compared to placebo in people with renal impairment, add-on treatment to insulin and dulaglutide in Japanese people. 

Novo Nordisk has communicated plans to restructure the R&D organisation to accelerate the expansion and diversification of its pipeline and to enable increased investment in transformational biological and technological innovation. A number of additional restructuring initiatives across functions and geographies have been initiated to support the commerc ial activities for the portfolio of innovative products. As a consequence, the total workforce is expected to be reduced by approximately 1,300 employees before the end of 2018 and the majority of these reductions have been implemented as of 1 November 2018. 

For 2018, sales growth is now expected to be 4-5% and operating profit growth is still expected to be 2-5%, both measured in local currencies. Sales growth reported in Danish kroner is now expected to be 4 percentage points lower than in local currencies while operating profit growth is still expected to be 7 percentage points lower than in local currencies. 

Based on the increased expectations for cash flow generation in 2018, the Board of Directors has approved an expansion of the 2018 share repurchase programme with USD 0.2 billion to USD 2.4 billion. 

Lars Fruergaard Jørgensen, president and CEO: “We are off to a very good start with Ozempic® which is strengthening our leadership position in the expanding GLP-1 market. Our other key innovative products Victoza® , Saxenda® , Tresiba® and Xultophy® continue the solid contribution to sales growth in the first nine months of 2018. With our ambition to bring innovative treatments to patients, we have made some important changes aimed at boosting our R&D innovation as well as redirecting resources in other parts of the organisation to focus on our future growth drivers.” 

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 diseases. Headquartered in Denmark, Novo Nordisk employs approximately 43,200 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, Facebook, Twitter, LinkedIn and YouTube. 

Conference call details

On 1 November 2018 at 13.00 CET, corresponding to 8.00 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 2 November 2018 at 13.30 CET, corresponding to 8.30 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 February 2019          Financial statement for 2018

21 March 2019            Annual General Meeting

03 May 2019               Financial statement for the first three months of 2019

09 August 2019           Financial statement for the first six months of 2019

01 November 2019      Financial statement for the first nine months of 2019 

Media:

 

 

Katrine Sperling

+45 4442 6718

krsp@novonordisk.com

Ken Inchausti (US)

+1 609 240 9429

kiau@novonordisk.com

 

 

 

Investors:

 

 

Peter Hugreffe Ankersen

+45 3075 9085

phak@novonordisk.com

Anders Mikkelsen

+45 3079 4461

armk@novonordisk.com

Valdemar Borum Svarrer

+45 3079 0301

jvls@novonordisk.com

Kristoffer Due Berg

+45 3079 2849

krdb@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 6.23938

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