Financial statement for 2010
2 February 2011 Novo Nordisk increased operating profit by 27% in 2010
Organic sales growth of 19% driven by Victoza®, NovoRapid® and Levemir®
-- Sales increased by 19% in Danish kroner and by 13% in local currencies. -- Sales of modern insulins increased by 24% (18% in local currencies). -- Sales of NovoSeven® increased by 14% (8% in local currencies). -- Sales of Victoza® reached DKK 2,317 million in 2010. -- Sales in North America increased by 29% (22% in local currencies). -- Sales in International Operations increased by 24% (15% in local currencies).
-- Gross margin improved by 1.2 percentage points in Danish kroner to 80.8% in 2010, reflecting a favourable product mix development and a positive currency impact.
-- Reported operating profit increased by 27% to DKK 18,891 million. Measured in local currencies, operating profit increased by approximately 16%.
-- Net profit increased by 34% to DKK 14,403 million. Earnings per share (diluted) increased by 38% to DKK 24.60.
-- The phase 3a programme for Degludec and DegludecPlus has now been completed. In the largest trial, the one-year trial comparing Degludec and insulin glargine when added to oral anti-diabetic therapy in type 2 diabetes, Degludec met the primary endpoint of non-inferior glucose control while reducing nocturnal hypoglycaemia by more than 35% compared to insulin glargine.
-- For 2011, sales growth measured in local currencies is expected to be 8-10%, and operating profit growth measured in local currencies is expected to be around 15%.
-- In 2010, Novo Nordisk reached the four long-term financial targets announced in the annual report for 2008. Consequently, three of the four targets have been increased while the core target of 15% annual operating profit growth has been maintained.
-- At the Annual General Meeting on 23 March 2011, the Board of Directors will propose a 33% increase in dividend to DKK 10 per share. The Board of Directors has furthermore decided to initiate a new share repurchase programme of DKK 10 billion in 2011.
Lars Rebien Soerensen, president and CEO: "2010 was a very good year for Novo Nordisk with strong organic sales growth driven by the modern insulins and Victoza®. We expect continued sales growth from these products and are encouraged by the results from the phase 3 programme with our new generation insulins."
Contacts for further information
Mike Rulis Klaus Bülow Davidsen Tel: (+45) 4442 3573 Tel: (+45) 4442 3176 email@example.com firstname.lastname@example.org
Kasper Roseeuw Poulsen Tel: (+45) 4442 4471 email@example.com
Jannick Lindegaard Tel: (+45) 4442 4765 firstname.lastname@example.org
In North America: In North America Ken Inchausti Hans Rommer Tel: (+1) 609 786 8316 Tel: (+1) 609 919 7937 email@example.com firstname.lastname@example.org
Further information about Novo Nordisk is available on the company's website novonordisk.com