Novo Nordisk Q1 Operating Profit Rises, Sales Up 9%; Confirms Outlook

(RTTNews) - Novo Nordisk (NVO) reported that its operating profit increased by 14% in Danish kroner and by 8% at constant exchange rates, for the first quarter. The growth in operating profit was positively impacted by a reversal of write-downs of oral semaglutide prelaunch inventory. Based on the progress made in the first quarter of 2019, the company said it is on track to deliver on its outlook for the full-year.

On a reported basis, first-quarter operating profit improved by 14% to 14.24 billion Danish kroner. Net profit declined 3% to 10.445 billion Danish kroner. Earnings per share was 4.36 kroner, down 1%.

First-quarter sales rose 9% in Danish kroner and by 4% at CER to 29.3 billion Danish kroner. Sales within Diabetes and obesity increased by 10% to 24.8 billion Danish kroner (up 5% at CER). Sales within biopharmaceuticals increased by 3% to 4.5 billion Danish kroner (unchanged at CER).

For 2019, the company continues to project sales growth to be 2-5% at CER, and operating profit growth to be 2-6% at CER.