Underlying operating profit increased by close to 25% primarily driven by a
13% sales growth in local currencies
PRINCETON, N.J., Jan. 31 /PRNewswire-FirstCall/ -- Novo Nordisk (NYSE:
NVO), a global healthcare company, today released its financial statement
-- Sales in local currencies increased by 13% in 2007 and by 8% in Danish
* Sales of modern insulins increased by 35% (29% in Danish kroner).
* Sales of NovoSeven(R) increased by 10% (4% in Danish kroner).
* Sales of Norditropin(R) increased by 11% (6% in Danish kroner).
* Sales in North America increased by 22% (12% in Danish kroner).
* Sales in International Operations increased by 18% (12% in Danish
-- Gross margin increased to 76.6% in 2007, up from 75.3% in 2006,
primarily reflecting continued productivity improvements.
-- Reported operating profit of USD 1,643 million (2% lower than in 2006)
was impacted by the non-recurring costs of USD 239 million related to
the discontinuation of the inhaled insulin project AERx(R). Adjusted
for these non-recurring costs and the impact from currencies,
underlying operating profit increased by close to 25%.
-- Net profit increased by 32% to USD 1,565 million. Adjusted for both
the non-recurring income from the divestment of Dako's business
activities and the non-recurring costs related to the discontinuation
of AERx(R), net profit increased by 25%. Earnings per share (diluted)
increased by 34% to USD 2.46.
-- At the Annual General Meeting on March 12, 2008, the Board of Directors
will propose a 29% increase in dividend to USD 0.83 per share of DKK 1.
The ongoing share repurchase program has been increased to USD 3.0
billion and is now expected to be finalized before the end of 2009.
-- For 2008, reported operating profit is expected to grow by at least
25%. Adjusted for currency impact and the non-recurring costs related
to the discontinuation of AERx(R), the expectation for underlying
operating profit growth is at least 20%.
Lars Rebien Sorensen, president and CEO, said: "We are very pleased with the 2007 results. They are driven by robust sales growth in all major markets of our portfolio of modern insulins and strong gross margin improvement. This makes us confident that we will also be able to deliver solid underlying growth in 2008."
* For convenience, Danish kroner has been translated to USD in this release, using the average exchange rate of USD 1.00 = DKK 5.44371
About Novo Nordisk
Novo Nordisk is a healthcare company with an 84-year history of innovation and achievement in diabetes care. The company has the broadest diabetes product portfolio in the industry, including the most advanced products within the area of insulin delivery systems. In addition to diabetes care, Novo Nordisk has a leading position within areas such as hemostasis management, growth hormone therapy, and hormone therapy for women. Novo Nordisk's business is driven by the Triple Bottom Line: a commitment to economic success, environmental soundness, and social responsibility to employees and customers. With headquarters in Denmark, Novo Nordisk employs more than 25,800 employees in 79 countries, and markets its products in 179 countries. Novo Nordisk's B shares are listed on the stock exchanges in Copenhagen and London. Its ADRs are listed on the New York Stock Exchange under the symbol 'NVO'. For global information, visit novonordisk.com; for United States information, visit novonordisk-us.com.
|SOURCE Novo Nordisk|
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