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Novo Nordisk reports 5 pct sales rise in H1, cuts 2016 outlook

Xinhua, August 5, 2016 Adjust font size:

Danish pharmaceutical company Novo Nordisk reported a sales increase of 5 percent for the first half-year 2016 on Friday, but lowered its full-year growth expectations.

Overall sales for the first six months of 2016 rose 5 percent to 54.7 billion Danish kroner (8.13 billion U.S. dollars), compared to 52.3 billion kroner for the same period last year, the company said in a statement.

The company's net profit increased by 7 percent to 19.4 billion kroner, year-on-year. Adjusted for the income related to the partial divestment of NNIT, the growth in net profit was 22 percent, it added.

"Overall, we are satisfied with the performance in the first six months of 2016 where Victoza and Tresiba continued to deliver strong sales growth and Region China improved faster than expected," said Novo Nordisk CEO Lars Rebien Soeresen in the statement.

The half-yearly results have led the company to revise its performance outlook for 2016 downwards, with sales growth expected to be between 5 and 7 percent, down from between 5 to 9 percent, when measured in local currencies.

By the same measures, growth in adjusted operating profit is now expected to be between 5 to 8 percent, as against a previous forecast of 5 to 9 percent.

"In the USA, the market environment is becoming increasingly challenging and contract negotiations for 2017 have reflected an intensifying price competition. In spite of this, we see significant growth opportunities based on our strong diabetes care portfolio," Soeresen said.

Novo Nordisk shares fell 7 percent minutes after trading opened at the Copenhagen Stock Exchange Friday, as investors reacted to the interim financial results.

Novo Nordisk is the world leader in diabetes care with a global value market share of 27 percent. It is also the world's largest insulin maker with 46 percent market share. (1 U.S. dollar=6.73 Danish kroner). Endit