Novo Nordisk 3Q Net Profit Rose Amid Destocking, New Patients
By Dominic Chopping
Danish pharmaceutical company Novo Nordisk AS on Friday posted a
rise in third-quarter net profit amid destocking and gradual
recovery in patients starting treatment.
In the first quarter, patients in the U.S. and Europe in
particular stockpiled around 2 billion Danish kroner ($313.6
million) of medicines amid the coronavirus pandemic but these
patients destocked during the second and third quarter, the company
Novo Nordisk also noted a gradual recovery in the number of
patients initiating treatment in the third quarter, it said.
Novo Nordisk said for trials, recruitment of new patients is
still below pre-Covid-19 levels. Some new trials have been
initiated, it said.
The third quarter had strong sales growth within diabetes care,
offset by lower sales of insulin and unchanged obesity treatments
Net profit for the three months to Sept. 30 rose to DKK10.3
billion from DKK10.19 billion a year earlier, just shy of the
DKK10.35 billion forecast by analysts in a FactSet poll.
Sales rose rose 2.1% to DKK30.93 billion against analysts'
expectations of DKK30.82 billion.
Earlier this month the company upgraded full-year guidance,
saying it expects both sales and operating profit growth of 5%-8%
on the year in local currencies, after experiencing a lower than
anticipated negative hit from Covid-19 and underlying market
The company confirmed this guidance and said that for 2020,
reported sales growth is seen around three percentage points lower
than growth in local currencies.
Reported growth in operating profit is seen around four
percentage points lower than growth in local currencies.
Write to Dominic Chopping at firstname.lastname@example.org
(END) Dow Jones Newswires
October 30, 2020 03:21 ET (07:21 GMT)
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