- Sales in local currencies increased by 11% compared to 2001. Measured in Danish kroner sales increased by 6% to DKK 25,187 million in 2002. The performance in local currencies per therapy area was as follows:
- Diabetes care sales increased by 11%.
- Haemostasis management sales increased by 22%.
- Growth hormone therapy sales increased by 4%.
- Hormone replacement therapy sales decreased by 5%.
- Operating profit increased by 7% to DKK 5,979 million in 2002 and net profit increased by 6% to DKK 4,095 million. Fully diluted earnings per share increased by 6% to DKK 11.72 in 2002 from DKK 11.10 in 2001.
- Lars Rebien Sørensen, president & CEO, said, "2002 has in all respects been a very challenging year for Novo Nordisk. We have responded to the challenges and are now pleased to say that we have met the revised target set in April, despite a continued negative development in the most important currencies. Over the past year we have sharpened our focus and skills, so the company is now in a better shape to face the challenges ahead."
- At the Annual General Meeting on 25 March 2003 the Board of Directors will propose a 7% increase in dividend to DKK 3.60 per share of DKK 2, corresponding to a pay-out ratio of 30.4%.
- For 2003 growth in operating profit measured in local currencies is expected to be close to 20%. However, measured in Danish kroner operating profit will grow towards 5%, reflecting a negative currency impact of around 15 percentage points on operating profit if the currency exchange rates remain at the current level throughout the full year of 2003.
- Net profit in 2003 is expected to grow towards 10%. Apart from growth in operating profit this reflects the expected significant income from the hedging of the exposure in major currencies for 2003 and expectations for a lower income tax rate compared to 2002.
Financial statement 2002
| Source: Novo Nordisk A/S
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