Reported operating profit for 2004 is now expected to grow by around 5%
- Sales increased by 14% measured in local currencies in the first quarter of 2004. Measured in Danish kroner sales increased by 8%.
- Sales of diabetes care products increased by 12% measured in local currencies, and sales of insulin analogues alone increased by 94%.
- NovoSeven® sales increased by 20% measured in local currencies.
- Operating profit increased by 9% to DKK 1,516 million, whereas net profit of DKK 1,074 million was in line with net profit in the first quarter of 2003. Earnings per share (diluted) increased by 2% to DKK 3.16.
- Lars Rebien Sørensen, president & CEO, said, "The performance during the first quarter confirms our positive expectations for 2004. The sales growth continues to be driven by insulin analogues and NovoSeven®."
- A new share repurchase programme of DKK 5 billion has been approved by the Board of Directors of which shares worth approximately DKK 2 billion are expected to be repurchased in 2004.
- Reported operating profit for 2004 is now expected to grow by around 5% compared to 2003, reflecting a more favourable, though still challenging, currency environment than was the case in February 2004, when an unchanged level of operating profit was expected. Measured in local currencies Novo Nordisk reaffirms previous expectations of 15% underlying growth in operating profit.
Stock Exchange Announcement No 27 / 2004
