Novo Nordisk reports profit rise, progress on US drug permit

August 7, 2014

The world's top insulin maker, Novo Nordisk, reported rising quarterly profits on Thursday and said studies required to release long-acting insulin Tresiba in the US would be completed sooner than previously thought.

Net profit in the second quarter rose by four percent to 6.99 billion kroner (938 million euros, $1.25 billion) as revenue grew one percent to 21.63 billion kroner.

Stated in local currencies, revenue was 7.0-percent higher than a year ago, driven by sales of Victoza, which controls by mimicking an intestinal hormone called GLP-1, and modern insulins like the long-acting Levemir.

The US Food and Drug Administration (FDA) said in February last year that approval for the group's once-daily insulin Tresiba could not be granted until the company provided more cardiovascular data.

"Novo Nordisk now expects to have data to support the prespecified interim analysis of major adverse cardiovascular events around the turn of the year. Previously, this was expected mid-2015," the company said.

Last year, Novo Nordisk lost two contracts with US health benefit manager Express Scripts, which negotiates drug prices for millions of insured Americans.

Sydbank analyst Soeren Loentoft Hansen told Danish news agency Ritzau that revenue was slightly below expectations but that earnings were above his estimates due to lower costs for distribution and research and development.

The new completion date for the US Tresiba trial meant Novo Nordisk would enter "this hugely important market" earlier than thought, and "probably also earlier than some of the competitors," he said.

The Bagsvaerd-based group reiterated its full-year guidance, which it lowered in May to between seven and 10 percent sales growth in local currencies.

Novo Nordisk has almost half the global market, which has grown rapidly in recent years following a rise in the number of people suffering from diabetes, estimated by the World Health Organization to stand at nearly 350 million.

Explore further: Novo Nordisk earnings narrowly miss expectations

Related Stories

Novo Nordisk earnings narrowly miss expectations

October 31, 2013
Novo Nordisk, the world's biggest producer of insulin for diabetes sufferers, posted a quarterly profit that narrowly missed expectations, and issued a cautious outlook for next year on Thursday.

Danish Novo Nordisk profit surges

January 31, 2013
Danish pharmaceutical company Novo Nordisk A/S on Thursday reported a 23 percent growth in fourth-quarter net profit on strong sales of diabetic drugs and gave a positive outlook as regulators worldwide begin to approve its ...

Insulin gives Denmark's Novo Nordisk a Q1 boost

May 1, 2013
(AP)—Danish pharmaceutical company Novo Nordisk A/S says first-quarter net profit rose 28 percent on strong sales of its diabetic drugs.

Diabetes drugs helps boost Novo Nordisk in Q2

August 9, 2012
(AP) — Danish pharmaceutical company Novo Nordisk A/S says its net profit grew by 29 percent in the second quarter of 2012, chiefly spurred by strong sales of its new diabetes drugs.

Novo Nordisk recalls batches of diabetes drugs

October 25, 2013
Batches of Novo Nordisk's diabetes treatments NovoMix 30 FlexPen and Penfill are being recalled, the European Medicines Agency said on Friday.

Novo Nordisk US shares skid on drug review setback (Update)

February 11, 2013
Shares of Novo Nordisk tumbled Monday after the Danish drugmaker said U.S. regulators need a new study before they can finish their review of two diabetes treatments, a development that could delay approval for several years.

Recommended for you

Exploring the potential of human echolocation

June 25, 2017
People who are visually impaired will often use a cane to feel out their surroundings. With training and practice, people can learn to use the pitch, loudness and timbre of echoes from the cane or other sounds to navigate ...

Team eradicates hepatitis C in 10 patients following lifesaving transplants from infected donors

April 30, 2017
Ten patients at Penn Medicine have been cured of the Hepatitis C virus (HCV) following lifesaving kidney transplants from deceased donors who were infected with the disease. The findings point to new strategies for increasing ...

'bench to bedside to bench': Scientists call for closer basic-clinical collaborations

March 24, 2017
In the era of genome sequencing, it's time to update the old "bench-to-bedside" shorthand for how basic research discoveries inform clinical practice, researchers from The Jackson Laboratory (JAX), National Human Genome Research ...

The ethics of tracking athletes' biometric data

January 18, 2017
(Medical Xpress)—Whether it is a FitBit or a heart rate monitor, biometric technologies have become household devices. Professional sports leagues use some of the most technologically advanced biodata tracking systems to ...

Financial ties between researchers and drug industry linked to positive trial results

January 18, 2017
Financial ties between researchers and companies that make the drugs they are studying are independently associated with positive trial results, suggesting bias in the evidence base, concludes a study published by The BMJ ...

Best of Last Year – The top Medical Xpress articles of 2016

December 23, 2016
(Medical Xpress)—It was a big year for research involving overall health issues, starting with a team led by researchers at the UNC School of Medicine and the National Institutes of Health who unearthed more evidence that ...

0 comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.