Novo Nordisk
announced Friday that fourth-quarter profit climbed 8 percent year-over-year to
6.5 billion Danish kroner ($988 million), topping analyst estimates of 6.4
billion kroner ($973 million). Sales in the three-month period jumped 13
percent to 24.6 billion kroner ($3.7 billion), boosted by the performance of
the company's diabetes therapies Victoza and Levemir.
Quarterly revenue from
Victoza surged 24 percent to 4 billion kroner ($608 million), beating analyst
forecasts by 6.6 percent, while sales of Levemir lifted 23 percent to 3.8
billion kroner ($577 million). Three-month revenue from modern insulins increased
10 percent versus the year-ago period to 11.2 billion kroner ($1.7 billion),
with sales of human insulins rising 3 percent to 2.8 billion kroner ($425
million).
For the full year, Novo
Nordisk said that profit increased 5 percent versus 2013 to 26.5 billion kroner
($4 billion), while sales rose 6 percent to 88.8 billion kroner ($13.5
billion). CEO Lars Rebien Sorensen remarked "2014 has not been without
challenges," adding that "Levemir and Victoza drove most of our sales
growth, and our new long-acting insulin Tresiba continues to perform
well."
The executive indicated
that prices in the US will be "flat to slightly positive" on average
this year due to continuing pressure. Sorensen noted that "2015 will be an
important year for us with the first launches of Saxenda," following FDA approval of
the obesity treatment in December. For 2015, Novo Nordisk said it expects sales
to grow between 6 percent and 9 percent in local currencies, with operating
profit increasing around 10 percent.
A report in
December suggested that Novo Nordisk's board is working to find a replacement
for Sorensen before his contract ends in 2019. Sorenson said Friday that he had
no timing to give on his succession.