Disappointing 9-Month Results at Novo Nordisk

Pretax profits at Danish pharmaceutical and enzymes company Novo Nordisk declined 6% in the first nine months of the year to 1.2 billion Danish kroner ($205 million). Net income was 934 million kroner, down 7%, and earnings per share declined 7% to 24.90 kroner.

The company said that both pretax and net profits were negatively affected by a net loss on marketable securities of 154 million kroner compared with a net gain on marketable securities of 102 million kroner in the same period last year. There was also a provision of 80 million kroner for the planned merger in 1995 of two of Novo Nordisk's US companies.

Net turnover in the nine-month period was 9.9 billion kroner ($1.6 billion), ahead 12%. This was said to be in line with expectations. Growth was driven by larger volumes and an improved product mix.