Mixed results for Novo Nordisk in 3rd-qtr 2006

Novo Nordisk says that, in the first nine months of 2006, its net profit increased 1% on the like, year-ago period, to 4.73 billion kroner ($808.6 million), while diluted earnings per share rose 3% to 14.60 kroner. During the third quarter, the Danish diabetes giant's sales jumped to 9.58 billion kroner, with operating profit at 2.5 billion kroner.

Turnover of insulin analogs soared 52% while income from NovoSeven, the firm's recombinant coagulation factor jumped 13%. Norditropin (somatropin [rDNA] injection) increased 21%. However, pharmaceutical sector analysts at Lehman Brothers described the results as mixed, noting that the performance of the company's diabetes care franchise, as well as NovoSeven, was disappointing. The Danish company's third-quarter 2006 operating profit was over the consensus estimate of 2.45 billion kroner but less than Lehman Brothers' prediction of 2.55 billion kroner.

According to analysts at the firm, disappointing insulin sales to Brazil sapped expected revenue growth, while NovoSeven's underperformance was due to the low frequency of bleeding events in the USA in the third quarter of the year.