Novo Nordisk Depressed In 1st Half

14 August 1994

Novo Nordisk of Denmark announ-ced increased sales in the first half of 1994 but pretax and net profits were both down, and the company has lowered its expectations for the full year as a result of falling exchange rates.

First-half sales were 6.6 billion Danish kroner ($1.05 billion), an increase of 15%. Pretax profits were 734 million kroner, down 7%, and net income declined 8% to 550 million kroner.

The company said that income was negatively affected by a non-recurring cost item of 80 million kroner, which it is allocating to meet costs of the planned merger of two of its companies in the USA in 1995. An unrealized loss of around 75 million kroner was also taken into consideration on the group's bond portfolio.

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