Novo Nordisk's 2007 EPS beats expectations

Danish insulin giant Novo Nordisk has reported full-year 2007 results in line with analysts' expectations. The firm's net profit increased 32% on the year before to 7.84 billion kroner ($1.56 billion), as sales totaled 41.83 billion kroner, versus a consensus prediction of 41.96 billion kroner.

Adjusted for both the non-recurring income from the divestment of Dako's business activities and the non-recurring costs related to the discontinuation of the inhaled insulin product, developed in collaboration with Aradigm Corp of the USA, NN1998, also referred to as the AERx insulin Diabetes Management System, net profit increased 25%, as diluted earnings per share jumped 34% to 13.39 kroner, beating the consensus EPS forecast of 13.35 kroner.

For 2008, reported operating profit is expected to grow by at least 25%. Adjusted for currency impact and the costs related to the terminated AERx program, the expectation for underlying operating profit growth is at least 20%.