NOVO NORDISK'S RESULTS FOR 1993 AS EXPECTED
Danish pharmaceutical company Novo Nordisk has announced turnover for 1993 of 12.2 billion Danish kroner ($1.8 billion), an increase of 14% on the previous year. Pretax profits were 1.8 billion kroner ($277.8 million), ahead of 1992 levels by 11%. Net income was up 12% to 1.4 billion kroner. Earnings per share for the year were flat at 37.5 kroner.
The results were in line with expectations, but analysts noted that considering the fluctuations of exchange rates and the economic scenario during the year, the results are quite an achievement.
Sales by the company's health care group advanced 16% to just over 7 billion kroner. The increase reflects primarily the larger volumes and improved product mix. The company noted that pharmaceutical prices and currency exchange rates only contributed modestly to the positive development.
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