Novo Nordisk: first-half in line; guidance maintained
(CercleFinance.com) - Danish drugmaker Novo Nordisk maintained its full-year guidance on Wednesday, with first-half profits rising in line with expectations.
The world's biggest insulin maker still expects operating profit to rise by 2%-5% in local currencies this year, with operating profit growth reported in Danish kronor expected to be down by 5-to-7 points.
H1 operating profit fell 8% to 24.7 billion Danish kronor, although rose by 4% in local currencies, reflecting the significant depreciation of the US dollar.
Net profit increased by 5% to 21.1 billion Danish kronor in the first six months of the year.
More importantly, however, Novo said that it expected prices to be lower in 2019 than in 2018, mainly due to basal insulin pricing and changes in Medicare legislation.
As a result, the shares are down over 5% on the OMX Nasdaq in Copehangen today.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The world's biggest insulin maker still expects operating profit to rise by 2%-5% in local currencies this year, with operating profit growth reported in Danish kronor expected to be down by 5-to-7 points.
H1 operating profit fell 8% to 24.7 billion Danish kronor, although rose by 4% in local currencies, reflecting the significant depreciation of the US dollar.
Net profit increased by 5% to 21.1 billion Danish kronor in the first six months of the year.
More importantly, however, Novo said that it expected prices to be lower in 2019 than in 2018, mainly due to basal insulin pricing and changes in Medicare legislation.
As a result, the shares are down over 5% on the OMX Nasdaq in Copehangen today.
Copyright (c) 2018 CercleFinance.com. All rights reserved.