Diabetes drugs helps boost Novo Nordisk in Q2

COPENHAGEN, Denmark (AP) ? Danish pharmaceutical company Novo Nordisk A/S says its net profit grew by 29 percent in the second quarter of 2012, chiefly spurred by strong sales of its new diabetes drugs.

The world's biggest insulin maker says net profit during the period rose to 5.35 billion kroner ($889 million) from 4.07 billion kroner a year earlier.

Revenues increased 22 percent to 19.47 billion kroner ($3.24 billion) from 16 billion kroner before.

Chief Executive Lars Rebien Soerensen said Thursday the Copenhagen-based group was "very satisfied" and that the performance was "driven by a continued strong performance of our modern insulins."

The group raised its 2012 sales growth outlook to 9-12 percent from 8-11 percent. It says operating profit growth is expected at around 15 percent, compared with at least 10 percent previously.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2012-08-09-Denmark-Earns-Novo%20Nordisk/id-bc10754c7b9243279ffa3a5d8419beeb

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