Sales in local currencies increased by 11% compared to 2001. Measured in Danish kroner sales increased by 6% to DKK 25,187 million in 2002. The performance in local currencies per therapy area was as follows:
Diabetes care sales increased by 11%.
Haemostasis management sales increased by 22%.
Growth hormone therapy sales increased by 4%.
Hormone replacement therapy sales decreased by 5%.
Operating profit increased by 7% to DKK 5,979 million in 2002 and net profit increased by 6% to DKK 4,095 million. Fully diluted earnings per share increased by 6% to DKK 11.72 in 2002 from DKK 11.10 in 2001.
Lars Rebien Sørensen, president & CEO, said, "2002 has in all respects been a very challenging year for Novo Nordisk. We have responded to the challenges and are now pleased to say that we have met the revised target set in April, despite a continued negative development in the most important currencies. Over the past year we have sharpened our focus and skills, so the company is now in a better shape to face the challenges ahead."
At the Annual General Meeting on 25 March 2003 the Board of Directors will propose a 7% increase in dividend to DKK 3.60 per share of DKK 2, corresponding to a pay-out ratio of 30.4%.
For 2003 growth in operating profit measured in local currencies is expected to be close to 20%. However, measured in Danish kroner operating profit will grow towards 5%, reflecting a negative currency impact of around 15 percentage points on operating profit if the currency exchange rates remain at the current level throughout the full year of 2003.
Net profit in 2003 is expected to grow towards 10%. Apart from growth in operating profit this reflects the expected significant income from the hedging of the exposure in major currencies for 2003 and expectations for a lower income tax rate compared to 2002.