Financial statement for the first quarter of 2003

| Source: Novo Nordisk A/S Novo Nordisk A/S

 
  • Sales in local currencies increased by 24% compared to the first quarter of 2002. Measured in Danish kroner, sales increased by 11% to DKK 6,106 million. The performance in local currencies per therapy area was as follows:
    • Diabetes care sales increased by 24%.
    • Haemostasis management (NovoSeven®) sales increased by 32%.
    • Growth hormone therapy sales increased by 27%.
    • Hormone replacement therapy decreased by 14%.
  • Operating profit increased by 6% to DKK 1,320 million in the first quarter of 2003. Adjusted for non-recurring items in the first quarter of 2002 operating profit increased by more than 15% despite the challenges caused by the strengthening of the Danish krone.
  • Net profit increased by 32% to DKK 1,091 million as a result of the growth in operating profit and net financial income of DKK 333 million in the first quarter of 2003 related to significant currency hedging gains.
  • Reflecting the impact from the continued strengthening of the Danish krone, Novo Nordisk now expects operating profit to grow by a low single-digit percentage rate in 2003, whereas income from hedging of currency exposure will now increase expected net financial income to DKK 700 million. Net profit growth is consequently still expected to approach 10%.
  • Lars Rebien Sørensen, president & CEO, said, "The solid underlying performance in the first quarter enables us to maintain our net profit expectations for the full year, despite the challenging business environment in 2003."
  • Liraglutide (NN2211), the once daily human GLP-1 analogue has completed the final dose optimisation phase 2 trials with positive results.
 
 
For further information please contact:
 
Media:
Investors:
 
 
Outside North America:
Outside North America:
Mike Rulis
Peter Haahr
Tel (direct):
(+45) 4442 3573
Tel (direct):
(+45) 4442 1207
 
 
 
Christian Kanstrup
 
Tel (direct):
(+45) 4443 7801
 
 
 
Palle Holm Olesen
 
Tel (direct):
(+45) 4442 6175
 
 
In North America:
In North America:
Susan T Jackson
Investor Relations Office
Tel (direct):
(+1) 609 919 7776
Tel (direct):
(+1) 609 919 7846
 
Stock Exchange Announcement No 9 / 2003

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