Novo Nordisk - Financial Statement for the first half of

Sales in local currencies increased by 17% compared to the first half of 2002. Measured in Danish kroner, sales increased by 5% to DKK 12,630 million. The performance in local currencies per therapy area was as follows:
- Diabetes care sales increased by 17%.
- Haemostasis management (NovoSeven®) sales increased by 28%.
- Growth hormone therapy sales increased by 19%.
- Hormone replacement therapy decreased by 14%.
Operating profit measured in Danish kroner increased by 3% to DKK 2,939 million in the first half of 2003.
Net profit increased by 23% to DKK 2,377 million reflecting the growth in operating profit and significant currency hedging gains in the first half of 2003 providing an increased net financial income of DKK 662 million.
Net profit for 2003 is now expected to grow by more than 10%, as Novo Nordisk still expects operating profit for the full year to grow by a low single-digit percentage rate, while income from currency hedging is expected to increase net financial income from DKK 700 million to DKK 900 million.
Lars Rebien Sørensen, president & CEO, said, "A continued solid underlying performance in the second quarter - especially in North America - enables us to reiterate our expectations to operating profit growth, despite a continued challenging currency environment. Hedging of our currency exposure even makes it possible for us to increase our bottom line expectations - now forecasting more than 10% growth in net profit for 2003."

Novo Nordisk - Financial Statement for the first half of 2003