Novo Nordisk raises year view after Q3 beats fcasts

COPENHAGEN (Reuters) - Denmark's Novo Nordisk lifted third-quarter core profit by 40 percent and above expectations on the back of strong sales of diabetes drug Victoza and modern insulins.

The world's biggest insulin producer raised its 2012 sales growth forecast in local currencies to 10 to 12 percent from 9 to 12 percent and said it expected operating profit growth of 16 to 18 percent versus 15 percent previously.

"Continued strong sales of our modern insulins and Victoza have led to a robust financial performance in the first nine months of 2012," Chief Executive Lars Sorensen said.

Releasing forecasts for 2013, Novo Nordisk said it saw operating profits and sales growth in high single digits, measured in local currencies.

"The expectations to 2013 sales could have been a little higher," said Sydbank analyst Soren Lontoft.

"The earnings forecast looks fine considering the high costs for the launch of Tresiba in the new year," Lontoft said.

Earnings before interest and tax (EBIT) rose to 7.86 billion Danish crowns ($1.37 billion) from 5.61 billion in the third quarter last year, beating an average 7.23 billion forecast in a Reuters poll of analysts.

Sales of Victoza, one of Novo's biggest growth drivers, jumped 62 percent in the quarter while sales of modern insulins grew 23 percent.

Sales grew 20 percent year-on-year to 19.85 billion crowns, roughly in line with analysts' average 19.92 billion estimate.

Novo Nordisk said a new share buy back programme would be launched shortly.

(Reporting by Mette Fraende; Editing by David Cowell)

Source: http://news.yahoo.com/novo-nordisk-raises-view-q3-beats-fcasts-071935802--finance.html

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