Eli Lilly & Co. (LLY) Financial News - Novo Nordisk Raises 2011 Sales, Profit Forecasts on Higher Victoza Revenue
Eli Lilly & Co. (LLY)
Novo Nordisk Raises 2011 Sales, Profit Forecasts on Higher Victoza Revenue
2011-08-05 06:00:42
Quote: Eli Lilly & Co. (LLY) and Sanofi in sales of
insulin. The Danish company is betting on degludec, an
experimental long-acting insulin, to help it wrest back market
share, Chief Financial Officer Jesper Brandgaard said.
“To reignite growth in the more advanced insulin sphere we
need degludec,†Brandgaard said in a telephone interview. Novo
expects U.S. approval of degludec in the second half of next
year or early 2013, he said.
Novo, the world’s largest insulin maker, fell 9 kroner, or
1.5 percent, to 599 kroner in Copenhagen trading, after rising
as much as 3.5 percent. The stock has lost 3.3 percent this year
including reinvested dividends, compared with a 4.7 percent
return for the Bloomberg Europe Pharmaceutical Index.
Estimates Missed
Net income climbed to 4.13 billion kroner ($790 million)
from 3.55 billion kroner a year earlier. Analysts predicted
profit of 4.32 billion kroner, the average of 12 estimates
compiled by Bloomberg. Sales rose 3.9 percent to 16 billion
kroner, missing the average analyst estimate of 16.4 billion
kroner.
In krone, the company is predicting full-year sales growth
of between 6 percent and 8 percent, in line with the average
analyst forecast of 8 percent. That’s the slowest annual growth
in four years.
Second-quarter sales of Victoza, which mimics a hormone
called GLP-1 and stimulates natural insulin production, climbed
to 1.25 billion kroner from 296 million kroner a year earlier,
beating the average estimate of 1.21 billion kroner.
Sales of modern insulins grew 8 percent in the first half,
compared with 22 percent in the same period last year. Revenue
from human insulins fell 10 percent.
GermanySpainTurkey, and by the loss
of contracts in the U.S., where Lilly has been pursuing an
“aggressive†pricing strategy, Chief Executive Officer Lars
Rebien Soerensen said on a conference call with analysts.
China
Novo began selling Victoza i...Open whole article (external link)
