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 06:00:42Quote: 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. â€œTo reignite growth in the more advanced insulin sphere we need degludec,â€ 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 worldâ€™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. Thatâ€™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 â€œaggressiveâ€ pricing strategy, Chief Executive Officer Lars Rebien Soerensen said on a conference call with analysts. China Novo began selling Victoza i...
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