Victoza lifts Novo Nordisk

Novo Nordisk has posted a set of healthy results following strong sales from its insulin range and newly launched diabetes treatment Victoza. 

Sales for the diabetes specialist were up a healthy 18% on last year, coming in at just under DKK 15.4 billion ($2.75 billion).

Its modern insulin range grew by over a quarter, hitting DKK 6.8 billion with its human insulin range rising 8% on a reported basis, to DKK 4.0 billion.

Victoza (liraglutide), which received FDA and EMA approval earlier this year as a second-line diabetes treatment, saw a good start to its market life, bringing in just under DKK 300 million in the second quarter.

Novo’s president and chief executive Lars Rebien Sørensen said: “The underlying business growth is solid, driven by our portfolio of modern insulins and Victoza, and we therefore raise our guidance for 2010.

“We are also very encouraged by the continued progress within our pipeline including both new insulins, liraglutide for obesity and haemostasis projects.”

Sales were strongest in traditional developed markets, with revenue from the US up by over a quarter to DKK 5.98 billion, and sales in the Japanese and Korean markets fared well too, growing by 15% to DKK 1.43 billion.

In Europe sales were up 7% to DKK 4.67 billion, and the company looks to have avoided the worst of the enforced price cuts in Greece after taking a particularly robust negotiating position on insulin prices in that country.

Earlier this year it took its modern insulin range off the market in protest at the Greek government’s proposed 27% cut on all drug prices. Novo restored its products two weeks later, but at a price reduction of only 10 per cent.

Ben Adams