Shares in Novo Nordisk (NYSE:NVO) rose today after the insulin-maker met expectations on Wall Street with its 1st quarter results.
The Denmark-based company posted profits of $1.49 billion, or 60¢ per share, on sales of $4.18 billion for the 3 months ended March 31, for bottom-line growth of 7% on sales growth of 5% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were 60¢, ahead of consensus on The Street, where analysts were looking for sales of $4.09 billion.
“With the performance in the 1st 3 months, we are well on track towards our targets for 2017,” president & CEO Lars Fruergaard Jørgensen said in prepared remarks. “Sales were driven by our new, innovative products within diabetes and obesity care, and we are seeing the effects of our cost control initiatives, enabling us to invest in future growth opportunities.”
Nordisk narrowed its 2017 forecast to 0% to 3% sales growth.
NVO shares were trading at $41.18 apiece today in morning activity, up 5.8%.
($1 = Dkk6.81)