The Danish company posted profits of 8.7 billion Danish kroner, or $1.26 billion USD, on sales of 29.57 billion kroner for the 3 months ended Dec. 31, for bottom-line growth of 5% compared with the same period last year.
Adjusted to exclude 1-time items, EPS were 3.45 kroner, 2% lower than the consensus on The Street.
Nordisk said it expects to see revenue growth of -1% to 4%, at constant currency rates. The company also widened the range for its operating profit forecast, predicting a range from a -2% decline and a 3% increase.
In October, it pegged flat to low single-digit percentage growth in operating profit and low single-digit growth in sales.
“We are looking at a 2017 plan that is still intact, but we operate in an environment that is increasingly volatile,” CEO Lars Fruergaard Jorgensen said on a conference call, according to Bloomberg.
NVO shares were trading at $33.69 apiece today in mid-morning trading, down -8.2%.
Nordisk and other insulin makers have been under increased pressure this year, as the companies have been repeatedly called out for price hikes.
This week, a class-action lawsuit was filed in the U.S. District Court of Massachusetts, alleging that insulin makers Sanofi (NYSE:SNY), Nordisk and Eli Lilly (NYSE:LLY) conspired to raise their list prices to get access to pharmacy benefit managers’ preferred lists, instead of competing with each other based on real market prices.
In the last 5 years, the 3 companies have raised the sticker prices on their drugs by more than 150%, according to the lawsuit. A recent study by the American Medical Association demonstrated that the price of insulin nearly tripled between 2002 and 2013.
Some of the lawsuits’ plaintiffs pay almost $900 each month for their diabetes medications, according to the firm representing the patients, Hagens Berman.