Danish pharmaceutical company Novo Nordisk A/S (NVO) reported Thursday that its second-quarter net profit grew 11 percent to 10.63 billion Danish kroner from last year's 9.60 billion kroner.
Earnings per share/ADR was 4.53 kroner, up 12 percent from 4.03 kroner a year ago.
Novo Nordisk's operating profit increased 3 percent from last year to 13.84 billion kroner.
Net sales were 30.01 billion kroner, same as last year in both Danish kroner and at CER. Sales were negatively impacted by fewer patients initiating treatment and COVID-19-related destocking.
Total Diabetes care sales grew 1 percent, while Obesity care (Saxenda) sales fell 11 percent.
Looking ahead for fiscal 2020, operating profit growth is now expected to be 2 percent to 5 percent at constant exchange rates, compared to previous view of 1 percent to 5 percent growth.
The company said the updated outlook at CER reflects savings related to COVID-19. The expectation for operating profit growth primarily reflects the sales growth outlook and continued investments in current and future growth drivers across the operating units.
On a reported basis, operating profit is now expected to be around 3 percentage points lower than at CER, compared to previous view of around 1 percentage point higher than at CER.
Further, sales growth is still expected to be 3 percent to 6 percent at CER. On a reported basis, sales is now expected to be around 2 percentage points lower than at CER, compared to previous view of around 1 percentage point higher than at CER.
Further, the Board of Directors has decided to pay out interim dividend for 2020 of 3.25 kroner for each Novo Nordisk A and B share of DKK 0.20 krone.
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