- Compared to the first quarter of 2001, sales increased by 2% to DKK 5,481 million. The sales increase was 3% measured in local currencies.
- Diabetes care sales increased by 2% to DKK 3,834 million.
- Haemostasis management sales increased by 10% to DKK 800 million.
- Growth hormone therapy sales decreased by 2% to DKK 450 million.
- Hormone replacement therapy sales increased by 2% to DKK 335 million.
- Operating profit decreased by 8% to DKK 1,250 million from DKK 1,358 million.
- Profit before tax decreased by 21% to DKK 1,267 million and net profit decreased by 19% to DKK 824 million.
- Timing factors contributed significantly to the low growth in sales in the first quarter: In Europe, an unusual build-up of insulin inventory in the fourth quarter of 2001 corresponding to approximately one week of in-market sales was followed by a corresponding de-stocking in the first quarter of 2002. This affected sales negatively by approximately 150 million Danish kroner. In emerging markets timing of insulin sales led to a shortfall of approximately DKK 100 million. Apart from the timing factors, a number of market/performance-related issues contributed to the low sales growth. These issues are currently being addressed.
- According to current external market statistics, the European insulin market grew by 8% in volume and 12% in value during the first two months of 2002, while Novo Nordisk's in-market sales grew by 7% and 12%, respectively. Novo Nordisk has thus maintained its position in the European insulin market.
- Lars Rebien Sørensen, president & CEO said: "Based on our analysis of the development during the first months of 2002, we are confident that Novo Nordisk's growth potential remains intact".
- Novo Nordisk reaffirms full-year 2002 outlook of 5-10% growth in operating profit, assuming that exchange rates remain at the current level for the rest of the year.
Financial statement for the first quarter of 2002
| Source: Novo Nordisk A/S