Novo Nordisk - Financial Statement for the first half of

Sales increased by 6% to DKK 12,034 million in the first half of 2002 compared to the first half of 2001. Sales increased by 9% measured in local currencies.
Diabetes care sales increased by 6% to DKK 8,412 million.
Haemostasis management sales increased by 15% to DKK 1,726 million.
Growth hormone therapy sales decreased by 1% to DKK 998 million.
Hormone replacement therapy sales decreased by 1% to DKK 684 million.
For the second quarter of 2002 alone sales increased by 9% to DKK 6,553 million compared to the second quarter last year. Sales increased by 14% measured in local currencies.
Operating profit increased by 4% to DKK 2,856 million in the first half of 2002 and by 16% to DKK 1,606 million in the second quarter of 2002 alone.
Profit before tax in the first half of 2002 decreased by 1% to DKK 2,955 million whereas net profit increased by 1% to DKK 1,925 million.
Lars Rebien Sørensen, president & CEO said: "Sales in the second quarter of 2002 confirm Novo Nordisk's growth potential. This, combined with a swift implementation of a cost-containment programme, enables us to reaffirm the operating profit expectation for 2002 despite the currently more challenging currency environment."
Novo Nordisk's expectation for operating profit growth for 2002 is unchanged at 5-10%, and net financial income is now expected to be DKK 250 million, assuming that exchange rates remain at the current level for the rest of the year.
Novo Nordisk has decided to initiate a share repurchasing programme of up to DKK 2 billion.

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Novo Nordisk - Financial Statement for the first half of 2002

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