Strong sales growth in local currencies expected for 2004
- Sales increased by 15% measured in local currencies. Measured in Danish kroner sales increased by 5%.
- Sales of diabetes care products increased by 16% measured in local currencies and sales of insulin analogues alone increased by 137%.
- NovoSeven® sales increased by 20% measured in local currencies.
- Operating profit increased by 7% to DKK 6,384 million and net profit increased by 19% to DKK 4,858 million. Earnings per share (diluted) increased by 21% to DKK 14.14.
- At the Annual General Meeting on 16 March 2004 the Board of Directors will propose a 22% increase in dividend to DKK 4.40 per share of DKK 2.
- Lars Rebien Sørensen, president & CEO, said, "The results for 2003 exceeded our expectations. The performance was driven by our portfolio of insulin analogues and NovoSeven®. With these strategic products and a competitive business platform in the US, strong growth is set to continue."
- In 2004 the underlying operating profit is expected to grow by 15% in local currencies. The operating profit for 2004 measured in Danish kroner is expected to be realised at the level of 2003, reflecting a significant negative currency impact and a lower level of non-recurring income in 2004.
