COPENHAGEN: Denmark’s Novo Nordisk narrowed its full-year profit growth guidance towards the lower end of a previously indicated target range, and said it sees intensified competition in the United States.
The drug company’s second-quarter operating profit was 12.50 billion Danish crowns ($1.87 billion), in line with both the same quarter last year and with analysts’ expectations. Revenue for the quarter rose 1 percent to 27.49 billion, missing the 28.54 billion seen by analysts.
Novo Nordisk now expects 2016 growth of 5-8 percent in operating profit in local currencies, down from an earlier forecast of 5-9 percent. Sales are now expected to grow by 5-7 percent, down from an earlier forecast of 5-9 percent.
