Novo Nordisk’s revenues increased by 2.1% to £3.74 billion in the third quarter.
The pharmaceutical company reported a net profit of £1.24 billion in the third quarter.
Novo Nordisk forecasts growth of 5% to 8% in both annual operating profit and sales.
Novo Nordisk (ETR: NOVC) said on Friday that its net profit for the third quarter of the financial year was better than expected. The company pointed out that patients in Europe and the United States hoarded approximately £241.77 million worth of medicines in the first quarter of the financial year, amid the ongoing COVID 19 crisis, which has so far infected more than 45 million people worldwide and caused over 1.18 million deaths.
The company’s shares fell by more than 1% in pre-market trading on Friday. Novo Nordisk is now changing hands at £50.58 per share after recovering from £42.51 per share in March. The Danish multinational started the year with a price of 46.94 pounds per share. Trading shares online is easier than you think. Find out how you can buy shares online in 2020.
Novo Nordisk reports a net profit of 1.24 billion pounds
In the second and third quarters, Novo Nordisk said, these patients continued their restocking. The pharmaceutical company also said that the number of patients who chose to start treatment also gradually increased in the last quarter.
The Danish multinational had started several new studies in the third quarter. However, the recruitment of patients for the trials was still below the levels before the virus was introduced. GlaxoSmithKline, a peer company of Novo Nordisk, also published its third quarter results report earlier this week.
Novo Nordisk attributed the increase in revenues in the third quarter primarily to increased demand for its innovative GLP-1 medicines for diabetes patients. However, this growth was partially offset by lower insulin sales in the third quarter.
For the three months ended September 30, the Bagsvaerd based company reported net income of £1.24 billion, compared to a slightly lower net income of £1.23 billion in the same quarter last year.
Novo Nordisk’s forecast for the full year
The FactSet consensus for Novo Nordisk’s third quarter net profit was an even higher £1.25 billion. In the previous quarter (Q2) Novo Nordisk had recorded an even higher net profit of £1.28 billion, according to the report published in the first week of August.
In terms of revenues, the pharmaceutical company reported annualized growth of 2.1% to £3.74 billion in the third quarter, compared to the expected slightly lower £3.72 billion. Novo Nordisk raised its annual operating profit and sales growth guidance in early October to between 5% and 8% (in local currencies) in both cases.
At the time of writing, Novo Nordisk has a market capitalisation of £93 billion.