RTTNews | Oct 30, 2020 02:51AM EDT

02:51 Friday, October 30, 2020 (RTTNews.com) - Danish pharmaceutical company Novo Nordisk A/S (NVO) reported Friday that its third-quarter net profit edged up 1 percent to 10.30 billion Danish kroner from last year's 10.19 billion kroner. Earnings per share/ADR grew 3 percent to 4.42 kroner from 4.29 kroner last year.

Operating profit decreased 1 percent from last year to 12.81 billion kroner. The gross margin was 83.3 percent, slightly higher than 83.2 percent last year.

Net sales increased 2 percent to 30.93 billion kroner from 30.28 billion kroner last year. Sales grew 7 percent at constant exchange rates.

Sales in International Operations increased 5 percent, driven by all geographical areas and by all therapy areas. COVID-19 negatively impacted sales growth as fewer patients initiated treatment.

Sales in North America Operations decreased 1 percent. Sales growth was negatively impacted by COVID-19 as fewer patients initiated treatment, increased unemployment and destocking, offset by phasing of rebates and inventory changes at wholesaler level.

The company continues to expect sales growth and operating profit growth to be 5 percent-8 percent at constant exchange rates, which was raised on October 8.

Read the original article on RTTNews ( https://www.rttnews.com/3141206/novo-nordisk-q3-net-profit-edges-up-operating-profit-down-confirms-fy20-view.aspx)

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2020 RTTNews.com All Rights Reserved