Drug maker’s growth offset by costs

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Danish drug maker Novo Nordisk A/S has said that its fourth-quarter profits remained almost unchanged.

The firm, the world’s top producer of insulin, said that a 4% growth in sales was offset by higher costs.

In the last three months of 2009, the company said net profit was 2.32 billion kroner (£270.36 million). This was a drop of less than 1% from 2.33 million kroner in 2008.

Rising to 13.06 billion kroner were quarterly sales from October to December. This was up from 12.58 billion. Sales and distribution costs rose 19% to 4.23 billion kroner.

Shares in Novo Nordisk dropped 1.1% to 370.60 kroner (£43.18) in Copenhagen after the earnings statement had been released.

Sales rose 12% to 51.08 billion kroner, and full-year net profit was up 12% to 10.77 billion.

Chief Executive Lars Rebien Soerensen said: “We are satisfied with the solid business performance in 2009, which is primarily driven by the robust sales growth for our portfolio of modern insulins.”

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Novo Nordisk A/S