Novo Nordisk Posts Higher Profit

Novo Nordisk A/S (NYSE: NVO) reported upbeat profit for the fourth quarter.Novo Nordisk's quarterly net profit rose to 6.53 billion Danish kroner ($991 million), or DKK2.51 per share. Analysts were expecting a profit of DKK6.37 billion.Its revenue climbed 13% in Danish kroner to DKK24.59 billion versus DKK21.70 billion, while operating profit gained by 18% in local currencies and by 25% in Danish kroner.Novo Nordisk's gross margin narrowed to 83.7% from 84.3%.For the year, sales rose 8% in local currencies to 88.8 billion. Net profit gained 5% to DKK 26.5 billion, while diluted earnings per share rose 8% to DKK 10.07.Lars Rebien Sørensen, president and CEO: "We are pleased with Novo Nordisk's financial performance in 2014; a more challenging year than usual. Levemir® and Victoza® drove most of our sales growth, and our new long-acting insulin Tresiba® continues to perform well. 2015 will be an important year for us with the first launches of Saxenda® and Xultophy® as well as significant results from our late-stage development portfolio."The company projects 2015 sales growth of 6% to 9% in local currencies and a net financial loss of about DKK 5 billion.Novo Nordisk shares rose 2.09% to close at $45.92 yesterday.