Novo Nordisk Cuts Growth Forecast As Profit Jumps

COPENHAGEN,(APP - UrduPoint / Pakistan Point News - 5th Augst,2016) - The world's largest maker of diabetes treatments, Novo Nordisk, on Friday lowered its annual sales and profit growth forecast, citing price pressure in the United States, as it posted a 19 percent rise in quarterly earnings. In the United States, negotiations with pharmacy benefit managers -- the firms that manage prescription drug services between health insurers and insured patients -- for 2017 "have reflected an intensifying price competition," chief executive Lars Rebien Sorensen said in a statement.

"In spite of this, we see significant growth opportunities based on our strong diabetes care portfolio," he added. Sales were expected to grow by between five and seven percent in local currencies this year, rather than a previous estimate of five to nine percent, the company said. Operating profit was expected to grow by between five and eight percent in local currencies, down from an earlier prediction of five to nine percent.