Novo Nordisk plans US hiring spree as Q1 sales jump 10%
The announcement dovetailed with a first-quarter earnings statement in which Novo touted a 10% increase in sales over the same period last year (13% in Danish Kroners). Biopharmaceutical sales lagged during the quarter, falling 1% compared with the same period last year, but the firm's stable of diabetes care treatments more than made up for that, with an 18% increase in sales compared with the same period last year. GLP-1 drug Victoza did some heavy lifting as sales jumped 76% (81% in Danish Kroner). The company said its drug captured 62% of the GLP-1 market in February 2012, up from 39% in February 2011, and said the overall GLP-1 market rose to 4.8% in February 2012, compared to 3.4% in February 2011 – a market trend Amgen noted during last week's earnings call.
Novo raised its guidance for the year, saying it expects sales to grow between 8% and 11%, as opposed to its initial estimate of 7% to 11%.