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Novo Nordisk books 4% rise in Q2 profit

Novo Nordisk A/S, maker of drugs for diabetes and obesity, saw second-quarter earnings rise 4% and affirmed its full-year sales growth and operating profit outlook.

The Denmark-based company booked second-quarter net profit of 10.34 billion Danish kroner, or 4.26 kroner per share, up from 9.95 billion kroner, or 4.01 kroner per share, in the year-ago period.

The S&P Global Market Intelligence consensus normalized EPS estimate for the second quarter is 4.18 kroner.

Net sales for the quarter totaled 27.41 billion kroner, down 4% from 28.64 billion kroner in the same quarter last year.

Second-quarter sales from the company's diabetes care and obesity segment fell 3% year over year to 23.03 billion kroner, while biopharmaceutical sales fell 10% year over year to 4.37 billion kroner.

Research and development costs for the quarter amounted to 3.30 billion kroner, down 3% year over year from 3.41 billion kroner in the year-ago quarter.

For the first half, the company booked a net profit of 21.09 billion kroner, or 8.66 kroner per share, up from 20.11 billion kroner, or 8.07 kroner per share, in the same period in 2017.

Net sales for the half came to 54.34 billion kroner, down from 57.09 billion kroner a year earlier.

For 2018, the drugmaker still expects sales growth to be between 3% to 5%, and operating profit growth to be between 2% to 5%, both measured in local currencies.

Novo Nordisk's board approved an interim dividend for 2018 of 3.00 kroner per share, of which 20 øre? will be paid in August.

As of Aug. 7, US$1 was equivalent to 6.43 Danish kroner.