Novo Nordisk Quarterly Profit Misses Estimates on Victoza
- Lilly's rival drug Trulicity dented Victoza's market share
- Cost of introducing Saxenda, Tresiba also weighed on earnings
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Novo Nordisk A/S reported fourth-quarter earnings that missed analysts’ estimates as the diabetes drug Victoza, the company’s no. 2 product, saw its growth checked by a rival medicine.
Profit at the world’s largest maker of insulin rose 26 percent to 8.26 billion kroner ($1.21 billion), the Bagsvaerd, Denmark-based company said in a statement. That compares with the 8.45 billion kroner average estimate of 17 analysts surveyed by Bloomberg. The stock slid as much as 7.3 percent in Copenhagen trading, the steepest drop in more than five months.