Shares in Denmark’s Novo Nordisk took a 12% tumble on the New York Stock Exchange during trading yesterday, despite the firm revealing a 17% boost to its net income to 1.2 million kroner, after it said approval of NovoSeven in blunt trauma would be delayed in Europe.
Overall, sales jumped 13% to 7.3 billion kroner, aided by a 67% rise in revenues from its insulin analogue franchise to 1.4 billion kroner and a 10% boost in NovoSeven sales to 1.09 billion kroner. However, license fees and other operating income tumbled 71% to just 67 million kroner and operating profit rose just 1% to 1.5 billion kroner.
Novo Nordisk had originally filed for approval of NovoSeven using Phase II results but now says it has received preliminary information that more clinical data will be required. Although a final decision is not anticipated until the second half of the year, it says it has already decided to conduct a confirmatory study.