Profits jab higher at insulin maker Novo Nordisk

Copenhagen, Nov 1 (AFP/APP): Novo Nordisk said Friday that its new treatment for adults who suffer from diabetes drove sales and profits higher, but the world’s top manufacturer of insulin still faced difficulties in the key US market.

The Danish firm alone supplies nearly half of the insulin to diabetes sufferers across the globe.

And while rising obesity has led to a surge in diabetes cases, it hasn’t been smooth sailing for Novo Nordisk as some buyers have balked at the high cost for new treatments, particularly in the United States.

Its sales of insulin in North America fell by 16 percent over the first nine months of the year when the effects of changes in currency values are removed.

“The decline in sales in the USA was driven by lower realised prices due to higher rebates across the insulin portfolio,” the company said in a statement, as well as due to changes insurance legislation and lower inventory levels.

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Private US insurers and patients have been negotiating discounts, or rebates, on the price of newer forms of insulin that cost much more than previous treatments.

Total North American sales were down 1 percent at constant exchange rates, to 43 billion kroner, a region which accounts for nearly half of total sales.

The drop was despite a rapid rise in Novo Nordisk’s new Ozempic treatment, which can free some people with Type 2 diabetes from taking several shots of insulin per day to control their blood sugar level. A once-a-week shot of Ozempic helps Type 2 diabetes produce their own insulin.

Total sales of Ozempic jumped to nearly 6.9 billion kronor.

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