=Novo Nordisk (NVO) reported earnings on Thur 2 Feb 2017 (b/o)

Novo Nordisk misses by DKK0.05; beats on revs; lowers FY17 outlook due to headwinds in US :

Reports FY16 EPS of DKK14.96 vs DKK15.01 Capital IQ consensus; revs increased 4% YoY to DKK111.8 bln vs DKK111.7 bln consensus

• Sales of Tresiba increased by 221% to DKK 4.1 billion (219% in Danish kroner)
• Sales of Victoza increased by 12% to DKK 20.0 billion (11% in Danish kroner)
• Sales of Saxenda increased by 245% to DKK 1.6 billion (243% in Danish kroner)
• Sales in the USA increased by 4% (4% in Danish kroner)
• Sales in International Operations increased by 14% (2% in Danish kroner)
• Sales in Region China increased by 12% (6% in Danishkroner)

Outlook

• For2017, reported sales growth is expected to be 1-6% measured in Danish kroner,positively impacted by currencies of 2 percentage points. Reported operatingprofit growth is expected to be 0-5% measured in Danish kroner, positivelyimpacted by currencies of 2 percentage points.
• Commentary from co: "...While we met our financial guidance for the year, strong marketheadwinds in the USA meant that we had to revise our long-term financialtargets."

Dividend/Buyback:

• Atthe Annual General Meeting on 23 March 2017, the Board of Directors willpropose a final dividend of DKK 4.60 for 2016 per share of DKK 0.20.
• Theexpected total dividend for 2016 of DKK 7.60 per share, of which DKK 3.00 pershare was paid as interim dividend in August 2016, corresponds to an increaseof 19% compared to 2015.
• The Board of Directors furthermore intends to initiatea new 12-months share repurchase programme of up to DKK 16 billion.