Pharmaceutical giant Novo Nordisk of Denmark registered a 10 percent increase of its operating profit in the first quarter of 2017, the company announced on Wednesday.
Operating profit rose to 13.49 billion Danish kroner (1.98 billion U.S. dollars)in the first three months from 12.31 billion kroner registered in the same period last year, according to the company's financial report.
Net profit increased by 7 percent to 10.2 billion kroner in the first quarter, according to the report. Sales increased by 5 percent to 28.45 billion kroner, mostly driven by growth in diabetes and obesity care products.
However, sales within biopharmaceuticals declined by 24 percent to 4.7 billion kroner.
"Sales were driven by our new, innovative products within diabetes and obesity care, and we are seeing the effects of our cost control initiatives, enabling us to invest in future growth opportunities," said Lars Fruergaard Joergensen, president and CEO of Novo Nordisk.
"With the performance in the first three months, we are well on track towards our targets for 2017," Joergensen added.
The company expects sales growth for the full year of 2017 to be 1-4 percent and operating profit growth to be 0-4 percent, both measured in Danish kroner.
Novo Nordisk is the world leader in diabetes care with a global value market share of 27 percent. It is also the world's largest insulin maker with 46 percent market share. (1 U.S. dollar = 6.81 Danish kroner)