By Teis Jensen and Shida Chayesteh COPENHAGEN (Reuters) - Novo Nordisk, the world's largest insulin producer, raised its 2014 outlook by less than investors had hoped for saying it expected sales to be hit by contract losses in the United States and competition from cheaper generic drugs. The Danish company also promoted head of sales and production Kaare Schultz to chief operating officer, a role that puts him in the running to succeed 59-year-old Chief Executive Lars Rebien Sorensen whose contract ends in 2019. Novo Nordisk said on Thursday that it now expected sales to grow by 8-11 percent, below its average 13 percent growth rate over the last ten years. Chief Financial Officer Jesper Brandgaard said 2014 sales would be hit by competition from copycat versions of its Prandin diabetes drug and the loss of two contracts with U.S. pharmacy group Express Scripts Holding Co, which was announced in September.
via Health News Headlines - Yahoo News http://ift.tt/1b85i2T
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