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NOVO NORDISK HEALTH CARE SALES JUMP 14% TO $905 MIL. THROUGH NINE MONTHS; TEVA SALES GROW 33.9% PACED BY LEMMON GENERICS AND U.S. BULK CHEMICAL BUSINESSES

Executive Summary

Novo Nordisk's Health Care Group sales were $905 mil. for the first nine months of 1993 (based on a conversion rate of $1 = DKK 6.54), a 14% jump over the year-earlier period, the firm reported Nov. 10. The increase was primarily due to higher product volume, the company said, particularly for Norditropin human growth hormone and two gynecological products, Trisequens and Kliogest. Novo also cited a "better mix" of insulin products as a factor in the higher sales; insulin sales accounted for more than three- quarters of the health care group's sales in 1992. The most significant growth in individual markets occurred in the U.S., Japan and Germany, Novo said. For the third quarter, Novo's consolidated revenues rose 21.3% to $475.5 mil. while net income surged ahead by 77.4% to $61.9 mil. Another international firm, Teva, also reported double-digit growth for the third quarter, with sales totaling $127.3 mil. for an increase of 33.9% and net income more than doubling to $13.9 mil. from $6.7 mil. compared to 1992. Teva attributed the growth to new generic drugs marketed in the U.S. by its Lemmon subsidiary and to bulk pharmaceutical chemical sales in the U.S. "This trend has been partially offset by flat growth in the Israeli pharmaceutical market where increasing competition has hurt profit margins," Teva said. Lemmon has received four additional new generic drug approvals: naproxen, naproxen sodium, metoclopraniide syrup and gemfibrozil. "The company looks forward to the introduction of the products in the fourth quarter of 1993," Teva said.
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