2014 PERFORMANCE AND 2015 OUTLOOK
Novo Nordisk’s 2014 performance on operating profit and free cash flow exceeded both the outlook for the year provided in January and the latest guidance from October. Sales growth, capital expenditure and other results are in line with the latest guidance provided in October.* SALES DEVELOPMENT Sales increased by 8% measured in local currencies and by 6% in Danish kroner. North America was the main contributor with 61% share of growth measured in local currencies, followed by International Operations and Region China. Sales growth was realised within both diabetes care and biopharmaceuticals, with the majority of growth originating from modern insulin and Victoza®. Sales growth has been negatively impacted by around 4 percentage points, primarily due to events in North America, notably the partial loss of reimbursement with a large pharmacy benefit manager, generic competition to Prandin® as well as expanded Medicaid and Medicare Part D utilisation. In the following sections, unless otherwise noted, market data are based on moving annual total (MAT) from November 2014 and November 2013 provided by the independent data provider IMS Health.