The world's biggest insulin maker Novo Nordisk Thursday reported rising quarterly profits but cut its yearly sales forecast over the loss of a key US contract and changes to inventory levels.
Net profit rose 7.9 percent in the first quarter of the year from the same period in 2013 to 6.458 billion kroner (716 million euros, $1.2 billion), slightly above the 6.35 billion kroner forecasted by analysts polled by Dow Jones Newswires.
Revenue rose 1.8 percent to 20.343 billion kroner, but slightly below market expectations of 21.13 billion.
"We are pleased to reiterate our expectations for operating profit growth for 2014 despite a challenging start of the year and a lower outlook for sales growth," chief executive Lars Rebien Soerensen said in a statement.
The group said it expects sales in local currencies to grow between seven and 10 percent this year, down from a January prediction of eight to 11 percent, hit by a strong Danish currency.