Diabetes Drugs Boost Novo Nordisk in Q3

Danish pharmaceutical company Novo Nordisk A/S says its net profit grew by 35 percent in the third quarter of 2012, chiefly spurred by strong sales of its diabetes drugs.

The world's biggest insulin maker says net profit during the period rose to 5.67 billion kroner ($983 million) from 4.2 billion kroner a year earlier.

Revenues increased 20 percent to 19.85 billion kroner from 16.53 billion kroner in the same quarter a year ago.

Chief Executive Lars Rebien Soerensen said Wednesday strong sales led to "robust financial performance."

The Copenhagen-based group raised its 2012 sales growth outlook to 10-12 percent from a previous 9-12 percent. It says operating profit is expected to grow 16-18 percent for the year, compared with around 15 percent previously forecast.