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Novo Nordisk to double revenue says deputy CEO

Danish drugmaker Novo Nordisk expects to double its annual revenue within the next ten years, according to deputy CEO Kåre Schultz.

Novo Nordisk has had a tough year so far as the company failed to post double-digit sales growth in the first quarter for the first time in four years. But the results for 2014 might be a temporary downturn if deputy CEO Kåre Schultz predictions come true.

Schultz stated in an interview in Reuters that by 2020, 40 million diabetes patients will be using Novo’s products, up from 20 million now, which should push revenues up at least 10 percent a year. Also, should the FDA approve the company’s insulin product Tresiba that would be another boost. Should it expand the label of Novo’s GLP-1 drug liraglutide to include obesity, sales will grow even faster stated Schultz:  “If we get both approvals, we will be able to increase our global share of the diabetes market.”