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Danish drug maker Novo Nordisk in $1 billion net profit on strong sales of insulins

Danish pharmaceutical company Novo Nordisk A/S has reported a 23 percent growth in fourth-quarter net profit on strong sales of diabetic drugs and gave a positive outlook as regulators worldwide approved its latest range of insulin products.

The world's largest insulin maker says net profit was 5.7 billion kroner ($1 billion) in the three-month period with revenue increasing 16 percent to 21 billion from 18 billion kroner a year earlier. Net profit in the full-year grew 25 percent to 21.4 billion kroner with sales of 78 billion kroner.

Chief Executive Lars Rebien Soerensen on Thursday described 2012 as "another year with strong results," driven by successful insulin sales.

The company said it expects revenue growth of 8 to 11 percent this year with operating profit increasing some 10 percent.