BagsvÃ¦rd, Denmark, 5 December 2012 â€" Moodyâ€™s Investors Service has raised its long-term corporate credit rating on Novo Nordisk from A2 to A1 with a stable outlook. Furthermore, the Prime-1 short-term rating was affirmed.
In a press release today, Moodyâ€™s explain the rationale for the upgrade:
â€œThe upgrade to A1 primarily reflects that Novo Nordisk has strengthened its financial profile over recent years, while also maintaining its leadership position in the diabetes care market. The upgrade also reflects that Novo Nordisk has recently passed certain milestones in the regulatory process to bring to the market a new-generation long-acting insulin, degludec, under the brand name TresibaÂ®. We expect TresibaÂ® to help Novo Nordisk further protect and develop its insulin franchise.â€
Novo Nordiskâ€™s Chief Financial Officer, Jesper Brandgaard, says: â€œWe are very pleased with this upgrade, which we believe is a reflection of the strong financial profile and the promising long-term prospects for Novo Nordisk.â€
Todayâ€™s upgrade brings Moodyâ€™s rating of Novo Nordisk on par with the corresponding long-term credit rating of A+ from Standard & Poorâ€™s.
Headquartered in Denmark, Novo Nordisk is a global healthcare company with 89 years of innovation and leadership in diabetes care. The company also has leading positions within haemophilia care, growth hormone therapy and hormone replacement therapy. For more information, visit novonordisk.com.