Novozymes in strong first quarter showing

Novozymes is even closer to realising its long-term goal of enjoying 10 percent annual growth from 2015

The Danish biotech giant Novozymes has entered 2014 with a bang, surpassing expectations for the first quarter and subsequently raising expectations for the rest of the year.

The Bagsværd-based company enjoyed operating profit earnings before interest and taxes (EBIT) to the tune of 923 million kroner out of a turnover of 3.033 billion kroner, which is well above analyst predictions.

“We’ve delivered a strong first quarter, and we’re increasing the outlook for full-year EBIT growth,”  Peder Holk Nielsen, the head of Novozymes, said in a press release.

“Double-digit organic sales growth, a good underlying earnings performance and the completion of the BioAg Alliance agreement mark a good start to 2014.”

Novozymes now expects annual EBIT and net profit growth of 8-10 percent, as opposed to the 6-9 percent it expected at the beginning of the year, and this moves the company even closer to realising its long-term goal of enjoying 10 percent annual growth from 2015.

READ MORE: Investors avoiding Danish biotech market

US investment
In related news, Novozymes announced yesterday that it intends to invest about 195 million kroner into a new research and development centre in the US state of North Carolina over the coming three years.

The facility will focus on creating sustainable solutions for agriculture and is expected to generate 100 new jobs.

Among other things, researchers will study and develop useful micro-organisms that are already found in the earth in order to create technology that can improve crop yield, fertility and fighting pests.

Novozymes’ five primary areas of business are in bioenergy, agriculture and fodder, cleaning products, food and drink products, and technical and pharma.

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