Novozymes announces Q3 results with 9% growth, robust sales
In Denmark, Novozymes has announced their Q3 results, with sales in line with expectations and an increase in outlook for full-year profit. CEO Peder Holk Nielsen noted that the technology developed from the starch processing industry resulted in a 23% increase in sales, driving up Novozyme’s overall sales growth.
Nielsen chalks the success up to Novozyme’s diversified portfolio: “Like nature, our business is truly diverse,” says Peder Holk Nielsen, Novozymes’ CEO. “Through combining industrial insight with our unique biotechnology platform, we have been able to create diverse solutions that are relevant for a wide range of customers in many different markets throughout the world today. That is why our sales remain strong in spite of signs of uncertainty in the global economy and in some of our markets.”
More than 20% of Novozymes’ global workforce is engaged in R&D, with an annual spend of approximately 14% of revenue on R&D. Innovation is a key driver for Novozymes’ top and bottom line, with focus on continuously developing the existing product portfolio while also devoting significant resources to long-term radical innovation in order to ensure long-term growth.
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