Biotech agency Novozymes sinks three% after earnings miss

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Shares of world biotechnology firm Novozymes slumped Friday morning after reporting second-quarter earnings that missed analysts’ expectations.

Earnings earlier than curiosity and tax (EBIT) for the quarter got here in at 957 million Danish krone ($147 million) with its family care sector displaying explicit weak point. The corporate nonetheless beat estimates with its second-quarter web revenue and income, however that wasn’t sufficient to cease shares falling in early offers.

“We have had a passable first half of the 12 months each on revenues smart and earnings smart. The elements which are pulling in our enterprise are barely totally different from what we anticipated,” Peder Holk Nielsen, the CEO of Novozymes instructed “Squawk Field Europe” on Friday.

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