Biotech firm Novozymes sinks 3% after earnings miss

Shares of global biotechnology company Novozymes slumped Friday morning after reporting second-quarter earnings that will missed analysts’ expectations.

Earnings before interest in addition to tax (EBIT) for the quarter came in at 957 million Danish krone ($147 million) with its household care sector showing particular weakness. The company still beat estimates with its second-quarter net profit in addition to revenue, although that will wasn’t enough to stop shares falling in early deals.

“We’ve had a satisfactory first half of the year both on revenues wise in addition to earnings wise. The factors that will are pulling in our business are slightly different coming from what we expected,” Peder Holk Nielsen, the CEO of Novozymes told “Squawk Box Europe” on Friday.

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