UPDATE 2-Novo Nordisk Q3 beats forecasts, shares drop

* Q3 EBIT 3.81 bln DKK, beating 3.60 bln forecast

* Top insulin producer raises operating profit guidance

* Sees 2010 sales growing 5-10 pct, EBIT more than 5 pct

* Shares drop 4.5 pct

(Adds details, quotes, share price)

By John Acher and Karin Jensen

COPENHAGEN, Oct 29 (Reuters) - The world's biggest insulin producer Novo Nordisk (NOVOb.CO) reported a bigger-than-forecast rise in operating profits for the third quarter, but its shares fell as analysts said new 2010 guidance missed expectations.

Earnings before interest and tax (EBIT) rose to 3.81 billion Danish crowns ($759.4 million) in July-September from 3.32 billion in the same quarter last year.

The result beat an average expectation of a rise to 3.60 billion crowns in a Reuters poll of 19 analysts whose EBIT estimates ranged from 3.09 billion to 4.08 billion crowns.

"The robust sales growth for our portfolio of modern insulins is the key driver of the solid business performance in the first nine months of 2009," Chief Executive Lars Sorensen said in a statement.

Novo Nordisk shares lost 4.5 percent to 315.50 crowns by 1201 GMT, underperforming a 0.3 percent drop in the DJ Stoxx European healthcare index .SXDP.

Third-quarter sales grew 11 percent to 12.52 billion crowns, missing analysts' average forecast of 12.83 billion in the Reuters poll.

Sales of modern insulins grew 23 percent in the third quarter from a year ago, and contributed nearly 43 percent of total sales.

The company raised its guidance for full-year 2009 operating profit growth in local currencies to around 15 percent from a previous forecast range of 12 to 14 percent, and kept its forecast for sales growth steady at around 10 percent.

It said it expected 2010 sales to grow by 5-10 percent and operating profit next year to rise by more than 5 percent in local currencies, but said it would give precise guidance with its 2009 results in February.

"It is a really nice third quarter, which had better margins than expected and the upward revision of the (2009) guidance in local currencies wasn't something I was expecting," Sydbank analyst Rune Dahl said in a research note.

"The negative element of the report is the 2010 guidance," Dahl added.

Citigroup analyst Mark Dainty said in a note to clients: "This implies a 2 percent downgrade to consensus operating profit, although half of this should be offset by lower financial expenses."

Novo Nordisk said it still expected formal feedback from the U.S. Food and Drug Administration on the approval process for its Victoza diabetes drug, a rival to Eli Lilly's (LLY.N) Byetta, during the fourth quarter.

Investors are keenly awaiting news about a U.S. approval.

Chief Financial Officer Jesper Brandgaard told Reuters that the upper part of the new 2010 sales range took Victoza approval into account whereas the lower end of the sales range excluded a Victoza approval.

He added that a decision from the FDA was imminent.

"The launch of Victoza in Europe is progressing well and we are seeing strong in-market penetration in the first-wave launch countries, Germany, the United Kingdom and Denmark," it said.

Ageing populations and rising levels of obesity -- a leading cause of type 2 diabetes -- are pushing up cases of diabetes worldwide, leading to increasing demand for insulin treatments.

The International Diabetes Federation estimates that 285 million people worldwide have diabetes and the total is expected to exceed 435 million in 2030.

North America has the highest prevalence of the disease, with more than 10 percent of the adult population affected, while India and China have the highest numbers of diabetics.

In addition to Eli Lilly, rivals to Novo Nordisk in the insulin market include Sanofi-Aventis (SASY.PA).

Novo Nordisk shares closed at 330.50 crowns on Wednesday, giving the company a market capitalisation of about $33.7 billion. (Additional reporting by Martin Dahl) (Reporting by Copenhagen newsroom; editing by John Stonestreet and Jon Loades-Carter)