Lundbeck's interim report for the first quarter of 2008 shows
continuing strong growth in consolidated revenue distributed on the
company's new products as well as on the regions. Lundbeck retains
its financial forecasts for revenue and profit from operations which
the company announced in connection with the release of its annual
report for 2007.
Revenue, earnings and investments
* Revenue: DKK 2,882 million (+12% and +14% at CER)
* Profit from operations (EBIT): DKK 924 million (+41%)
* Investments: DKK 138 million
Revenue by regions and products
* Europe: DKK 1,516 million (+14% and +15% at CER)
* International Markets: DKK 651 million (+18% and +24% at
CER)
* USA: DKK 661 million (+5% and +6% at CER)
* Cipralex®: DKK 1,216 million (+23% and +26% at CER)
* Lexapro®: DKK 661 million (+5% and +7% at CER)
* Ebixa®: DKK 457 million (+17% and +18% at CER)
* Azilect®: DKK 54 million (+61% and +62% at CER)
Comments on the financial statements
In connection with the interim report, Lundbeck's Group CFO Anders
Götzsche said:
"The financial performance for the first quarter of 2008 demonstrates
strong growth in revenue combined with continuing focus on lower
growth in costs than in revenue. This focus resulted in a strong
improvement in profits, and we are well on track to meet our
financial guidance for the full year 2008."
Lundbeck has strengthened its clinical pipeline in 2008
In March 2008, Lundbeck received a positive evaluation from the
European health authorities (EMEA) concerning the registration
application for memantine (Ebixa®) for once-daily administration. The
final approval from the European Commission is expected in Q2 2008.
Permission for once-daily administration of memantine is expected to
further strengthen the compound's profile and use in the market.
As part of Lundbeck and Takeda's joint phase III programme for Lu
AA21004, more new pivotal phase III trials have been initiated during
the first part of 2008. Furthermore, the compound's new and unique
receptor profile was presented at the SCNP congress (Scandinavian
College of Neuro-Psychopharmacology) in April 2008, showing that Lu
AA21004 exhibits experimental and clinical antidepressant activity in
spite of low binding (occupancy) to the 5-HT transporter. The effect
of Lu AA21004 is achieved through a combination of 5-HT3 receptor
antagonism and 5-HT1A partial agonism, and the pharmacological
profile is thus notably different from that of other known
antidepressants.
In Q1 2008, Lundbeck completed a major worldwide post-marketing study
of sertindole (Serdolect®) in over 10,000 patients suffering from
schizophrenia. The study was initiated following a request from the
EMEA with a view to documenting the safety of relaunching sertindole
on the European market. The study will also form part of a
registration application for sertindole due to be filed with the US
health authorities (FDA) in mid-2008.
In March 2008, Lundbeck and its partner Solvay Pharmaceuticals, B.V.
initiated a new phase III clinical programme with the compound
bifeprunox for maintenance treatment of schizophrenia. The programme
includes two phase III clinical studies, each enrolling approximately
450 patients. These studies are expected to be completed towards the
end of 2010. In earlier randomised phase III studies, bifeprunox has
demonstrated a clear antipsychotic effect with no signs of metabolic
disturbances or risk of weight gains.
In February 2008, Lundbeck announced that the compound Lu AA34893 had
moved into clinical phase II. Lu AA34893 belongs to a new generation
of compounds with a different receptor profile compared with known
psychotropics. The experimental profile opens up for developing the
compound for more than one indication. In the ongoing
proof-of-concept study, the compound will be tested in the treatment
of bipolar disorder (manic depression). The compound has a strong
potential to show long-term effective mood stabilisation and thereby
prevention of long-term disability in patients suffering from bipolar
disorder.
The enrolment of patients in the Lu AA24530 proof-of-concept study is
progressing as planned, with results expected at the beginning of
2009.
At the beginning of 2008, Lundbeck initiated phase I clinical studies
of Lu AA37096 for the treatment of mood disorders. Lu AA37096 has
been discovered based on findings with the unique mechanism of action
of escitalopram (Cipralex®/Lexapro®) but incorporates effects on a
number of additional targets in the brain. Lu AA37096 has shown very
convincing effects in animal models of mood disorders as well as in
pain models.
Ulf Wiinberg appointed new CEO of Lundbeck
At the end of April 2008, Lundbeck announced that Ulf Wiinberg had
been appointed new president and CEO. Ulf Wiinberg will take up his
new position on 1 June 2008.
Ulf Wiinberg is leaving the US pharmaceutical company Wyeth, where he
has been responsible for two areas: Strategic oversight of Wyeth's
biopharma activities and as President of Wyeth Europe, Middle East,
Africa and Canada - the latter division generates revenues of
approximately DKK 30 billion (USD 6 billion) and employs 5,200
people.
Lundbeck's future president and CEO started his pharmaceutical career
in Sweden in 1981 and has worked for Wyeth for 27 years, where he has
held management positions in Europe as well as in the USA. Ulf
Wiinberg distinguishes himself by his strong commercial competencies
and has achieved a number of significant results at Wyeth.
Furthermore, Ulf Wiinberg was previously responsible for Wyeth
Consumer Healthcare Products and Managing Director of Wyeth in the
UK. Ulf Wiinberg has served as a member of Wyeth's management
committee as well as of the corporation's operations committee, legal
committee and HR committee.
Financial forecast for 2008
2008
forecast
Revenue DKK 11 - 11.5bn
Profit from operations DKK 2.8 - 2.9bn
Investments Approx. DKK 575m
The Group retains its 2008 guidance of an EBIT margin of
approximately 25%, while it expects to spend more than 20% of its
revenue on research and development in 2008.
Financial highlights for the period
The interim report has been presented in accordance with IAS 34"Interim Financial Reporting" as adopted by the EU. The accounting
policies are unchanged from those applied in the annual report for
2007, which contains a more detailed description of the Group's
accounting policies. The interim report is unaudited.
DKKm Q1 2008 Q1 2007 Growth in Growth at Q4 2007
DKK CER
Revenue 2,882 2,583 12% 14% 2,830
- Cipralex® 1,216 990 23% 26% 1,031
- Lexapro® 661 628 5% 7% 626
- Ebixa® 457 391 17% 18% 422
- Azilect® 54 34 61% 62% 48
- Serdolect® 12 10 27% 31% 8
- Other 428 465 -8% -6% 409
pharmaceuticals
- Other revenue 54 65 -17% -17% 286
Costs 1,958 1,925 2% 2,563
- Cost of sales 476 497 -4% 846
- Distribution 567 578 -2% 657
- Administration 399 377 6% 395
- Research and 524 473 11% 681
development
- Other operating (7) 1 n.m. (16)
expenses, net
Profit from operations, 924 658 41% 267
EBIT
Net financials (24) 48 n.m. (68)
Net profit for the period 627 466 35% 92
Earnings per share, EPS 3.15 2.24 41% 0.46
(DKK)
Free cash flow 1,067 19 5,400% (83)
Investments 138 127 9% 301
Revenue in Q1 2008
The Group generated Q1 revenue of DKK 2,882 million, which was a 12%
increase on the same period of last year and a 2% increase relative
to Q4 2007. Adjusted for exchange rate fluctuations, Group revenue
rose by 14% relative to the year-earlier period.
Lundbeck Group revenue
DKKm Q1 2008 Q1 2007 Growth in Growth at Q4 2007
DKK CER
Cipralex® 1,216 990 23% 26% 1,031
Lexapro® 661 628 5% 7% 626
Ebixa® 457 391 17% 18% 422
Azilect® 54 34 61% 62% 48
Serdolect® 12 10 27% 31% 8
Other pharmaceuticals 428 465 -8% -6% 409
Other revenue 54 65 -17% -17% 286
Total revenue, Group 2,882 2,583 12% 14% 2,830
The Group's pharmaceuticals Cipralex®/Lexapro® and Ebixa® (for the
treatment of depression and Alzheimer's disease, respectively)
continued to grow combined with Azilect® and Serdolect® (for the
treatment of Parkinson's disease and schizophrenia, respectively).
First-quarter sales of these pharmaceuticals (Cipralex®/Lexapro®,
Ebixa®, Azilect® and Serdolect®) made up 83% of the Group's total
revenue.
Europe
DKKm Q1 2008 Q1 2007 Growth in Growth at Q4 2007
DKK CER
Cipralex® 823 673 22% 23% 720
Ebixa® 375 317 18% 19% 350
Azilect® 50 32 55% 56% 44
Serdolect® 7 7 5% 3% 7
Other pharmaceuticals 262 304 -14% -13% 275
Total revenue, Europe 1,516 1,334 14% 15% 1,396
Cipralex® and Ebixa® are Lundbeck's best-selling pharmaceuticals in
Europe in terms of revenue and continue to make positive
contributions to revenue in Europe, posting growth rates of 22% and
18%, respectively, relative to Q1 2007.
At the end of February 2008, Cipralex® represented 15.4% of total
antidepressants sales in Europe, as compared with a market share of
13.2% at the same time in 2007. Cipralex® is the most widely used
branded antidepressant in Europe.
At the end of February 2008, Ebixa® commanded 15.7% of the European
market for pharmaceuticals to treat Alzheimer's disease, as compared
with a share of 14.9% at the same time in 2007. Memantine, the active
ingredient in Ebixa®, is still the second-most prescribed
pharmaceutical in Europe for treating Alzheimer's disease.
The launch of Azilect® is still progressing well. At the end of
February 2008, Azilect® held 5.0% of the total European sales of
pharmaceuticals to treat Parkinson's disease. This market share
should be compared with a share of 3.3% at the same time in 2007.
Circadin® - On 24 September 2007, Lundbeck and Neurim Pharmaceuticals
Ltd. announced that Lundbeck had in-licensed the exclusive rights for
Circadin® for the treatment of primary insomnia for the majority of
markets in Europe, corresponding to about 80% of the European markets
in terms of value. Circadin® was approved by the European health
authorities on 29 June 2007, and Lundbeck expects to launch the
product in 15 markets during 2008.
USA
DKKm Q1 2008 Q1 2007 Growth in Growth at Q4 2007
DKK CER
Lexapro® 661 628 5% 7% 626
Other pharmaceuticals 0 4 n.m. n.m. 0
Total revenue, USA 661 631 5% 6% 626
Lundbeck's income from sales of Lexapro® in the USA was DKK 661
million in Q1 2008, compared with DKK 628 million in the same period
of last year, an increase of 5%. Lexapro® is currently the most
frequently prescribed antidepressant in the USA, and at the end of
February 2008 it held a market share of 22.9% of the number of
prescriptions in the USA (TRx).
Prepayments from Forest recorded in Lundbeck's balance sheet - the
difference between the invoiced price and the minimum price of
Forest's inventories - was DKK 835 million at 31 March 2008 compared
with DKK 918 million at 31 March 2007 and DKK 840 million at 31
December 2007. At 31 March 2008, inventories were on a level
corresponding to approximately 8 months of commercial supply.
Lundbeck hedges income from Lexapro® and other products using
currency hedging. As a result of Lundbeck's currency hedging policy,
foreign exchange losses and gains on hedging transactions are
allocated directly to the hedged transaction. The hedging of the
company's foreign exchange income means that this income is in
reality included in the financial statements at the forward rates.
The effect on the profit was DKK 17 million in Q1 2008 against DKK
-31 million in the year-earlier period compared to a situation where
the income is included at the current rates of exchange during the
period. Of the total effect, DKK 24 million compared with DKK -36
million in Q1 2007 stems from the hedging of USD. The gain from the
USD hedging is included in the income from sales of Lexapro®.
At 31 March 2008, forward exchange and option contracts had been
entered into to hedge foreign currency cash flows, primarily in USD,
equivalent to a value of approx. DKK 3.2 billion, most of which is
accounted for as hedging contracts. The average forward rates at 31
March 2008 for US dollars were USD/DKK 519. Deferred recognition of
net currency losses and gains amounted to DKK 212 million at 31 March
2008 against DKK 51 million at 31 March 2007 and DKK 93 million at 31
December 2007.
The average forward rate for the first three months of 2009 for US
dollars will be approximately USD/DKK 499, using the existing hedging
contracts. The corresponding forward rate for the first three months
of 2008 was approximately USD/DKK 548. For the 2008 financial year,
the average forward rate for US dollars is approximately USD/DKK 531.
International Markets
DKKm Q1 2008 Q1 2007 Growth in Growth at Q4
DKK CER 2007
Cipralex®/Lexapro® 393 317 24% 31% 311
Ebixa® 82 74 11% 17% 72
Azilect® 5 2 n.m. n.m. 4
Serdolect® 5 2 n.m. n.m. 2
Other pharmaceuticals 166 157 6% 11% 134
Total revenue, International
Markets 651 552 18% 24% 523
Revenue from International Markets rose by 18% relative to the
year-earlier period to DKK 651 million in Q1 2008. First-quarter
revenue in International Markets made up 22% of Lundbeck's combined
revenue in Q1.
Revenue in International Markets is driven primarily by sales of
Lundbeck's two best-selling pharmaceuticals Cipralex®/Lexapro® and
Ebixa®, which made up 73% of revenue in the region in Q1 2008.
Azilect® and Serdolect® have been launched in a few of the markets
in International Markets, and revenue is therefore at a relatively
low level.
In Q4 2007, Cipralex®/Lexapro® held a market share of 9.8% of the
aggregate market for antidepressants in terms of value in
International Markets, as compared with a market share of 8.2% in Q4
2006.
Ebixa®, Lundbeck's second-largest pharmaceutical, held 10.8% of the
total market for pharmaceuticals to treat Alzheimer's disease in
International Markets in Q4 2007. In the same period of 2006, the
market share was 11.3%.
Circadin® - in April 2008, Lundbeck signed an expanded agreement with
Neurim Pharmaceuticals Ltd. giving Lundbeck exclusive rights to
market Circadin® in Asia, Latin America and other major markets such
as Australia and Turkey. Lundbeck expects to market Circadin® in the
first markets outside of Europe in 2009.
Expenses
Lundbeck's total expenses, exclusive of net financials and tax, were
DKK 1,958 million in Q1 2008, which is 2% higher than in the
year-earlier period and 24% lower than in Q4 2007.
At DKK 476 million, cost of sales amounted to 16% of total revenue in
Q1 2008 compared with 19% in the year-earlier period. In nominal
terms, first-quarter cost of sales declined by 4% relative to the
same period of last year and rose 2% compared with Q4 2007 (exclusive
of non-recurring items).
Distribution costs amounted to DKK 567 million, a decrease of 2%
relative to the year-earlier period and a 14% decrease from Q4 2007.
Distribution costs are generally characterised by increased cost
control and improved efficiency in Lundbeck's sales organisation as
well as fluctuating quarter-on-quarter promotion costs.
Administrative expenses amounted to DKK 399 million, an increase of
6% compared with the year-earlier period and a 1% increase relative
to Q4 2007. The increase in administrative expenses was partly due to
expenses related to the operation and expansion of the Group's
information technology infrastructure.
First-quarter research and developments costs amounted to DKK 524
million, which was 11% higher than in the same period of last year
and 23% lower than in Q4 2007.
First-quarter research and development costs amounted to 18% of
revenue, which is on a level with Q1 2007. As previously announced,
Lundbeck expects that research and development costs will account for
more than 20% of total consolidated revenue for 2008.
Depreciation and amortisation charges, which are included in the
individual expense categories, totalled DKK 141 million in Q1 2008,
down from DKK 147 million in the same period of last year.
Depreciation/amortisation per Q1 2008 Q1 2007 Growth in Q4 2007
expense group, DKKm DKK
Cost of sales 59 71 -16% 453*
Distribution 4 4 0% 6
Administration 22 22 -1% 4
Research and development 55 50 11% 36
Total depreciation/amortisation, 141 147 -4% 499
Group
*Includes a DKK 381 million write-down of the Seal Sands facility in
the UK
The number of employees measured as full-time employees was 5,107 at
the end of Q1 2008 compared with 5,126 at the end of Q1 2007 and
5,097 at the end of Q4 2007.
Net financials
In Q1 2008, the Group's net financial expense totalled DKK 24 million
compared with a net income of DKK 48 million in the same period of
last year.
DKKm Q1 2008 Q1 2007 Q4 2007
Net items relating to trading 14 - -
Accounting translation of currency items (56) 21 (50)
Net currency items relating to financial (42) 21 (50)
items
Unrealised gains concerning other investments 1 24 (13)
excl. exchange rate adjustments
Net interest income/expenses 17 3 (5)
Net financials (24) 48 (68)
First-quarter foreign currency translation represented an expense of
DKK 56 million, and net income relating to trading amounted to DKK 14
million for a total expense of DKK 42 million in net currency items
included in net financials.
Net items relating to trading derives from income and expenses from
instruments that do not meet the criteria for hedging and they are
recognised directly under net financials at market value.
Movements in the accounting translation of currency items in Q1 2008
were primarily triggered by exchange rate translation of equity in
the company's subsidiaries in the USA and the United Kingdom.
Net interest income, including realised and unrealised gains and
losses on the bond portfolio, amounted to DKK 17 million in Q1 2008.
Tax
The income tax expense amounted to DKK 256 million in Q1 2008 against
DKK 224 million in the year-earlier period. The effective tax rate
was 29.0% as compared with 32.5% in Q1 2007. Lundbeck expects that
the tax rate for 2008 will be approximately 29%.
Net profit for the period
Profit from operations was DKK 924 million in Q1 2008 compared with
DKK 658 million in the same period of last year.
At DKK 883 million, profit before tax rose 28% from DKK 690 million
in the year-earlier period, while the net profit for the period after
tax was DKK 627 million, which was 35% higher than in Q1 2007.
Investments
Lundbeck's total net investments in Q1 2008, exclusive financial
investments, amounted to DKK 138 million, as compared with DKK 127
million in Q1 2007 and DKK 301 million in Q4 2007. First-quarter
investments included a payment to PAION AG in connection with an
expansion of the agreement concerning desmoteplase for the treatment
of stroke under which Lundbeck obtained global exclusive rights to
desmoteplase with full control of development and commercialisation
of the pharmaceutical.
Share buyback
In August 2005, Lundbeck launched a treasury share buyback programme
of up to DKK 6 billion. The share buyback programme is being
implemented in accordance with the provisions of the European
Commission's safe harbour regulation, which protects listed companies
against violation of insider legislation in connection with share
buybacks.
Once every seven trading days, Lundbeck will issue an announcement
concerning transactions made under the share buyback programme. At 31
March 2008, a total of 29,357,062 shares had been bought back,
corresponding to a transaction value of DKK 3,930,779,391 and an
average purchase price of DKK 133.8955, equal to about 66% of the
total programme. During the period 1 January - 31 March 2008, a total
of 3,547,362 shares were acquired as part of the share buyback
programme, corresponding to a transaction value of DKK 421,463,942
and an average purchase price of DKK 118.8105.
Cash flows
Lundbeck's operating activities generated a cash inflow of DKK 862
million in Q1 2008, compared with an inflow of DKK 382 million in the
year-earlier period and DKK 207 million in Q4 2007. The free cash
flow (cash flows from operating and investing activities) amounted to
DKK 1,067 million in Q1 2008 as compared with DKK 19 million in the
same period of last year. On the presentation of the annual report
for 2007, Lundbeck implemented a change of accounting policies as a
result of which investments in securities classified as short-term
assets are now included in the calculation of the free cash flow. In
Q1 2008, the change had a positive DKK 370 million impact on the free
cash flow, as compared with a negative impact of DKK 236 million in
Q1 2007.
Financing activities generated a cash outflow of DKK 411 million, as
compared to an outflow of DKK 106 million in the same period of last
year. In Q4 2007, cash flows from financing activities were affected
by share buybacks of DKK 407 million. In Q4 2007, financing
activities resulted in a cash flow of DKK 0 million.
Lundbeck's interest-bearing net cash (the Group's holding of cash and
cash equivalents less interest-bearing debt) was DKK 1,685 million at
31 March 2008 against DKK 1,012 million at 31 March 2007 and DKK
1,405 million at 31 December 2007. In addition to interest-bearing
net cash, Lundbeck has unutilised credit facilities of DKK 2.2
billion.
Unutilised credit facilities consist of drawing rights on the Group's
banks (overdraft facilities) and guaranteed committed loans.
Protection of patents and other intellectual property rights
A prerequisite for Lundbeck's continued substantial investments in
innovative pharmaceuticals is that intellectual property rights are
respected. Lundbeck believes that the Group's intellectual property
rights are valid and enforceable, and it is Lundbeck's policy to
defend its intellectual property rights energetically, wherever they
may be violated.
Lundbeck is involved in pending patent trials in the USA, the UK,
Australia, Canada, France, the Netherlands and Germany in respect of
the Group's intellectual property rights concerning escitalopram.
United Kingdom
After the end of the reporting period, on 10 April 2008 the English
Court of Appeals In the Supreme Court ruled that escitalopram is new
and innovative, and the court also found in favour of Lundbeck with
respect to the patent underlying escitalopram being valid. The court
of first instance had partially found against Lundbeck with reference
to specific English case law, which was overruled with this decision,
and the case law was revised.
Germany
In 2007, the German health authorities issued a marketing
authorisation for a generic version of escitalopram. This
authorisation was subsequently suspended.
At the same time, Lundbeck is involved in a pending lawsuit in
Germany concerning the intellectual property rights behind
escitalopram. The case has been appealed, and Lundbeck expects a
decision by the German appeals court within the next couple of years.
Australia
After the end of the reporting period, on 24 April 2008 a decision
was made in the first-instance lawsuit in Australia. The court was to
rule on whether the patent behind escitalopram is valid and also to
assess whether the five-year patent extension until 2014 is to be
sustained. The court ruled that the patent underlying escitalopram in
Australia is valid and therefore secured until 2009. However, the
judge decided not to sustain the patent extension. Lundbeck is
planning to appeal the latter part of the ruling.
Incentive programme in Lundbeck
At a board meeting held on 6 May 2008, the Supervisory Board of H.
Lundbeck A/S resolved, pursuant to the authorisation in article 4.4
of the company's articles of association, to issue warrants for up to
a nominal value of DKK 750,000, corresponding to 150,000 shares on
terms and conditions similar to those that apply for the issuing of
warrants on the background of the Supervisory Board's resolution
dated 22 April 2008 with respect to senior managers appointed by H.
Lundbeck A/S' Executive Management, as the members of the company's
Executive Management and the company's coming President and CEO are
not entitled to receive warrants. See release no 336 concerning the
Supervisory Board's decision of 22 April 2008.
The maximum value of the granted warrants on 6 May 2008 is calculated
using the Black & Scholes formula.
The market value per warrant at the time of the award on 6 May 2008
is calculated at approximately DKK 37.15 based on the Black & Scholes
formula on the following assumptions: an exercise price of 115.00, a
volatility of the Lundbeck share of 30.02%, a dividend payout ratio
of 2.11%, a risk-free interest rate of 4.24% and an average holding
period of approximately 68 months.
Moreover, on 6 May 2008 executives are granted a number of free
shares in H. Lundbeck A/S. As for the granted warrants, the free
shares are awarded on 6 May 2011, such awarding to the extent
possible being subject to continuing employment.
The value of the granted shares and warrants is recognised in the
income statement over the vesting period from 6 May 2008 until 6 May
2011.
Conference call
Today at 2.00 pm (CET), Lundbeck will be hosting a conference call
for the financial community. You can listen to the conference on the
Group's website www.lundbeck.com under the section "Investors -
Presentations - Teleconference".
Forward looking statements
This announcement contains forward-looking statements that provide
current expectations or forecasts of events such as new product
launches, product approvals and financial performance.
Forward-looking statements are subject to risks, uncertainties and
inaccurate assumptions. This may cause actual results to differ
materially from expectations. Factors that may affect future results
include interest rate and exchange rate fluctuations, delay or
failure of development projects, production problems, unexpected
contract breaches or terminations, government-mandated or
market-driven price decreases for Lundbeck's products, introduction
of competing products, Lundbeck's ability to successfully market both
new and existing products, exposure to product liability and other
lawsuits, changes in reimbursement rules and governmental laws and
related interpretation thereof and unexpected growth in costs and
expenses.
Management statement
The Supervisory Board and the Executive Management have discussed and
adopted the interim report for the period 1 January - 31 March 2008
of H. Lundbeck A/S.
The interim report is presented in accordance with IAS 34 "Interim
financial reporting" as adopted by the EU and additional Danish
disclosure requirements for interim reports of listed companies.
We consider the accounting policies to be appropriate. Accordingly,
the interim report gives a true and fair view of the Group's assets,
liabilities, and financial position at 31 March 2008 and of the
results of the Group's operations and cash flows for the three months
ended 31 March 2008.
In our opinion, the management's report gives a true and fair view of
developments in the activities and financial position of the Group,
the results for the period and of the Group's financial position in
general for the period 1 January - 31 March 2008.
Valby, 7 May 2008
Supervisory Board
Per Wold-Olsen Thorleif Krarup Egil Bodd
Chairman Deputy Chairman
Kim Rosenville Christensen Peter Kürstein Mats Pettersson
Jørn Mayntzhusen Birgit Bundgaard Jes Østergaard
Rosenmeier
Executive Management
Peter Høngaard Lars Bang Anders Götzsche
Andersen
Executive Vice Executive Vice Executive Vice President,
President President CFO
Anders Gersel Pedersen Stig Løkke Pedersen
Executive Vice Executive Vice
President President
Lundbeck contacts
Investors: Media:
Jacob Tolstrup Jens Harder Højbjerg
Director Media Relations Manager
+45 36 43 30 79 +45 36 43 28 33
Palle Holm Olesen
Head of Investor Relations
+45 36 43 24 26
Stock Exchange Release No 340 - 7 May 2008
H. Lundbeck A/S is an international pharmaceutical company engaged in
the research and development, production, marketing and sale of
pharmaceuticals for the treatment of psychiatric and neurological
disorders. In 2007, the company's revenue was DKK 11 billion
(approximately EUR 1.6 billion or USD 2.0 billion). The number of
employees is approx. 5,300 globally. For more information, please
visit www.lundbeck.com.
Interim report for the first quarter of 2008 - strong growth in sales and profits
| Source: H. Lundbeck A/S
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