Lundbeck achieved an exceptionally strong financial performance in Q2
2008 with revenue continuing to grow and climbing 12% on the
year-earlier period. Exclusive of a DKK 481 million writedown of the
value of the Flurizan® rights, profit from operations rose 22%
relative to the same period of last year. Lundbeck retains its
financial guidance for 2008, which now includes a reduction of
escitalopram inventories to Lundbeck's US partner Forest
Laboratories, Inc. during H2 2008.
Revenue, earnings and investments
* Revenue: DKK 2,938 million (+12% and +14% at CER)
* Profit from operations (EBIT) incl. one-off items: DKK 363
million (-48%)
* Profit from operations (EBIT) excl. one-off items: DKK 844
million (+22%)
* Investments: DKK 88 million (excl. in-licensing and
milestone payments)
Revenue by regions and products
* Europe: DKK 1,574 million (+15% and +17% at CER)
* International Markets: DKK 621 million (+13% and +21% at
CER)
* USA: DKK 692 million (+8% and +7% at CER)
* Cipralex®: DKK 1,234 million (+20% and +24% at CER)
* Lexapro®: DKK 692 million (+8% and +7% at CER)
* Ebixa®: DKK 467 million (+14% and +16% at CER)
* Azilect®: DKK 63 million (+58% and +60% at CER)
Comments on the financial statements
In connection with the interim report, Lundbeck's President and CEO
Ulf Wiinberg said:"We still have a healthy business with strong growth in revenue as
well as earnings driven by our products consistently winning market
shares. This demonstrates the value of having leading innovative
pharmaceuticals, and Lundbeck aims to consistently develop and market
pharmaceuticals to treat the many uncovered needs that patients with
disorders of the brain have to endure today."
Significant changes in Lundbeck's clinical pipeline
The phase III clinical programme for Lu AA21004 is proceeding as
planned and currently comprises six active trials focused on the
treatment of mood disorders.
As well as investigating Lu AA21004 in phase III clinical studies for
the treatment of major depressive disorder (MDD) in a programme
involving more than 2,000 patients, Lundbeck and Takeda have also
initiated phase III clinical trials with Lu AA21004 in generalised
anxiety. More than 2,000 patients are scheduled to be enrolled in the
development programme for generalised anxiety. The total clinical
phase III programme with Lu AA21004 is thus expected to enrol more
than 4,000 patients.
The development of Lu AA34893 for the treatment of bipolar disorder
in clinical phase II with 600 patients was initiated at the beginning
of 2008. In addition to the ongoing study in bipolar disorder, it has
been decided to initiate another phase II clinical trial of Lu
AA34893. The first of the 600 patients is thus expected to be
enrolled in a trial of Lu AA34893 in major depressive disorder (MDD)
shortly. The study will significantly strengthen the profile and
extend the potential of Lu AA34893.
In June, Lundbeck's partner Teva Pharmaceutical Industries Ltd.
announced the successful completion of ADAGIO, a phase III study
designed to demonstrate that Azilect® can slow down the progression
of Parkinson's disease. In the trial, Azilect® 1 mg met all three
primary endpoints as well as the secondary and additional endpoints
with statistical significance. The study also confirmed the safety
and tolerability of Azilect®. Lundbeck markets Azilect® in Europe and
in some countries outside Europe.
Also in June, Myriad Genetics, Inc. announced the outcome of a
clinical trial of Flurizan® (tarenflurbil) in 1,684 patients with
mild Alzheimer's disease. The clinical phase III data did not
correspond to the data observed in clinical phase II in patients with
mild Alzheimer's disease. Lundbeck and Myriad have subsequently
investigated the data further and have resolved to discontinue
development of the compound.
Financial forecast for 2008
Exclusive of the DKK 481 million writedown of the Flurizan® rights,
Lundbeck's financial guidance for 2008 is as follows:
2008
forecast
Revenue DKK 11 - 11.5bn
Profit from operations DKK 2.8 - 2.9bn
Investments 1) Approx. DKK 500m
1) Exclusive of in-licensing and milestone payments
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.
Excl. Incl.
non-recurring non-recurring
expenses expenses
DKKm Q2 Q2 Q2 Growth Growth Q1
2008 2008 2007 in DKK at CER 2008
Revenue 2,938 2,938 2,612 12% 14% 2,882
- Cipralex® 1,234 1,234 1,027 20% 24% 1,216
- Lexapro® 692 692 641 8% 7% 661
- Ebixa® 467 467 409 14% 16% 457
- Azilect® 63 63 40 58% 60% 54
- Serdolect® 14 14 6 121% 128% 12
- Other 416 416 432 -4% -- 428
pharmaceuticals
- Other 51 51 57 -10% -8% 54
revenue
Costs 2,094 2,575 1,920 34% 1,958
- Cost of 469 469 398 18% 476
sales
- 632 632 590 7% 567
Distribution
- 427 427 384 11% 399
Administration
- Research 566 1,047 549 91% 524
and development
- Other
operating 0 0 (2) -- (7)
expenses, net
Profit from
operations, 844 363 692 -48% 924
EBIT
Net financials (9) 5 -- (24)
Net profit for 240 498 -52% 627
the period
Earnings per
share, EPS 1.22 2.41 -49% 3.15
(DKK)
Free cash flow 168 586 -71% 1,067
Investments
(excl.
in-licensing 88 144 -39% 63
and milestone
payments)
Revenue in Q2 2008
The Group generated Q2 revenue of DKK 2,938 million, which was a 12%
increase on the same period of last year and a 2% increase relative
to Q1 2008. Adjusted for exchange rate fluctuations, Group revenue
rose by 14% relative to the year-earlier period.
Lundbeck Group revenue
DKKm Q2 Q2 Growth in DKK Growth at CER Q1
2008 2007 2008
Cipralex® 1,234 1,027 20% 24% 1,216
Lexapro® 692 641 8% 7% 661
Ebixa® 467 409 14% 16% 457
Azilect® 63 40 58% 60% 54
Serdolect® 14 6 121% 128% 12
Other pharmaceuticals 416 432 -4% -- 428
Other revenue 51 57 -10% -8% 54
Total revenue, Group 2,938 2,612 12% 14% 2,882
The Group's pharmaceuticals Cipralex®/Lexapro® and Ebixa® (for the
treatment of depression and Alzheimer's disease, respectively) and
Azilect® and Serdolect® (for the treatment of Parkinson's disease and
schizophrenia, respectively) continue to grow, and second-quarter
revenue from all the products rose by double-digit growth rates
relative to the year-earlier period.
Europe
DKKm Q2 Q2 Growth in DKK Growth at CER Q1
2008 2007 2008
Cipralex® 857 706 21% 23% 823
Ebixa® 387 334 16% 16% 375
Azilect® 58 37 55% 56% 50
Serdolect® 9 4 99% 93% 7
Other pharmaceuticals 264 281 -6% -5% 262
Total revenue, Europe 1,574 1,364 15% 17% 1,516
Cipralex® and Ebixa® are Lundbeck's best-selling pharmaceuticals in
Europe in terms of revenue and continue to make substantial
contributions to revenue in Europe, posting growth rates of 21% and
16%, respectively, relative to Q2 2007. At the same time, Azilect®,
Lundbeck's anti-Parkinson's product, continues to grow strongly with
revenue rising 55% during Q2 2008.
At the end of May 2008, Cipralex® represented 15.9% of total
antidepressants sales in Europe, as compared with a market share of
13.7% at the same time in 2007. Cipralex® is still the most widely
used branded antidepressant in Europe.
At the end of May 2008, Ebixa® commanded 15.8% of the European market
for pharmaceuticals to treat Alzheimer's disease, as compared with a
share of 15.1% 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.
At the end of May 2008, Azilect® held 5.4% of total European sales of
pharmaceuticals to treat Parkinson's disease. This market share
should be compared with a share of 4.0% at the same time in 2007.
Circadin® was approved by the European health authorities on 29 June
2007, and was launched on 13 May 2008 in Germany as the first market.
Since then, Circadin® has been rolled out in Bulgaria, France, Malta,
Portugal, the UK and the Czech Republic.
As Circadin® has only been sold in a few markets and during a short
period in Q2 2008, Circadin® revenue is recognised under "Other
pharmaceuticals" in this interim report. Once Circadin® has been
launched in additional markets, revenue will be disclosed separately
as for Lundbeck's other new pharmaceuticals.
USA
DKKm Q2 Q2 Growth in DKK Growth at CER Q1
2008 2007 2008
Lexapro® 692 641 8% 7% 661
Total revenue, USA 692 641 8% 7% 661
Lundbeck's income from sales of Lexapro® in the USA was DKK 692
million in Q2 2008, compared with DKK 641 million in the same period
of last year, an increase of 8%. Lexapro® is currently the most
frequently prescribed branded antidepressant in the USA, and at the
end of May 2008 it held a market share of 18.4% 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 889 million at 30 June 2008 compared
with DKK 935 million at 30 June 2007 and DKK 840 million at 31
December 2007. At 30 June 2008, inventories were on a level
corresponding to approximately eight months of commercial supply.
The patent for Lexapro® (escitalopram) in the USA will expire in
March 2012, at which time Lundbeck predicts intense generic
competition in the USA. Ahead of the patent expiry, Lundbeck expects
to reduce its escitalopram inventories at Forest. During H2 2008,
Lundbeck and Forest plan to reduce the inventory of escitalopram
(Lexapro®), and even though this will result in lower earnings from
Lexapro® for Lundbeck in 2008, Lundbeck retains its financial
guidance for 2008.
Lundbeck hedges revenue 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 31
million in Q2 2008 against DKK -48 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 28
million compared with DKK -47 million in Q2 2007 stems from the
hedging of USD. The gain from the USD hedging is included in the
income from sales of Lexapro®.
At 30 June 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 2.8 billion, most of which is
accounted for as hedging contracts. The average forward rates at 30
June 2008 for US dollars were USD/DKK 5.07.
Deferred recognition of net currency losses and gains amounted to DKK
116 million at 30 June 2008 against DKK 33 million at 30 June 2007
and DKK 212 million at 31 March 2008.
The average forward rate for the first six months of 2009 for US
dollars will be approximately USD/DKK 4.94, using the existing
hedging contracts. The corresponding forward rate for the first six
months of 2008 was approximately USD/DKK 5.44. For the 2008 financial
year, the average forward rate for US dollars is approximately
USD/DKK 5.29.
International Markets
DKKm Q2 Q2 Growth in Growth at Q1
2008 2007 DKK CER 2008
Cipralex®/Lexapro® 377 321 17% 25% 393
Ebixa® 81 74 9% 15% 82
Azilect® 5 3 97% 111% 5
Serdolect® 5 2 172% 209% 5
Other pharmaceuticals 152 150 1% 11% 166
Total revenue, International 621 550 13% 21% 651
Markets
Revenue from International Markets rose by 13% relative to the
year-earlier period to DKK 621 million in Q2 2008. Revenue in
International Markets made up 21% of Lundbeck's combined revenue in
Q2.
Revenue in International Markets is driven primarily by sales of
Lundbeck's two best-selling pharmaceuticals Cipralex®/Lexapro® and
Ebixa®, which made up 74% of revenue in the region in Q2 2008.
Azilect® and Serdolect® have been launched in few markets in
International Markets, and revenue is therefore at a relatively low
level.
In Q1 2008, Cipralex®/Lexapro® held a market share of 10.9% of the
aggregate market for antidepressants in terms of value in
International Markets, as compared with a market share of 9.4% in Q1
2007.
Ebixa®, Lundbeck's second-largest pharmaceutical, held 11.1% of the
total market I terms of value for pharmaceuticals to treat
Alzheimer's disease in International Markets in Q1 2008. In the same
period of 2007, the market share was 11.4%.
Expenses
Lundbeck's total expenses, exclusive of non-recurring expenses
relating to the writedown of Flurizan® rights and net financials and
tax, were DKK 2,094 million in Q2 2008, which is 9% higher than in
the same period of last year. Including the non-recurring cost of
writing down the Flurizan® rights, the Group's total expenses were
DKK 2,575 million.
At DKK 469 million, cost of sales amounted to 16% of total revenue in
Q2 2008. In nominal terms, second-quarter cost of sales was up 18%
relative to the same period of last year and fell 1% compared with Q1
2008. The increase relative to the year-earlier period is due to cost
of sales in Q2 2007 being positively affected by factors such as an
adjusted inventory value and recognised indirect production costs.
Distribution costs amounted to DKK 632 million, an increase of 7%
relative to the year-earlier period and a 12% increase on Q1 2008.
Distribution costs are generally characterised by intensified
marketing activities, which are typically conducted during Q2 and Q4.
Also, the launch of Circadin® triggered an increase in distribution
costs.
Administrative expenses amounted to DKK 427 million, an increase of
11% compared with the year-earlier period and a 7% increase on Q1
2008. The increase in administrative expenses relative to Q2 2007 was
due to factors such as costs relating to the collaboration with
Myriad Genetics, Inc., which has now been discontinued.
Exclusive of the non-recurring cost of writing down the Flurizan®
rights by DKK 481 million, second-quarter research and development
costs amounted to DKK 566 million, which was 3% higher than in the
same period of last year and 8% higher than in Q1 2008.
Exclusive of the writedown of the Flurizan® rights, research and
development costs amounted to 19% of revenue in Q2 2008. As
previously announced, Lundbeck expects that research and development
costs will account for more than 20% of total consolidated revenue
for 2008.
Depreciation, amortisation and impairment charges, which are included
in the individual expense categories, totalled DKK 613 million in Q2
2008, up from DKK 135 million in the same period of last year.
Exclusive of the writedown of the Flurizan® rights, depreciation and
amortisation amounted to DKK 132 million, which was 2% lower than in
the year-earlier period.
Depreciation/amortisation and Q2 2008 Q2 2007 Growth in Q1 2008
impairment per expense group, DKKm DKK
Cost of sales 51 56 -9% 59
Distribution 7 4 97% 4
Administration 16 22 -29% 22
Research and development 539 53 -- 55
Total depreciation/amortisation and 613 135 353% 141
impairment, Group
The number of employees measured as full-time employees was 5,131 at
the end of Q2 2008 compared with 5,159 at the end of Q2 2007 and
5,107 at the end of Q1 2008.
Net financials
In Q2 2008, the Group's net financial expense totalled DKK 9 million
compared with a net income of DKK 5 million in the same period of
last year.
Net financials, DKKm Q2 2008 Q2 2007 Q1 2008
Net items relating to trading 0 1 14
Accounting translation of currency items (1) 4 (56)
Net currency items relating to financial (1) 5 (42)
items
Unrealised gains concerning other investments 4 1 1
excl. exchange rate adjustments
Net interest income/expenses (12) (1) 17
Net financials (9) 5 (24)
Second-quarter foreign currency translation represented an expense of
DKK 1 million, while net items relating to trading represented a
small expense. This resulted in a total expense of DKK 1 million in
net currency items included in net financials. 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 items relating to trading derives from income and expenses from
financial instruments that do not meet the criteria for hedging, and
they are recognised directly under net financials at market value.
Net interest income/expenses, including realised and unrealised gains
and losses on the bond portfolio, amounted to an expense of DKK 12
million in Q2 2008, primarily due to an unrealised loss on the bond
portfolio.
Tax
The income tax expense amounted to DKK 98 million in Q2 2008 against
DKK 189 million in the year-earlier period. The effective tax rate
was 29.0% as compared with 27.5% in Q2 2007. Lundbeck expects that
the tax rate for 2008 will be approximately 29%.
Net profit for the period
Profit from operations was DKK 363 million in Q2 2008 compared with
DKK 692 million in the same period of last year.
At DKK 338 million, profit before tax fell 51% from DKK 687 million
in the year-earlier period, while the net profit for the period after
tax was DKK 240 million, which was 52% lower than in Q2 2007.
Investments
Lundbeck's total net investments exclusive of financial investments
and in-licensing and milestone payments amounted to DKK 88 million in
Q2 2008, as compared with DKK 144 million in Q2 2007 and DKK 63
million in Q1 2008. Including in-licensing and milestone payments
second-quarter investments totalled DKK 569 million, of which DKK 481
million relates to the acquisition of the European rights to
Flurizan®.
During Q2 2008, Lundbeck also made a DKK 112 million capital
contribution to LifeCycle Pharma A/S in connection with that
company's capital increase.
Share buyback
Lundbeck decided to terminate its share buyback programme at 21 May
2008, where a total of 30,319,784 shares had been bought back,
corresponding to a transaction value of DKK 4,047,608,042 (about 67%
of the total programme) and an average purchase price of DKK
133.4973.
Cash flows
Lundbeck's operating activities generated a cash inflow of DKK 831
million in Q2 2008, compared with an inflow of DKK 933 million in the
year-earlier period and DKK 862 million in Q1 2008. The free cash
flow (cash flows from operating and investing activities) amounted to
DKK 168 million in Q2 2008 as compared with DKK 586 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
Q2 2008, the change had a positive DKK 23 million impact on the free
cash flow, as compared with a negative impact of DKK 193 million in
Q2 2007.
Financing activities generated a cash outflow of DKK 633 million, as
compared to an outflow of DKK 589 million in the same period of last
year.
Lundbeck's interest-bearing net cash (the Group's holding of cash and
cash equivalents less interest-bearing debt) was DKK 1,198 million at
30 June 2008 against DKK 1,131 million at 30 June 2007 and DKK 1,685
million at 31 March 2008. In addition to interest-bearing net cash,
Lundbeck has unutilised credit facilities of DKK 2.6 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 Australia, Canada,
France, the Netherlands, the UK, Germany, the USA and Austria in
respect of the Group's intellectual property rights concerning
escitalopram.
Incentive programme in Lundbeck
Warrant scheme and share programme for Executive Management and key
employees (2008 plan)
In May 2008, Lundbeck established a warrant scheme for the Executive
Management and a number of key employees in Denmark and abroad. In
May and June 2008, 88 employees were granted a total of 539,544
warrants and 74,609 shares. The warrants and shares will vest at 6
May 2011 or at 2 June 2011 subject to the employee still being
employed with Lundbeck. For members of the Executive Management,
award of the warrants subscribed is subject to H. Lundbeck A/S'
ranking in a peer group of companies.
The warrants granted are recognised in the income statement for Q2
2008 at an expense corresponding to the market value at the time of
grant calculated according to the Black-Scholes formula for the
vesting period to date. The shares granted are recognised in the
income statement for Q2 2008 at an expense corresponding to the
market value at the time of grant for the vesting period to date.
Overall, the warrant scheme and the share programme are recognised at
an expense of approximately DKK 1 million for Q2 2008.
No expense has been recognised for the warrants that depend on the
Lundbeck share's ranking in the peer group, as the vesting conditions
were not met at 30 June 2008.
Incentive programme for executive in the USA
Lundbeck has appointed a new head of its research unit in New Jersey,
USA. Dr. Stevin Zorn took up the position on 28 July 2008 and was in
that connection included in the Group's incentive programme. It has
been decided that he will be awarded Lundbeck Stock Appreciation
Rights ("SARs") equal to options that can only be settled in cash.
The terms and conditions of the SARs reflect the terms and conditions
for the issuance of warrants based on the board resolution of 22
April 2008 in respect of executives appointed by the Company's
Executive Management. Pursuant to applicable disclosure obligations,
the programme is described below.
The cash amount on exercise of the SARs represents the difference
between the closing price of the Lundbeck share (all trades) at the
exercise date and a base price of DKK 115.82 multiplied by the number
of exercised SARs. However, the base price shall be the closing price
of the Lundbeck share (all trades) on 11 August 2008 provided that
such price is higher than DKK 115.82.
Moreover, on 11 August 2008 the executive in the USA is awarded the
right to receive a cash amount ('Lundbeck Restricted Cash Units',
'RCUs'), equal to the closing price of the Lundbeck share (all
trades) at the date of grant multiplied by the number of awarded
RCUs. As for the awarded SARs, the awarded RCUs are granted at 11
August 2011, such granting to the extent possible being subject to
continuing employment.
The market value of the awarded SARs and RCUs at the time of the
award on 11 August 2008 amount to a total of USD 37,500, equivalent
to approximately DKK 186,345, in that the value calculated in
accordance with the Black & Scholes formula is distributed between
SARs and RCUs on a 50/50 basis. The market value at the time of
award, totalling approximately DKK 186,345, is recognised in the
income statement over the vesting period from 11 August 2008 until 11
August 2011. No shares are included in the programmes.
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 - 30 June 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 the 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 30 June 2008 and of the
results of the Group's operations and cash flows for the six months
ended 30 June 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 and describes fairly significant risk and uncertainty factors
that may affect the Group.
Valby, 13 August 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
Ulf Wiinberg Peter Høngaard Lars Bang
Andersen
President and CEO Executive Vice Executive Vice
President President
Anders Götzsche Anders Gersel Stig Løkke Pedersen
Pedersen
Executive Vice President, Executive Vice Executive Vice
CFO 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
Release No 352 - 13 August 2008
About Lundbeck
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 second quarter of 2008 - continuing strong revenue growth
| Source: H. Lundbeck A/S
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