Sales of Cipralex® and Azilect® were up by 21% and 42%, respectively,
at constant exchange rates in Q3 2008, and Ebixa® sales rose by 12%
in Q3 2008 compared with the year-earlier period. Revenue growth was
driven by increases in the markets in Europe and in International
Markets, with both segments recording growth of 12% at constant
exchange rates in Q3 2008 relative to Q3 2007.
Lundbeck's underlying business posted third-quarter growth of 6% in
revenue and 10% in profit from operations. As announced in the
interim report for the second quarter of 2008, Lundbeck has resolved
to reduce its Lexapro® inventories in the USA in the second half of
2008, which has reduced the third-quarter profit by approximately DKK
100 million.
Revenue and earnings -
exclusive one-off items and adjustment of Lexapro® inventories
* Revenue: DKK 2,911 million (+6%)
* Profit from operations (EBIT): DKK 946 million (+10%)
Revenue, earnings and investments -
including one-off items and adjustment of Lexapro® inventories
* Revenue: DKK 2,810 million (-5% and -2% at CER)
* Profit from operations (EBIT): DKK 854 million (-21%)
* Investments: DKK 96 million (excl. in-licensing and
milestone payments)
Revenue by regions and products
* Europe: DKK 1,559 million (+11% and +12% at CER)
* International Markets: DKK 608 million (+7% and +12% at
CER)
* USA: DKK 602 million (-14% and -10% at CER)
* Cipralex®: DKK 1,228 million (+17% and +21% at CER)
* Lexapro®: DKK 602 million (-14% and -9% at CER)
* Ebixa®: DKK 480 million (+11% and +12% at CER)
* Azilect®: DKK 65 million (+40% and +42% at CER)
Comments on the financial statements
In connection with the interim report, Lundbeck's President and CEO
Ulf Wiinberg said:"Despite a general macro-economic slowdown Lundbeck shows solid
growth generated by our innovative pharmaceuticals in Q3. We retain
our full-year financial guidance for 2008 and expect an increase in
research and development investments in the remaining part of the
year."
Lundbeck's late-stage clinical development
Depression, anxiety and bipolar disorder (manic depression)
Lundbeck has three compounds in Phase II and Phase III clinical
development for the treatment of depression, anxiety and bipolar
disorder. This is one of the largest disease areas with a substantial
unmet medical need in spite of the many treatment options available
today. WHO expects that it will continue to be one of the three
largest disease areas for the next 20 years. If the development
programmes for the three projects targeting this disease area are
successfully completed, all three compounds could be approved and
marketed during the period 2011-2013.
Lu AA21004 is the most advanced compound in the development of a new
class of pharmaceutical candidates for the treatment of mood
disorders. The Phase III clinical programme currently covers more
than 10 active studies. Eight of these trials focus on the treatment
of depression, while three focus on the treatment of generalised
anxiety disorder. More than 4,000 patients are expected to be
recruited in the combined Phase III clinical programme.
The development of Lu AA24530 is progressing according to plan, and
the ongoing Phase II clinical trials are expected to be completed
during the first half of 2009.
Lu AA34893 is being investigated in Phase II clinical trials as
treatment of both bipolar disorder and depression. Patient
recruitment is progressing as planned, and the ongoing studies are
expected to be completed during 2009.
The three projects are developed with a view to covering the entire
differentiated range of mood disorders.
Schizophrenia
Lu 31-130 has demonstrated positive results in a completed Phase IIa
clinical tolerance trial in patients with schizophrenia. Lu 31-130
has a unique receptor binding profile and is expected to show
efficacy in both positive and negative symptoms combined with a low
risk of extrapyramidal side effects. In Q3 2008, Lundbeck also
initiated a Phase IIb clinical trial in which Lu 31-130 is compared
with olanzapine. Lundbeck expects to report results from this trial
in the second half of 2009.
Earlier this year, Lundbeck and Solvay Pharmaceuticals, B.V.
initiated two Phase III clinical trials with bifeprunox for
maintenance treatment of schizophrenia. Enrolment of patients for the
trials is progressing as planned. Each trial will enrol about 450
patients, who will be treated for 12 months. Results from the
clinical trials are expected in the second half of 2010.
Stroke - cerebral thrombosis
Before the end of 2008, Lundbeck expects to initiate a new Phase III
clinical programme with desmoteplase for the treatment of patients
suffering from stroke. After consultations with the US health
authorities (FDA), the programme will consist of two Phase III
placebo-controlled studies, each enrolling about 320 patients with
the aim of measuring efficacy of one dosage of desmoteplase
(90microgram/kg) administered in a window of between 3 and 9 hours
after the stroke occurred. About 80% of patients suffering from a
stroke are not ready for treatment until after more than 3 hours
after they were hit by the stroke. There is currently no approved
medical treatment to be initiated more than three hours after the
stroke occurred. The efficacy of desmoteplase will be assessed after
90 days.
Alcohol dependence
Also before the end of 2008, Lundbeck expects to initiate Phase III
clinical trials with nalmefene for the treatment of alcohol
dependence. For decades, treating alcohol dependence by way of
abstinence has proven ineffective for a large share of the
population, and nalmefene offers a potential new treatment that aims
to make the patients capable of controlling their intake of alcohol.
The programme will consist of three studies, in total involving 1,800
patients. The programme comprises two placebo-controlled trials to
evaluate the efficacy of 20mg nalmefene on excessive alcohol
consumption and on the overall alcohol intake per month in a
treatment cycle of 24 weeks as well as the improvement of various
functional and medical parameters. The programme will also involve a
52-week study focused on safety and tolerability.
Early clinical development
Lundbeck has resolved to discontinue the further development of the
compounds Lu AA47070 and Lu AA37096, both of which were in Phase I
clinical development; the former for the treatment of neurological
disorders and the latter for the treatment of mood and anxiety
disorders.
The Phase I results did not live up to Lundbeck's requirements as Lu
AA47070 did not have the intended pharmacological properties. The
Phase I clinical studies with Lu AA37096 show a less than optimum
balance between dosage and response, which means that the compound
will not be able to achieve the same potential as the three other
pharmaceutical candidates which are at a more advanced stage of
clinical development in the same indication.
Events since the latest interim report
Azilect®
In a clinical trial (ADAGIO), Azilect® proved able to slow
progression of Parkinson's disease. The positive results were
presented by Lundbeck's partner Teva Pharmaceutical Industries Ltd.
in August at the EFNS conference in Madrid. ADAGIO is a Phase III
trial to demonstrate that Azilect® can slow 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.
Serdolect®
In Q3 2008, Lundbeck announced that a New Drug Application on
Serdolect® for the treatment of schizophrenia had been submitted to
the US health authorities (FDA) and that the FDA had completed its
initial check for completeness and accepted the application. This is
the first time Lundbeck submits a pharmaceutical for approval in the
USA on its own. Lundbeck currently markets Serdolect® in Europe,
South and Central America, Asia and the Middle East, where more than
70,000 patients have been treated with the product. Serdolect® is an
effective treatment of schizophrenia that differs from other products
for example by involving fewer side effects such as drowsiness and
weight gain.
Financial forecast for 2008 retained
Exclusive of the DKK 481 million writedown of the Flurizan® rights
made in Q2 2008, Lundbeck's financial full-year 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 500 million
1) Exclusive of in-licensing and milestone payments
Lundbeck expects to invest more than 20% of its revenue in research
and development in 2008 and to achieve an EBIT margin of
approximately 25%.
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. one-off Incl. one-off
items items
DKKm Q3 Q3 Q3 Growth Growth Q2
2008 2007 2007 in DKK at CER 2008
Revenue 2,810 2,743 2,960 (5%) (2%) 2,938
- Cipralex® 1,228 1,046 1,046 17% 21% 1,234
- Lexapro® 602 699 699 (14%) (9%) 692
- Ebixa® 480 432 432 11% 12% 467
- Azilect® 65 46 46 40% 42% 63
- Serdolect® 15 10 10 43% 43% 14
- Other 379 444 444 (15%) (12%) 416
pharmaceuticals
- Other 40 65 282 (86%) (85%) 51
revenue
Costs 1,956 1,881 1,881 4% 2,575
- Cost of 432 457 457 (5%) 469
sales
- 571 584 584 (2%) 632
Distribution
- 386 358 358 8% 427
Administration
- Research 567 485 485 17% 1,047
and development
- Other
operating -1 -1 -1 - 0
expenses, net
Profit from
operations, 854 862 1,079 (21%) 363
EBIT
Net financials 45 -
(35) (9)
Net profit for 637 713 (11%) 240
the period
Earnings per
share, EPS 3.25 3.49 (7%) 1.22
(DKK)
Free cash flow 916 1,087 (16%) 168
Investments
(excl.
in-licensing 96 168 (43%) 88
and milestone
payments)
Revenue in Q3 2008
In Q3 2007, Lundbeck received an initial one-time payment from Takeda
Pharmaceutical Company Ltd. totalling DKK 217 million. Exclusive of
this payment, consolidated revenue rose by 2% in Q3 2008 relative to
the year-earlier period. Compared with Q2 2008, consolidated revenue
fell by 4% because of lower Lexapro® sales following Lundbeck's
decision to reduce its escitalopram inventories at Forest
Laboratories, Inc. during 2008.
Lundbeck Group revenue
DKKm Q3 2008 Q3 Growth Growth
2007 in DKK at CER Q2
2008
Cipralex® 1,228 1,046 17% 21% 1,234
Lexapro® 602 699 (14%) (9%) 692
Ebixa® 480 432 11% 12% 467
Azilect® 65 46 40% 42% 63
Serdolect® 15 10 43% 43% 14
Other pharmaceuticals 379 444 (15%) (12%) 416
Other revenue 40 282 (86%) (85%) 51
Total revenue, Group 2,810 2,960 (5%) (2%) 2,938
The Group's pharmaceuticals Cipralex® 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 third-quarter
revenue from all the products rose by double-digit growth rates
relative to the year-earlier period.
Europe
DKKm Q3 2008 Q3 Growth Growth Q2
2007 in DKK at CER 2008
Cipralex® 844 728 16% 18% 857
Ebixa® 399 357 12% 12% 387
Azilect® 59 43 38% 39% 58
Serdolect® 9 6 61% 56% 9
Other pharmaceuticals 248 274 (9%) (8%) 264
Total revenue, Europe 1,559 1,408 11% 12% 1,574
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 16% and
12%, respectively, relative to Q3 2007. At the same time, Azilect®,
Lundbeck's anti-Parkinson's product, continue to grow strongly with
revenue rising 38% during Q3 2008.
At the end of August 2008, Cipralex® represented 16.1% of total
antidepressants sales in Europe, as compared with a market share of
13.9% at the same time in 2007. Cipralex® is still the most widely
used branded antidepressant in Europe.
At the end of August 2008, Ebixa® commanded 15.9% of the European
market for pharmaceuticals to treat Alzheimer's disease, as compared
with a share of 15.5% 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 August 2008, Azilect® held 5.6% of total European sales
of pharmaceuticals to treat Parkinson's disease. This market share
should be compared with a share of 4.2% at the same time in 2007.
Circadin® for the treatment of primary insomnia is at the early
stages of the launch phase, and the product is expected to have been
rolled out in 13 countries by the end of 2008.
USA
DKKm Q3 Q3 Growth in DKK Growth at CER Q2
2008 2007 2008
Lexapro® 602 699 692
(14%) (9%)
Other - 2 - - -
pharmaceuticals
Total revenue, 602 701 (14%) (10%) 692
USA
Lundbeck's income from sales of Lexapro® in the USA was DKK 602
million in Q3 2008, compared with DKK 699 million in the same period
of last year, a decrease of 14%. Lundbeck has resolved to reduce its
escitalopram inventories at Forest Laboratories, Inc. during 2008,
which resulted in a reduction of Lexapro® sales in the USA of
approximately DKK 100 million in Q3 2008. Exclusive of the inventory
reduction, Lexapro® sales were on a level with third-quarter revenue
in 2007.
Lexapro® is currently the most frequently prescribed branded
antidepressant in the USA, and at the end of August 2008 it held a
market share of 17.9% 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 806 million at 30 September 2008
compared with DKK 942 million at 30 September 2007 and DKK 840
million at 31 December 2007. At 30 September 2008, inventories were
on a level corresponding to approximately seven 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 46 million in Q3 2008 against DKK 4
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 55 million compared with DKK 7
million in Q3 2007 stems from the hedging of USD. The gain from the
USD hedging is included in the income from sales of Lexapro®.
At 30 September 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 2.9 billion, most of which is
accounted for as hedging contracts. The average forward rates at 30
September 2008 for US dollars were USD/DKK 5.01.
Deferred recognition of net currency losses and gains amounted to a
loss of DKK 62 million at 30 September 2008 against a gain of DKK 80
million at 30 September 2007 and DKK 116 million at 30 June 2008.
The average forward rate for the first nine months of 2009 for US
dollars will be approximately USD/DKK 5.00, using the existing
hedging contracts. The corresponding forward rate for the first nine
months of 2008 was approximately USD/DKK 5.36. For the 2008 financial
year, the average forward rate for US dollars is approximately
USD/DKK 5.33.
International Markets
DKKm Q3 Q3 2007 Growth Growth Q2
2008 in DKK at CER 2008
Cipralex®/Lexapro® 384 318 21% 27% 377
Ebixa® 81 75 8% 13% 81
Azilect® 6 4 74% 79% 5
Serdolect® 6 5 22% 28% 5
Other pharmaceuticals 132 168 (22%) (17%) 152
Total revenue, 608 569 7% 12% 621
International Markets
Revenue from International Markets rose by 7% relative to the
year-earlier period to DKK 608 million in Q3 2008. Revenue in
International Markets made up 22% of Lundbeck's combined revenue in
Q3.
Revenue in International Markets is driven primarily by sales of
Lundbeck's two best-selling pharmaceuticals Cipralex®/Lexapro® and
Ebixa®, which made up 76% of revenue in the region in Q3 2008.
Azilect® and Serdolect® have been launched in few markets in
International Markets, and revenue is therefore at a relatively low
level.
In Q2 2008, Cipralex®/Lexapro® held a market share of 10.6% of the
aggregate market for antidepressants in terms of value in
International Markets, as compared with a market share of 9.6% in Q2
2007.
In Q3 2008, Cipralex® was added to the list of pharmaceuticals for
which public reimbursement is available in Ontario, Canada. This is
the first time that has happened for Cipralex® in Canada.
Ebixa®, Lundbeck's second-largest pharmaceutical, held 10.9% of the
total market in terms of value for pharmaceuticals to treat
Alzheimer's disease in International Markets in Q2 2008. In the same
period of 2007, the market share was 11.2%.
Expenses
Lundbeck's total expenses, exclusive of net financials and tax, were
DKK 1,956 million in Q3 2008, which is 4% higher than in the
year-earlier period and 7% lower than in Q2 2008 exclusive of
non-recurring expenses.
At DKK 432 million, cost of sales amounted to 16% of total revenue in
Q3 2008. In nominal terms, third-quarter cost of sales fell 5%
relative to the same period of last year and dropped 8% compared with
Q2 2008. The decrease relative to Q3 2007 is primarily due to lower
cost of goods sold due to a changed product mix in Lundbeck's revenue
and lower bulk deliveries to Forest.
Distribution costs amounted to DKK 571 million, a decrease of 2%
relative to the year-earlier period and a 10% decrease on Q2 2008.
Administrative expenses amounted to DKK 386 million, an increase of
8% compared with the year-earlier period and a 10% decrease compared
with Q2 2008.
Sales, general and administrative expenses (SG&A) amounted to 34% of
revenue in Q3 2008, against 32% in Q3 2007.
Third-quarter research and developments costs amounted to DKK 567
million, which was a 17% increase on the same period of last year and
on a level with research and development costs in Q2 2008 (excl.
non-recurring expenses). Research and development costs accounted for
20% of revenue in Q3 2008. As previously announced, Lundbeck still
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 129 million in Q3
2008, against DKK 135 million in the same period of last year.
Depreciation/amortisation and Q3 Q3
impairment per expense group, DKKm 2008 2007 Growth Q2
in 2008
DKK
Cost of sales 47 59 (21%) 51
Distribution 7 3 130% 7
Administration 16 20 (19%) 16
Research and development 58 53 11% 539*
Total depreciation/amortisation 129 135 (5%) 613
and impairment, Group
* Includes impairment of rights to Flurizan® in the amount of DKK 481
million.
The number of employees measured as full-time employees was 5,187 at
the end of Q3 2008 compared with 5,114 at the end of Q3 2007 and
5,131 at the end of Q2 2008.
Net financials
In Q3 2008, the Group's net financial income totalled DKK 45 million
compared with a net expense of DKK 35 million in the same period of
last year.
Net financials, DKKm Q3 2008 Q3 2007 Q2 2008
Net items relating to trading (27) 1 0
Accounting translation of 50 (51) (1)
currency items
Net currency items relating 23 (50) (1)
to financial items
Unrealised gains concerning
other investments excl. (7) 2 4
exchange rate adjustments
Net interest income/expenses 29 13 (12)
Net financials 45 (35) (9)
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.
Third-quarter foreign currency translation represented an income of
DKK 50 million, and net expenses relating to trading amounted to DKK
27 million for a total income of DKK 23 million in net currency items
included in net financials.
Movements in the accounting translation of currency items in Q3 2008
were primarily triggered by exchange rate translation of equity in
the company's subsidiary in the USA.
Net interest income/expenses, including realised and unrealised gains
and losses on the bond portfolio, amounted to an income of DKK 29
million in Q3 2008. The change relative to Q2 2008 was primarily due
to an unrealised gain on the bond portfolio.
Tax
The income tax expense amounted to DKK 260 million in Q3 2008 against
DKK 306 million in the year-earlier period. The effective tax rate
was 29.0% as compared with 30.0% in Q3 2007. Lundbeck expects that
the tax rate for 2008 will be approximately 29%.
Net profit for the period
Profit from operations was DKK 854 million in Q3 2008 compared with
DKK 1,079 million in the same period of last year.
At DKK 897 million, profit before tax fell 12% from DKK 1,019 million
in the year-earlier period, while the net profit for the period after
tax was DKK 637 million, which was 11% lower than in Q3 2007.
Investments
Lundbeck's total net investments exclusive of financial investments
and in-licensing and milestone payments amounted to DKK 96 million in
Q3 2008, as compared with DKK 168 million in Q3 2007 and DKK 88
million in Q2 2008. Including in-licensing and milestone payments,
third-quarter 2008 investments totalled DKK 96 million.
Cash flows
Lundbeck's operating activities generated a cash inflow of DKK 1,032
million in Q3 2008, compared with an inflow of DKK 1,183 million in
the year-earlier period and DKK 831 million in Q2 2008.
The free cash flow (cash flows from operating and investing
activities) amounted to DKK 916 million in Q3 2008 as compared with
DKK 1,087 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 Q3 2008, the change had a
negative impact of DKK 18 million on the free cash flow, as compared
with a positive impact of DKK 77 million in Q3 2007.
Financing activities generated a cash outflow of DKK 3 million, as
compared to an outflow of DKK 317 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 2,129 million at
30 September 2008 against DKK 1,916 million at 30 September 2007 and
DKK 1,198 million at 30 June 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, Belgium,
Canada, France, the Netherlands, the UK, Germany, USA and Austria in
respect of the Group's intellectual property rights concerning
escitalopram.
During Q3 2008, Lundbeck won a case before the German appeals court
Oberverwaltungsgericht für das Land Nordrhein-Westfalen, which upheld
the ruling from the court of first instance, which establishes that
the suspension of the marketing authorisation for generic
escitalopram in Germany cannot be repealed.
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".
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 September
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 applied to be appropriate.
Accordingly, the interim report gives a true and fair view of the
Group's assets, liabilities and financial position at 30 September
2008 and of the results of the Group's operations and cash flows for
the nine months ended 30 September 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, 12 November 2008
Supervisory Board
Per Wold-Olsen Thorleif Krarup Egil Bodd
Chairman Deputy Chairman
Kim Rosenville Peter Kürstein Mats Pettersson
Christensen
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 Executive Vice Executive Vice
President, 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
Stock Exchange Release No 356 - 12 November 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 1.5 billion or USD 2.0 billion). The number of
employees is approx. 5,300 globally. For more information, please
visit www.lundbeck.com.
Lundbeck increases its research and development investments and expects to meet its financial guidance for 2008
| Source: H. Lundbeck A/S
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