Valby, Copenhagen, 2013-06-07 14:28 CEST (GLOBE NEWSWIRE) -- Following the announcement 1 May 2013, Lundbeck today announces the total value of the 2013 long-term incentive programme for Executive Management and key employees
- The restricted shares are granted on terms and conditions consistent with the remuneration guidelines for the Executive Management of Lundbeck that were adopted at the company's Annual General Meeting held on 29 March 2012
Valby, Denmark, 7 June 2013 - H. Lundbeck A/S (Lundbeck) today announced that according to the revolving incentive program the Board of Directors resolved to grant the individual Executive Management members and a number of key employees 463,481 restricted shares in H. Lundbeck A/S.
All of the restricted shares will vest in 2016, 3 years after grant, subject to Lundbeck achieving its financial targets for vesting and subject to continuing employment with the Lundbeck Group for the period from the grant in 2013 until the restricted shares have vested in 2016. Key employees in the US subsidiaries will be granted Restricted Cash Units on terms and conditions similar to those that apply for the Restricted Share Unit program. The market value of the Restricted Share Units and the Restricted Cash Units are calculated using the Black-Scholes method and is based on a volatility of 25.61%, a dividend yield of 2.00% a risk free interest rate of 0.21%, a vesting period of 3 years and a share price of DKK 110.70. The total value of the program at the time of grant is DKK 48.3 million.
Financial guidance
The content of this release will have no influence on the Lundbeck Group's financial guidance for 2013, which was provided on 26 March 2013.
Lundbeck contacts
| Investors: | Media: |
| Palle Holm Olesen | Mads Kronborg |
| Chief Specialist, Head of Investor Relations | Media Relations Manager |
| PALO@lundbeck.com | MAVK@lundbeck.com |
| +45 36 43 24 26 | +45 36 43 28 51 |
| Jens Høyer | |
| Investor Relations Officer | |
| JSHR@lundbeck.com | |
| +45 36 43 33 86 | |
About Lundbeck
Lundbeck is a global pharmaceutical company highly committed to improving the quality of life of people living with brain diseases. For this purpose, Lundbeck is engaged in the entire value chain throughout research, development, production, marketing and sales of pharmaceuticals across the world. The company’s products are targeted at disorders such as depression and anxiety, psychotic disorders, epilepsy, Huntington’s, Alzheimer’s and Parkinson’s diseases. Lundbeck’s pipeline consists of several mid- to late- stage development programs.
Lundbeck employs more than 5,800 people worldwide, 2,000 of whom are based in Denmark. We have employees in 57 countries, and our products are registered in more than 100 countries. We have research centers in Denmark, China and the United States and production facilities in Italy, France, Mexico, China and Denmark. Lundbeck generated revenue of approximately DKK 15 billion in 2012. Lundbeck’s shares are listed on the stock exchange in Copenhagen under the symbol ”LUN”. Lundbeck has a sponsored Level 1 ADR programme listed in the US (OTC) under the symbol ”HLUYY”. For additional information, we encourage you to visit our corporate site www.lundbeck.com.
