Valby, Copenhagen, 2013-11-06 07:45 CET (GLOBE NEWSWIRE) --
Valby, Denmark, 6 November 2013 - H. Lundbeck A/S (Lundbeck) reports revenue of DKK 11,671 million for the first nine months of 2013, up by 7% versus 2012. Profit from operations (EBIT) grew by 7% to DKK 1,531 million during the first nine months, corresponding to an EBIT margin of 13%. In the third quarter Lundbeck recognised the remaining divestiture gain to Recordati of DKK 112 million and the provision related to the Fit-for-the-Future programme of DKK 200 million.
- Brintellix received FDA approval on 30 September
- The New Products category continues its solid performance with an increase of 41% for the first nine months of the year
- Revenue in the US increased by 18% to DKK 1,818 million excluding Lexapro® with especially Xenazine® and Onfi® continuing to show solid growth
- Selincro® has recently received reimbursement in the Netherlands and positive HTA assessment in Scotland, and the Netherlands represents the first commercial launch
- Abilify Maintena has received a positive CHMP opinion and recommendation for marketing authorisation in the European Union. In the US, the initial uptake is encouraging
- The transformation of the European commercial infrastructure (Project RECO) is now in place, and Lundbeck has initiated the further optimization of administrative processes (Project Fit for the Future). The EBIT margin remains stable even with substantial investments in new product launches, the late-stage pipeline, as well as restructuring charges
- For the full year 2013 Lundbeck now expects reported EBIT to be DKK 1.5-1.7 billion. The previous guidance was a reported EBIT of DKK 1.3-1.7 billion. The range for revenue is maintained at DKK 14.8-15.2 billion
Distribution of revenue
| DKK million | 9M 2013 | 9M 2012 | Growth |
Growth in local currency |
| New Products* | 2,192 | 1,560 | 41% | 46% |
| Cipralex® | 4,512 | 4,326 | 4% | 5% |
| Azilect® | 1,046 | 898 | 16% | 15% |
| Xenazine® | 1,033 | 875 | 18% | 20% |
| Sabril® | 396 | 298 | 33% | 35% |
| Onfi® | 367 | 175 | 111% | 116% |
| Europe | 5,512 | 5,774 | (5%) | (5%) |
| USA excl. Lexapro | 1,818 | 1,543 | 18% | 20% |
| International Markets | 3,131 | 2,802 | 12% | 14% |
| Total revenue | 11,671 | 10,957 | 7% | 7% |
*New Products include Xenazine, Sabril, Sycrest, Lexapro (Japan), Onfi, Treanda, Selincro and Abilify Maintena
In connection with the third quarter report, Lundbeck´s President and CEO Ulf Wiinberg said: “This has been yet another strong period for Lundbeck – from a financial, regulatory and clinical development perspective. With the most recent FDA approval of Brintellix we have achieved a solid platform for our ambition to provide long-term growth”.
