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CORRECTION: New product launches on track and revenue continues to show growth, excluding Lexapro (US)

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Excluding Lexapro® revenue in the US, H. Lundbeck A/S (Lundbeck) reports first quarter revenue of DKK 3,442 million, corresponding to an increase of 2%. Including revenue from Lexapro revenue was DKK 3,778 million. Operating profit before depreciation and amortisation (EBITDA) was DKK 1,123 million, corresponding to an EBITDA margin of 29.7%. Profit from operations (EBIT) was DKK 882 million, corresponding to an EBIT margin of 23.3%. Profits were affected by the increase in launch costs related to Lundbeck’s newer products, as well as the loss of revenue from Lexapro due to generic competition.

  • Revenue from Cipralex® continued to grow in most markets, but was affected by price reductions and generic competition during the quarter
     
  • Revenue from Xenazine® was DKK 281 million, an increase of 35% compared to Q1 2011
     
  • Revenue from International Markets increased 15% and revenue in the US, excluding Lexapro, increased 18% compared to Q1 2011
     
  • The launch of Lexapro in Japan is on track and Lexapro now holds a market share of 3.4%
     
  • OnfiTM was launched in the US during the quarter and initial feedback is positive
     
  • Cash flows from operations was DKK 278 million
     
  • Financial guidance for 2012 is maintained
     

Distribution of revenue

DKK million Q1 2012 Q1 2011 Growth Growth
in local
currency
Cipralex 1,471 1,537 (4%) (4%)
Lexapro (US) 336 741 (55%) (52%)
Ebixa 763 687 11% 12%
Azilect 276 278 (1%) 1%
Xenazine 281 208 35% 31%
Sabril 85 75 14% 10%
         
Europe 1,937 2,056 (6%) (5%)
USA 794 1,131 (30%) (29%)
International Markets 1,009 877 15% 15%
         
Total revenue 3,778 4,103 (8%) (8%)


In connection with the first quarter report, Lundbeck’s President and CEO Ulf Wiinberg said:
“We are off to a good start for the year and on track to meet our expectations. We are also on track with the diversification of our product portfolio, with the three recent launches of Lexapro in Japan, Sycrest and Onfi.  During the next 1½ years we will potentially launch four additional products.”

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