First half report 2011 - The solid momentum continues. Expected full year results to be in the upper end of the guidance range
H. Lundbeck A/S (Lundbeck) reports second quarter revenue of DKK 4,100 million
growing 9% compared to the same period last year. In constant exchange rates
revenue for the quarter increased 13%. The growth was driven by increasing
revenue from all key products and geographic regions. Profit from operations was
DKK 1,102 million, increasing 18% and corresponding to an EBIT margin of 26.9%.
Operating profit before depreciation and amortisation (EBITDA) was DKK 1,250
million, increasing 4% and corresponding to an EBITDA margin of 30.5%.
* Continued growth for the key products Cipralex(®), Ebixa(®) and Azilect(®),
which grew 2%, 16% and 12% respectively.
* Revenue from Xenazine(®) was DKK 209 million and increased 42%.
* Revenue from Sabril(®) increased 113% to DKK 80 million.
* Net profit increased 21% to DKK 797 million, corresponding to earnings per
share of DKK 4.06.
* As part of the ongoing optimization programme Lundbeck will reduce head
count by 125-175 employees in R&D primarily in Denmark and the US. As a
consequence of the optimization process there will be a write off mainly on
buildings and IP of DKK 300-400 million.
* Lundbeck now anticipates revenue and EBITDA to be in the upper end of the
guidance ranges of DKK 15.3-15.8 billion and 4.3-4.6 billion respectively.
The EBIT and net profit guidance is maintained as the better performance
reflected in the revenue and EBITDA guidance will be offset by write-offs.
Distribution of revenue
| Growth|
| |
DKK million Q2 2011 Q2 2010|Growth at CER*|
-----------------------------+-------+--------------+
Cipralex(®) 1,531| 1,507| 2% 6%
| |
Lexapro(®) 715| 630| 13% 13%
| |
Ebixa(®) 707| 610| 16% 19%
| |
Azilect(®) 299| 267| 12% 14%
| |
Xenazine(®) 209| 147| 42% 59%
| |
Sabril(®) 80| 37| 113% 138%
| |
| |
| |
Europe 2,091| 1,982| 6% 6%
| |
USA 1,123| 950| 18% 24%
| |
International Markets 824| 780| 6% 17%
| |
| |
| |
Total revenue | |
4,100| 3,767| 9% 13%
* Constant exchange rates
In connection with the second quarter report, Lundbeck's President and CEO Ulf
Wiinberg said:
"Again our key products deliver solid growth and during the quarter we received
positive and encouraging data from the phase III trials with nalmefene. We
continue to invest in product and geographical diversification in order to
deliver on our growth opportunities. At the same time we maintain our
optimization programme and as a consequence we plan to reduce staff in R&D
particularly in Denmark and the US. This is something we very much regret, but
it is necessary in order to strengthen our long term growth prospects."
LUNDBECK CONTACTS
Investors: Media:
Palle Holm Olesen Mads Kronborg
Chief Specialist, Investor Relations Media Relations Manager
palo@lundbeck.com mavk@lundbeck.com
+45 36 43 24 26 +45 36 43 28 51
Magnus Thorstholm Jensen Simon Mehl Augustesen
Investor Relations Officer International Media Specialist
matj@lundbeck.com smeh@lundbeck.com
+45 36 43 38 16 +45 36 43 49 80
Jacob Tolstrup
Vice President
jtl@lundbeck.com
+1 847 282 5713
[HUG#1537241]
