Full year report - 2013 was a very successful year for Lundbeck
Valby, Denmark, 6 February 2014 - H. Lundbeck A/S (Lundbeck) announces its financial results for 2013, which are in line with the revised expectations communicated in the third quarter. Revenue for 2013 was DKK 15,258 million, an increase of 3% compared with 2012. Growth was driven by Lundbeck’s New Products, which generated revenue of DKK 3,096 million. Revenue was impacted by the reduced Ebixa® revenue in Europe, following the anticipated generic erosion. Reported EBIT for 2013 was DKK 1,599 million. This corresponds to an EBIT margin of 10.5% for the year.
- Lundbeck achieved five product approvals in 2013, Brintellix® and Abilify Maintena® in the US and Europe and Selincro® in Europe
- Revenue from the US, excluding Lexapro, increased 22% and International Markets grew by 8% compared with 2012
- Revenue from New Products was DKK 3,096 million an increase of 45%, constituting 20% of revenue compared with 14% in 2012
- Net profit amounted to DKK 855 million. The Board of Directors proposes to pay a dividend of DKK 2.77 per share
- 2014 will be a year with an unusual number of variables which increases uncertainty. Financial guidance for 2014 is around DKK 13.5 billion in revenue and DKK 0.5-1.0 billion in EBIT
Distribution of revenue
| DKK million | Q4 2013 | Q4 2012 | Growth | Growth in local currency | FY 2013 | FY 2012 | Growth | Growth in local currency |
| New Products* | 904 | 582 | 55% | 66% | 3,096 | 2,141 | 45% | 51% |
| Cipralex® | 1,421 | 1,501 | (5%) | (1%) | 5,933 | 5,827 | 2% | 3% |
| Azilect® | 346 | 326 | 6% | 8% | 1,392 | 1,224 | 14% | 13% |
| Xenazine® | 387 | 322 | 20% | 26% | 1,420 | 1,197 | 19% | 22% |
| Sabril® | 134 | 78 | 72% | 80% | 530 | 376 | 41% | 45% |
| Onfi® | 206 | 80 | 156% | 168% | 573 | 255 | 125% | 132% |
| Europe | 1,552 | 1,960 | (21%) | (20%) | 7,064 | 7,734 | (9%) | (9%) |
| US (excl. Lexapro) | 753 | 556 | 36% | 42% | 2,571 | 2,099 | 22% | 26% |
| International Markets | 944 | 966 | (2%) | 7% | 4,075 | 3,768 | 8% | 12% |
| Total revenue | 3,587 | 3,845 | (7%) | (3%) | 15,258 | 14,802 | 3% | 4% |
*New Products include Xenazine, Sabril, Sycrest, Lexapro (Japan), Onfi, Treanda, Selincro, Abilify Maintena and Brintellix
In connection with the full year report, Lundbeck’s President and CEO Ulf Wiinberg said:
"2013 was a very successful year for Lundbeck in every sense. Our strategic products are still growing and we have had five key approvals. Both 2014 and 2015 will be heavy investment years with launch of products like Brintellix and Abilify Maintena all contributing to growth beyond 2015”.