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Full year report 2011 - Lundbeck meets expectations and improves long term growth prospects

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H. Lundbeck A/S (Lundbeck) announces its 2011 results, which fulfil all financial expectations and exceed expectations for revenue. Revenue for 2011 was DKK 16,007 million, an increase of 8% compared to 2010, driven by a positive development in all regions. EBITDA was DKK 4,628 million corresponding to an increase of 5% and an EBITDA margin of 28.9%. EBIT was DKK 3,393 million, an increase of 1% and corresponding to an EBIT margin of 21.2% for the year.

  • Continued growth for the key products Cipralex®, Ebixa® and Azilect®, which grew 3%, 14% and 15% respectively, compared to last year
     
  • Revenue from Xenazine® and Sabril® in the US increased 42% and 73% respectively compared to 2010
     
  • Revenue in International Markets increased 17% and now corresponds to 22% of total revenue
     
  • Net profit amounted to DKK 2,282 million and the Board of Directors proposes to pay a dividend of DKK 3.49 per share, corresponding to a payout ratio of 30%
     
  • Long-term growth prospects improved during 2011 as a result of new important partnership deals with Otsuka and Cephalon, the approval and launch of OnfiTM and Lexapro® in Japan and the launch of Sycrest®
     
  • Lundbeck expects revenue of DKK 14.5-15.2 billion, EBITDA of DKK 3.0-3.5 billion and EBIT of 2.0-2.5 billion for 2012
     

Distribution of revenue

DKK million FY 2011 FY 2010 Growth Growth
in local
currency
Cipralex® 5,957 5,808 3% 2%
Lexapro® 2,535 2,443 4% 2%
Ebixa® 2,751 2,403 14% 14%
Azilect® 1,187 1,028 15% 17%
Xenazine® 852 610 40% 47%
Sabril® 309 179 73% 82%
         
Europe 7,988 7,815 2% 2%
USA 4,162 3,722 12% 13%
International Markets 3,468 2,970 17% 17%
         
Total revenue 16,007 14,765 8% 9%



In connection with the full year report, Lundbeck’s President and CEO Ulf Wiinberg said:

"2011 was an excellent year for Lundbeck, with our revenue and earnings higher than ever.  We improved our long term outlook with solid progress in our late-stage pipeline and several important partnerships, including the deal with Otsuka, which has transformational potential.”

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