Full year report 2012 - Lundbeck delivers on guidance and sales of New Products increase more than 70%
H. Lundbeck A/S (Lundbeck) announces its financial results for 2012, which are in line with expectations for the year, excluding restructuring charges. Revenue for 2012 was DKK 14,227 million, excluding Lexapro in the US, which is an increase of 6% compared with 2011. Growth was driven primarily by Lundbeck’s New Products*, which generated revenue of DKK 2,141 million, an increase of 71% compared with 2011. Profits were impacted by the loss of Lexapro® revenue in the US, due to patent expiration, and EBIT for 2012 was DKK 2,177 million, excluding restructuring costs. This corresponds to an EBIT margin of 14.7% for the year.
- Revenue from the US, excluding Lexapro, increased 29% and International Markets grew with 9% compared with 2011
- Revenue from New Products was DKK 2,141 million and increased 71%, constituting 14% of revenue compared with 8% in 2011
- Lexapro in Japan generated revenue of DKK 195 million and the positive market share momentum continued
- OnfiTM generated full year revenue of DKK 255 million
- Net profit amounted to DKK 1,107 million. The Board of Directors proposes to pay a dividend of DKK 2.00 per share, corresponding to a payout ratio of 35%
- For 2013, financial guidance is DKK 14.1-14.7 billion in revenue and 1.6-2.1 billion in EBIT as communicated on 19 December 2012
Distribution of revenue
| DKK million | Q4 2012 | Q4 2011 | Growth | Growth in local currency | FY 2012 | FY 2011 | Growth | Growth in local currency |
| New Products* | 582 | 374 | 55% | 49% | 2,141 | 1,253 | 71% | 59% |
| Cipralex | 1,501 | 1,433 | 5% | 3% | 5,827 | 5,957 | (2%) | (3%) |
| Ebixa | 677 | 650 | 4% | 4% | 2,803 | 2,751 | 2% | 2% |
| Azilect | 326 | 309 | 6% | 6% | 1,224 | 1,187 | 3% | 4% |
| Xenazine | 322 | 242 | 33% | 27% | 1,197 | 852 | 40% | 30% |
| Europe | 1,960 | 1,907 | 3% | 2% | 7,734 | 7,988 | (3%) | (3%) |
| USA (excl. Lexapro) | 556 | 418 | 33% | 27% | 2,099 | 1,627 | 29% | 20% |
| International Markets | 966 | 866 | 11% | 10% | 3,768 | 3,468 | 9% | 7% |
| Total revenue | 3,845 | 3,829 | 0% | (1%) | 14,802 | 16,007 | (8%) | (8%) |
*New Products include Xenazine, Sabril, Sycrest, Lexapro (Japan), Onfi and Treanda
In connection with the full year report, Lundbeck’s President and CEO Ulf Wiinberg said:
"2012 was an exciting year for Lundbeck. We have launched two new products, and our pipeline has shown a significant development. Going into 2013 we are planning to launch three additional new products – BrintellixTM, Abilify® once-monthly and SelincroTM.”