Lundbeck is well on track to deliver on guidance for 2013
Valby, Denmark, 1 May 2013 - H. Lundbeck A/S (Lundbeck) reports first quarter revenue of DKK 4,576 million corresponding to an increase of 21%. Profit from operations (EBIT) in the quarter increased 73% to DKK 1,526 million corresponding to an EBIT margin of 33%. The quarter is positively impacted by non-recurring items from milestones and divestiture of the mature US product-portfolio.
- The New Product category continues its solid performance, an increase of 36% compared to first quarter last year
- Lundbeck US has increased its revenue by 17% to DKK 535 million excluding Lexapro® as Xenazine®, Sabril® and Onfi®, continue to show solid growth, increasing 18%, 38% and 94% respectively
- Revenue from International Markets increased 17%, largely driven by markets such as Canada, Japan and China
- Selincro® has recently been launched in six European markets and Abilify MaintenaTM has been launched in the US
- First quarter is positively impacted by the expansion of the alliance with Otsuka Pharmaceutical Co., Ltd. A co-development and co-commercialization right for Lu AE58054 has initiated an upfront payment to Lundbeck of DKK 284 million. Lundbeck´s divestment of the US portfolio of non-core products resulted in a gain of DKK 454 million in the quarter
- Cash flows from operations was DKK 627 million compared to DKK 278 million in first quarter 2012
- The financial guidance for 2013 provided on 26 March 2013 is maintained as a consequence of the intensified generic competition on Ebixa and increased launch costs in the coming quarters
Distribution of revenue
| DKK million | Q1 2013 | Q1 2012 | Growth | Growth in local currency |
| New Products* | 633 | 465 | 36% | 39% |
| Cipralex® | 1,537 | 1,471 | 4% | 3% |
| Ebixa® | 789 | 763 | 3% | 2% |
| Azilect® | 358 | 276 | 30% | 27% |
| Xenazine® | 315 | 281 | 12% | 12% |
| Sabril® | 118 | 85 | 38% | 39% |
| Onfi® | 96 | 49 | 94% | 95% |
| Europe | 1,996 | 1,937 | 3% | 2% |
| USA excl. Lexapro | 535 | 458 | 17% | 17% |
| International Markets | 1,183 | 1,009 | 17% | 15% |
| Total revenue | 4,576 | 3,778 | 21% | 20% |
*New Products include Xenazine, Sabril, Sycrest, Lexapro (Japan), Onfi and Treanda
In connection with the first quarter report, Lundbeck´s President and CEO Ulf Wiinberg said:
“I am very pleased with Lundbeck’s performance in the quarter which brings us a long way in delivering on our expectations for the year, however there is also reason to be cautious as we will see increased generic pressure on Ebixa and increased launch costs throughout the year. Therefore, we are maintaining the guidance for the year. The positive pipeline progress has resulted in new product launches and with our most recent deal with Otsuka on Lu AE58054 we are on track to deliver on our long term goals”.