Lundbeck realized 14% growth in revenue (local currencies) and 83% growth in EPS

HIGHLIGHTS

• Revenue reached DKK 9,288 million in the first six months of 2018 representing an increase of 9% (14% in local currencies) compared to the same period in 2017
  • Revenue of Abilify Maintena^® increased 16% to DKK 771 million (22% in local currencies)
  • Revenue of Brintellix^®/Trintellix^® increased 26% to DKK 999 million (36% in local currencies)
  • Revenue of Northera^® increased 16% to DKK 849 million (30% in local currency)
  • Revenue of Onfi^® increased 19% to DKK 1,762 million (34% in local currency)
  • Revenue of Rexulti^® increased 28% to DKK 752 million (44% in local currencies)
  • Revenue in North America increased 1% to DKK 5,287 million (14% in local currencies)
  • Revenue in International Markets increased 3% to DKK 1,920 million (11% in local currencies)
  • Revenue in Europe increased 6% to DKK 1,518 million (7% in local currencies)
• EBIT increased significantly and reached DKK 3,006 million compared to DKK 2,061 million in the first six months of 2017 and the EBIT margin reached 32.4% compared to 24.3% in 2017
• EPS grew 83% to DKK 11.07 in the period compared to DKK 6.05 the year before
• Free cash flow reached DKK 1,999 million representing an increase of 186%, and the net cash position improved to DKK 4,588 million compared to DKK 1,052 million for the same period last year
• Three projects have moved into phase I (Lu AF76432, Lu AF28996 and Lu AF82422) and foliglurax has entered the phase II pipeline in the first half of the year
• The financial guidance for 2018 is revised. Lundbeck now expects revenue to reach DKK 17.6-18.0 billion compared to previously DKK 17.2-18.0 billion. EBIT is now expected to reach DKK 4.9-5.2 billion compared to previously DKK 4.8-5.2 billion
• Dr. Deborah Dunsire appointed new President and CEO of Lundbeck. Deborah will take up her new position 1 September 2018
  
  In connection with the financial report, Lundbeck’s interim CEO and CFO, Anders Götzsche said:
  “I am really pleased with the performance. Lundbeck continues the solid financial performance and we are still on track to deliver the best ever results. We have furthermore moved new and innovative projects into clinical development. However, sales in the second half of 2018 will be somewhat lower than realized in the first half of the year as we expect increased generic erosion and destocking.”  

       *For definition of the measures “Core Revenue”, “Core EBIT” and “Core EPS”, see note 9 Core reporting