Lundbeck reports 13% revenue growth and a doubling of EBIT in first half of 2017

HIGHLIGHTS

• Revenue reached DKK 8,494 million in the first six months of 2017 representing an increase of 13% compared to the same period last year
  • Revenue of Abilify Maintena^® increased by 23% to DKK 659 million (24% in local currencies)
  • Revenue of Brintellix^®/Trintellix^® increased by 61% to DKK 778 million (60% in local currencies)
  • Revenue of Northera^® increased by 60% to DKK 716 million (59% in local currency)
  • Revenue of Onfi^® increased by 28% to DKK 1,448 million (27% in local currency)
  • Revenue of Rexulti^® increased by 85% to DKK 574 million (84% in local currencies)
  • Revenue in North America increased by 22% to DKK 5,115 million (21% in local currencies)
  • Revenue in International Markets increased by 8% to DKK 1,810 million (9% in local currencies)
  • Revenue in Europe decreased by 1% to DKK 1,433 million (1% decline in local currencies)
• EBIT improved significantly reaching DKK 2,061 million from DKK 952 million in the same period last year and the EBIT margin reached 24.3% compared to an EBIT margin of 12.7% the year before
• EPS grew 186% in the period to DKK 6.06 compared to DKK 2.12 in the same period last year
• The free cash flow reached DKK 700 million and the net cash position has improved to DKK 1,052 million compared to net debt of DKK 1,778 million at the end of the second quarter of 2016
• The US FDA has approved Abilify Maintena for the maintenance monotherapy of bipolar I disorder in adults, making it the first once-monthly, long-acting injectable treatment for this indication. Additionally, Azilect^® has been approved by the CFDA in China for Parkinson’s disease 
• Lundbeck now expects revenue to reach DKK 16.7-17.5 billion and profit from operations (EBIT) to reach DKK 4.1-4.5 billion for 2017 compared to previously DKK 16.5-17.3 billion and DKK 3.6-4.0 billion, respectively. The gain of around DKK 200 million from the divestiture of properties announced on 5 May 2017 is included in the revised financial guidance and will be recognized as Other operating income

In connection with the financial report, Lundbeck’s President and CEO, Kåre Schultz said:

“Lundbeck has shown very strong operational performance in the first half of the year and we are on track to deliver on our strategy and financial targets. I feel confident with our R&D pipeline and we are committed to continue to deliver innovative medicines to patients.”

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