New Products up 40% and Q1 provides a solid base for the remainder of the year

HIGHLIGHTS

• New Products revenue reached DKK 887 million and has a 25% share of the total revenue 

• Brintellix^® has demonstrated a good volume uptake since the launch in January 2014. Feedback from physicians has been very positive and around 8,000 physicians have so far prescribed Brintellix to around 20,000 patients

• US revenue increased by 40% to DKK 744 million in local currency as Xenazine^®, Sabril^® and Onfi^® continue to show solid growth, increasing 20%, 37% and 83% respectively in local currency

• Revenue from International Markets increased 8% in local currency largely driven by markets such as Canada and Japan

• Abilify Maintena^® has been launched in the first European countries and market access processes are proceeding according to plan

• In 2014, Lundbeck is expected to announce important pipeline updates on late-stage projects like desmoteplase, brexpiprazole and Brintellix

• Lundbeck is implementing core earnings as an improved tool to measure our operational performance and in a quarter with considerable generic erosion and investments in product launches the core EBIT margin only showed a modest decline of 4 percentage points to 20%

• The financial guidance for 2014 provided on 6 February 2014 is maintained

In connection with the first quarter report, Lundbeck’s President and CEO Ulf Wiinberg said:
“In this quarter we have launched Brintellix in the US and even though it is early days, we are pleased with the launch of this product. 2014 is a heavy investment year for Lundbeck in order to position the company for long-term growth. This quarter provides a solid and important base for the remainder of the year, which will be heavily impacted by increased generic pressure, intensified launch costs and new development activities”.

  *For definition of the measures “Core Revenue”, “Core EBIT” and ”Core EPS”, see page 13 and reconciliation to reported, see page 20