New Products up 48%, Lundbeck raises expectations for 2013
Valby, Denmark, 7 August 2013 - H. Lundbeck A/S (Lundbeck) reports first half revenue of DKK 8,112 million corresponding to an increase of 11% compared to the same period last year. Revenue grew by 12%, after adjustment for Lexapro and gains from divestiture. Profit from operations (EBIT) for the first half was DKK 1,191 million excluding one-offs, corresponding to an EBIT margin of 16%. Reported EBIT grew 33% to DKK 1,020 million.
- New Products is further strengthened by the launches of Abilify Maintena and Selincro and continues to deliver strong growth of 48% in the period and is now constituting 17% of revenue
- Several of Lundbeck’s legacy products exceeded expectations. Cipralex grew 4% in the first half of the year driven by Canada and Japan. Azilect continued the excellent growth trend from the previous quarters and grew 22%
- International Markets and the US excl. Lexapro showed strong growth and revenue increased with 14% and 23% respectively
- Abilify Maintena was launched in April in the US and Selincro has now been launched in 12 European countries. The initial feedback is encouraging for both products
- New data on Brintellix has recently been presented at medical conferences like EPA, APA and NCDEU which supports and strengthens the clinical profile of the product
- One-offs impacted the quarter negatively with approximately DKK 900 million due to the decision from the European Commission to fine Lundbeck approximately DKK 700 million and the impairment of the Sycrest® product rights of DKK 210 million
- The operating performance is exceeding expectations. For the full year 2013 Lundbeck now expects reported revenue to be DKK 14.6-15.0 billion and reported EBIT to be DKK 1.3-1.7 billion. The previous guidance was a reported revenue of DKK 14.4-15.0 billion and a reported EBIT of DKK 1.2-1.7 billion
Distribution of revenue
| DKK million | H1 2013 | H1 2012 | Growth | Growth in local currency |
| New Products* | 1,402 | 947 | 48% | 50% |
| Cipralex® | 3,048 | 2,927 | 4% | 4% |
| Azilect® | 697 | 570 | 22% | 21% |
| Xenazine® | 687 | 558 | 23% | 23% |
| Sabril® | 265 | 175 | 51% | 51% |
| Onfi® | 210 | 104 | 103% | 103% |
| Europe | 3,813 | 3,883 | (2%) | (2%) |
| USA (excl. Lexapro) | 1,165 | 950 | 23% | 23% |
| International Markets | 2,165 | 1,900 | 14% | 15% |
| Total revenue | 8,112 | 7,340 | 11% | 10% |
*New Products include Xenazine, Sabril, Sycrest, Lexapro (Japan), Onfi, Treanda, Selincro and Abilify Maintena
In connection with the first half report, Lundbeck´s President and CEO Ulf Wiinberg said:
“I am very pleased with Lundbeck’s overall results in the first half and especially that our performance from new products continues to show a solid growth which raises our expectations for the full year result and confirms our strategy for Lundbeck in the long term is well on track”.