Third quarter report 2011 - The positive momentum continues
H. Lundbeck A/S (Lundbeck) reports third quarter revenue of DKK 3,975 million, an increase of 10% compared to the same quarter last year. The growth was driven by increasing revenue from key products and a milestone payment related to the launch of escitalopram in Japan. Operating profit before depreciation and amortisation (EBITDA) was DKK 1,260 million, an increase of 12% corresponding to an EBITDA margin of 31.7%. As earlier communicated, write offs of DKK 341 million related to restructuring in R&D have been included for the quarter, and as a result profit from operations (EBIT) decreased 22% to DKK 660 million for the quarter.
- Continued growth for the key products Cipralex®, Ebixa® and Azilect®, which grew 5%, 18% and 20% respectively, compared to the same quarter last year.
- Revenue from Xenazine® in the US was DKK 191 million, an increased of 20% compared to third quarter last year.
- Revenue from Sabril® was DKK 77 million and increased 47% compared to the third quarter last year.
- Revenue from International Markets was DKK 901 million and increased 20% compared to the third quarter last year.
- OnfiTM was approved in October and is expected to be launched in January 2012.
- Financial guidance for the full year is unchanged compared to the previous quarter.
Distribution of revenue
| Growth | ||||
| DKK million | Q3 2011 | Q3 2010 | Growth | at CER* |
| Cipralex® | 1,456 | 1,391 | 5% | 2% |
| Lexapro® | 498 | 566 | (12%) | (21%) |
| Ebixa® | 707 | 597 | 18% | 16% |
| Azilect® | 301 | 250 | 20% | 22% |
| Xenazine® | 193 | 172 | 12% | 25% |
| Sabril® | 77 | 52 | 47% | 61% |
| Europe | 1,934 | 1,910 | 1% | 1% |
| USA | 909 | 901 | 1% | (1%) |
| International Markets | 901 | 749 | 20% | 15% |
| Total revenue | 3,975 | 3,619 | 10% | 8% |
* Constant exchange rates
In connection with the third quarter report, Lundbeck’s President and CEO Ulf Wiinberg said:
“We are very pleased with yet another strong quarter, as our marketed products continue to deliver solid results. We are now entering a new era with many new product launches. With the launch of Lexapro® in Japan, the continued roll out of Sycrest® and the forthcoming launch of OnfiTM in the US, we have expanded on our product diversification and strengthened our long term growth prospects substantially.”