Lundbeck delivers strong growth
H. Lundbeck A/S (Lundbeck) reports first quarter revenue of DKK 3,849 million growing 15% in constant exchange rates compared to the first quarter results of 2009. Profit from operations was DKK 1,254 million, an increase of 32% compared to the same period last year. The EBIT margin for the quarter increased to 32.6% up from 28.6% in 2009.
- Cipralex® revenue was DKK 1,454 million, an increase of 5% compared to last year. Cipralex® revenue in Europe was up 10% for the quarter.
- Ebixa® and Azilect® continue to show solid growth, increasing 17% and 46% respectively.
- US sales were DKK 1,044 million, an increase of 53%. Lexapro® revenue increased 9%.
- Sabril® revenue for the quarter was DKK 34 million.
- Operating profit before depreciation and amortisation (EBITDA) was DKK 1,478 million corresponding to an EBITDA margin of 38.4% compared to an EBITDA margin of 32.6% in the first quarter of 2009.
- Financial guidance for the full year is maintained. Lundbeck expects revenue of DKK 14.3-14.8 billion, EBITDA of DKK 3.9-4.3 billion and EBIT of DKK 3.0-3.4 billion for 2010.
In connection with the first quarter report, Lundbeck's President and CEO Ulf Wiinberg said: "The first quarter of 2010 has been very strong for Lundbeck, and revenue and profits continue to show firm growth. All key products are delivering good results and Cipralex® continues to show solid growth across Europe and in most of our International Markets. With the results for the quarter we are off to a good start to deliver on our financial guidance."
H. Lundbeck A/S (LUN.CO, LUN DC, HLUKY) is an international pharmaceutical company highly committed to improving the quality of life for people suffering from central nervous system (CNS) disorders. For this purpose, Lundbeck is engaged in the research, development, production, marketing and sale of pharmaceuticals across the world. The company's products are targeted at disorders such as depression and anxiety, schizophrenia, insomnia, Huntington's, Alzheimer's and Parkinson's diseases.
Lundbeck was founded in 1915 by Hans Lundbeck in Copenhagen, Denmark. Today Lundbeck employs approximately 5,900 people worldwide. Lundbeck is one of the world's leading pharmaceutical companies working with CNS disorders. In 2009, the company's revenue was DKK 13.7 billion (approximately EUR 1.8 billion or USD 2.6 billion). For more information, please visit www.lundbeck.com.