Lundbeck financial expectation on track

H. Lundbeck A/S (Lundbeck) reports first half revenue of DKK 6,829 million, excluding Lexapro® in the US, an increase of 1% compared to the first half of 2011. EBITDA and EBIT, excluding restructuring costs were DKK 1,742 million and DKK 1,264 million respectively, corresponding to an EBITDA margin of 24% and an EBIT margin of 17%. Profits were affected by the increase in launch costs associated with Lundbeck’s newer products, as well as the loss of revenue from Lexapro due to generic competition.

• New products* increased 65% and now constitutes 13% of revenue
• Revenue in the US, excluding Lexapro, increased 19% and revenue from International Markets increased 12% compared to the first half of 2011
• The launch of Lexapro in Japan is on track and Lexapro now holds a market share of 4%
• Filing of vortioxetine in Europe, Canada and the US in 2012 on track
• Complete Response Letter from the FDA regarding aripiprazole depot in the US received. No issues or concerns regarding the efficacy, safety, tolerability, or labelling were raised by FDA
• As part of the restructuring plan announced in June, Lundbeck will reduce the number of employees by up to 600 primarily in Europe in 2012. Consequently a provision of DKK 500 million is included in the results for the first half of 2012
• The range for the financial guidance for 2012 is maintained, excluding restructuring costs