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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
*New products include Xenazine, Sabril, Sycrest, Lexapro (Japan) and Onfi

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