teaser
H Lundbeck reports highest ever quarterly revenue of DKK 3,226 million, a growth of 15% in constant exchange rates, driven by strong growth in Cipralex, Ebixa and Azilect.
The divestment of LifeCycle Pharma contributes DKK 124 million to first quarter revenue.
- In mid-March Lundbeck acquired Ovation Pharmaceuticals, Inc. The first new product from this acquisition – ATryn – was launched in May.
- Research & Development costs were DKK 717 million in the period, up 37% compared with Q1 2008, driven by increased investment in the late-stage pipeline. R&D costs now correspond to 22% of total revenue.
- Profit from operations (EBIT) was DKK 947 million, corresponding to an EBIT margin of 29%. Operating profit before depreciation and amortisation (EBITDA) was DKK 1,079 million.
Distribution of revenue Q1 2009 Q1 2008 Growth
DKKm DKKm Growth at CER
Cipralex 1,363 1,216 12% 16%
Lexapro 626 661 (5%) (1%)
Ebixa 526 457 15% 17%
Azilect 78 54 43% 49%
Europe 1,675 1,516 10% 12%
USA 687 661 4% 7%
International Markets 708 651 9% 13%
Total revenue 3,226 2,882 12% 15%
In mid-March 2009 Lundbeck acquired Ovation Pharmaceuticals, Inc (now Lundbeck Inc). Lundbeck Inc generated revenue of approx DKK 396 million in the first quarter of 2009, of which DKK 61 million were recognised as Lundbeck revenue. The newly acquired company is expected to deliver more than 25% top-line growth on a stand alone basis in 2009.
Including Lundbeck Inc, Lundbeck expects revenue of DKK 13.1-13.6 billion and an EBITDA of DKK 3.5-3.7 billion. Previously Lundbeck’s guidance on EBIT for 2009 excluding Lundbeck Inc was DKK 3-3.2 billion. Including one-off expenses of approx DKK 183 million due to acquisition accounting Lundbeck now expects EBIT including Lundbeck Inc. of DKK 2.8-3.0 billion. The expense of approx DKK 183 million will have no impact on cash flow.
In connection with the interim report, Lundbeck’s President and CEO Ulf Wiinberg said: “In the first quarter we delivered on the strategic intent of establishing ourselves in the biggest pharmaceutical market in the world by acquiring US based Ovation. We are also pleased with the revenue performance delivering double digit growth in the quarter, where significant growth for our key products and principal markets has been maintained.”
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