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Published on 13 May 2009

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Strong performance by key products from Lundbeck

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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.”

Click on the link below for more key figures from Lundbeck:

Lundbeck



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