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Aug 14, 2019

Double-digit growth for all strategic brands and DKK 8.5 billion in revenue and DKK 2.3 billion in EBIT



HIGHLIGHTS

  • Revenue reached DKK 8,480 million in the first six months of 2019 representing a decline of 9% (8% in local currencies) compared to the same period last year. The decline was expected and a result of generic competition on Onfi® - excluding Onfi, revenue grew by 4%
    • Revenue of Abilify Maintena® increased 23% to DKK 951 million (20% in local currencies)
    • Revenue of Brintellix®/Trintellix® increased 30% to DKK 1,299 million (27% in local currencies)
    • Revenue of Northera® increased 19% to DKK 1,007 million (11% in local currency)
    • Revenue of Rexulti®/Rxulti® increased 37% to DKK 1,032 million (28% in local currencies)
    • Revenue in North America declined 14% to DKK 4,562 million (19% in local currencies)
    • Revenue in International Markets increased 4% to DKK 2,004 million (5% in local currencies)
    • Revenue in Europe increased 7% to DKK 1,631 million (7% in local currencies)
  • The strategic brands grew by 27% thereby reaching DKK 4,289 million or 51% of total revenue
  • Core EBIT reached DKK 2,729 million corresponding to a core EBIT margin of 32.2%
  • EBIT reached DKK 2,305 million in the period compared to DKK 3,006 million in 2018 and the EBIT margin reached 27.2%
  • EPS reached DKK 8.48 in the period compared to DKK 11.07 the year before and core EPS declined 24% to DKK 10.41
  • Lundbeck has closed the acquisition of Abide Therapeutics, Inc. Lundbeck is transitioning Abide’s laboratory in La Jolla, California, into a Lundbeck drug discovery hub named Lundbeck La Jolla Research Center
  • For 2019, Lundbeck maintains its revenue guidance of DKK 16.3–16.7 billion and EBIT guidance is maintained at DKK 4.2–4.6 billion. Core EBIT is expected to reach DKK 5.0–5.4 billion

In connection with the financial report, Lundbeck’s President and CEO Deborah Dunsire said:

“I am very pleased with the continued strong growth of our strategic brands in all regions. We continue to invest strongly behind these brands and expect continued growth in the future. Strengthening our pipeline is our main priority and we continue to execute on the various parts of our Expand and Invest to Grow strategy. We have completed the acquisition of Abide Therapeutics – creating Lundbeck La Jolla Research Center and we will leverage our combined scientific expertise to deliver innovative treatments to patients whose medical need is not adequately met.”

DKK million H1 2019 H1 2018 Growth
Reported Revenue 8,480 9,288 (9%)
Reported EBIT 2,305 3,006 (23%)
Reported EPS 8.48 11.07 (23%)
Reported EBIT margin 27.2% 32.4% -
       
Core Revenue* 8,480 9,288 (9%)
Core EBIT* 2,729 3,578 (24%)
Core EPS* 10.41 13.73 (24%)
Core EBIT margin* 32.2% 38.5% -

       *For definition of the measures “Core Revenue”, “Core EBIT” and “Core EPS”, see note 6 Core reporting

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