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May 12, 2020

Strong momentum across all strategic brands with 35% growth in Q1 2020, financial guidance maintained



HIGHLIGHTS

  • Revenue reached DKK 4,564 million in the first quarter of 2020 representing a growth of 8% (7% in local currencies) compared to 2019. Excluding sales from Onfi®, total revenue grew by 13%
    • Revenue of Abilify Maintena® increased 33% to DKK 612 million (30% in local currencies)
    • Revenue of Brintellix®/Trintellix® increased 36% to DKK 817 million (34% in local currencies)
    • Revenue of Northera® increased 24% to DKK 538 million (20% in local currency)
    • Revenue of Rexulti®/Rxulti® increased 48% to DKK 713 million (43% in local currencies)
    • Revenue in North America increased 10% to DKK 2,385 million (6% in local currencies)
    • Revenue in International Markets increased 16% to DKK 1,232 million (17% in local currencies)
    • Revenue in Europe increased 9% to DKK 896 million (9% in local currencies)
  • The four strategic brands grew by 35%, reaching DKK 2,680 million or 59% of total revenue
  • Both revenue and earnings are positively impacted by increases in demand and increased stocking related to the ongoing COVID-19 pandemic. The magnitude is, however, difficult to quantify based on current data
  • Core EBIT reached DKK 1,357 million corresponding to a core EBIT margin of 29.7%
  • Reported EBIT reached DKK 338 million and the EBIT margin reached 7.4% following the impairment of foliglurax product rights in the quarter
  • Core EPS reached DKK 4.89 and reported EPS reached DKK 0.76
  • On 6 April 2020, Vyepti™ was made available in the U.S. and the first patients have been treated. Responding to challenges posed by COVID-19, Lundbeck has adjusted its launch activities to deliver content virtually and digitally, so patients and their healthcare providers are informed about this new treatment option
  • In the quarter, the AMBLED phase IIa study of foliglurax in Parkinson’s disease did not show a statistically significant reduction in OFF time (primary endpoint) nor an improvement of dyskinesia (secondary endpoint). Consequently, further development of foliglurax is being terminated
  • The financial guidance for 2020 is maintained based on the current assessment of the COVID-19 impact. Lundbeck still expects revenue to reach DKK 17.4 – 18.0 billion, core EBIT to reach DKK 3.5 – 4.0 billion and EBIT to reach DKK 1.4 – 1.9 billion for 2020

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

“I am pleased with the strong performance of our brands in this quarter. Demand has been strong, but we also recognize that we have benefitted from patients gaining longer refill prescriptions as well as some stocking of products in many countries in response to the COVID-19 pandemic. These unprecedented times reduce our ability to forecast how these trends will evolve during the year. We are grateful that we have been able to continue to produce our medicines throughout these first months to meet rising needs of patients facing mental health challenges, exacerbated by the pandemic.”

DKK million Q1 2020 Q1 2019 Growth
Core Revenue* 4,564 4,234 8%
Core EBIT* 1,357 1,410 (4%)
Core EPS* 4.89 5.48 (11%)
Core EBIT margin* 29.7% 33.3% -
Reported Revenue 4,564 4,234 8%
Reported EBIT 338 1,200 (72%)
Reported EPS 0.76 4.52 (83%)
Reported EBIT margin 7.4% 28.3% -

       *For definition of the measures “Core Revenue”, “Core EBIT” and “Core EPS”, see note 5 Core reporting

H. Lundbeck A/S

Ottiliavej 9, 2500 Valby, Denmark

+45 3630 1311

info@lundbeck.com

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