H. Lundbeck A/SH. Lundbeck A/S (Lundbeck) reports second quarter revenue of DKK 3,767 million. An increase of 7% compared to the second quarter results of 2009. Profit from operations was DKK 936 million, an increase of 30% compared to the same period last year. The EBIT margin for the quarter increased to 24.8% up from 20.4% in 2009.
  • Cipralex®, Ebixa® and Azilect® continue to show solid growth, increasing 5%, 9% and 42% respectively at constant exchange rates.
  • Xenazine® revenue was DKK 147 million, increasing 70% at constant exchange rates. Sabril® revenue for the quarter was DKK 37 million.
  • Operating profit before depreciation and amortisation (EBITDA) was DKK 1,206 million corresponding to an EBITDA margin of 32.0% compared to an EBITDA margin of 24.7% in the second quarter of 2009.
  • For the first half of 2010 revenue was DKK 7,616 million and EBIT was DKK 2,190 million.
  • Financial guidance for the full year is maintained. Lundbeck expects revenue of DKK 14.3-14.8 billion, an EBITDA of DKK 3.9-4.3 billion and EBIT of DKK 3.0-3.4 billion for 2010.
  • Lundbeck will provide long term financial forecasts in connection with the announcement of the third quarter results, 3 November 2010.

In connection with the second quarter report, Lundbeck's President and CEO Ulf Wiinberg said: "We are pleased to deliver yet another quarter with continued progress in our core financials, despite challenges from health care reforms and generic competition. In development, we have also experienced significant progress during the quarter, with encouraging clinical results for both clobazam in the US and escitalopram in Japan. Furthermore, I am delighted that the development program for Lu AA21004 is progressing, and I am confident that we will bring Lu AA21004 to the market according to plan."

Lundbeck's development portfolio
Lundbeck is developing a number of new and promising pharmaceuticals for the treatment of central nerve system (CNS) disorders. The pipeline projects are targeting areas where Lundbeck currently have a market presence such as depression, anxiety and other psychiatric disorders - as well as new areas including epilepsy, stroke and alcohol dependence. Lundbeck's pipeline includes:

  • Six compounds in clinical phase III
  • Five compounds in clinical phase II
  • Two compounds in clinical phase I

Eight compounds in Lundbeck's pipeline have demonstrated proof of concept, and two of the five compounds in phase II are expected to enter clinical phase III later in 2010.

Following discussions with the U.S. Food and Drug Administration (FDA) regarding Serdolect®, Lundbeck has been given the option to perform further studies to secure an approval in the US. However, in view of the timing and the other investment opportunities in the pipeline, it has been decided to cease the project and the product has therefore been removed from the pipeline. Serdolect® continues to be marketed by Lundbeck in more than 40 countries outside the US.

About Lundbeck
H. Lundbeck A/S (LUN.CO, LUN DC, HLUKY) is an international pharmaceutical company highly committed to improving the quality of life for people suffering from central nervous system (CNS) disorders. For this purpose, Lundbeck is engaged in the research, development, production, marketing and sale of pharmaceuticals across the world. The company's products are targeted at disorders such as depression and anxiety, schizophrenia, insomnia, Huntington's, Alzheimer's and Parkinson's diseases.

Lundbeck was founded in 1915 by Hans Lundbeck in Copenhagen, Denmark. Today Lundbeck employs approximately 5,900 people worldwide. Lundbeck is one of the world's leading pharmaceutical companies working with CNS disorders. In 2009, the company's revenue was DKK 13.7 billion (approximately EUR 1.8 billion or USD 2.6 billion). For more information, please visit www.lundbeck.com.