H. Lundbeck A/S (Lundbeck) announces 2010 results, which meet all financial expectations. Full year revenue was DKK 14,765 million and increased 7% compared to 2009, driven by a positive development in all regions. Profit from operations (EBIT) was DKK 3,357 million, increasing 17% and corresponding to an EBIT margin of 22.7% for the year.
- Cipralex®, Ebixa® and Azilect® continue to show strong growth of 9%, 11% and 34% respectively. Lexapro® revenue was marginally down compared to 2009
- Xenazine® contributed DKK 610 million growing 105% compared to last year
- Operating profit before depreciation and amortisation (EBITDA) was DKK 4,393 million corresponding to an EBITDA margin of 29.8% and thereby exceeding guidance
- Long-term growth prospects improved during 2010 as a result of six new partnership deals and positive phase III data for three pipeline compounds
- Lundbeck expects revenue of DKK 15.3-15.8 billion, EBITDA of DKK 4.3-4.6 billion, EBIT of 3.3-3.6 billion for 2011 and net profit of DKK 2.3-2.6 billion
- 2011 guidance includes significant investments in preparation for new product launches (Sycrest®, OnfiTM (clobazam) and nalmefene)
- The Supervisory Board proposes to pay a dividend of DKK 3.77 per share, corresponding to a payout ratio of 30%.
With the presentation of the 2010 full year results, Lundbeck's President and CEO Ulf Wiinberg said: "2010 has been a year of progress for Lundbeck. The good momentum is expected to continue for our marketed products, and several positive pipeline events and new partnerships allows for investments in commercialisation of a number of new products already in 2011. During the fourth quarter we received positive phase III data on nalmefene and an NDA was submitted for OnfiTM in 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, epilepsy and 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 2010, the company's revenue was DKK 14.8 billion (approximately EUR 2.0 billion or USD 2.6 billion).