H Lundbeck's 3rd-qtr net profit up 3%
Danish drugmaker H Lundbeck AS has reported that its net profit for the third quarter of 2006 was 403.0 million Danish kroner ($69.4 million), up 3% from the 392.0 million kroner in the comparable period last year. The company added that this growth was despite a slight decline in its revenues, which fell 1% to 2.25 billion kroner.
The firm explained that the drop in sales for the quarter was due to a 21% reduction in revenue from the USA, specifically as a result of its US partner Forest Loboratories purchasing lower bulk supplies of escitalopram, the active component in the antidepressant Lexapro. Despite this, the company said that actual US sales of the drug rose 12% to $523.0 million.
Lundbeck also said that the recent Initial Public Offering of LifeCycle Pharma, in which it holds a 30.5% stake, will impact its fourth quarter profits by around 141.0 million kroner (Marketletter November 6).
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