Lundbeck shares driven up by higher profit
Danish drugmaker H Lundbeck's profit for the first quarter of 2009 was up 3% year-on-year, due to rising sales. The better-than-expected results drove the firm's shares 4.6% higher to 5.25 Danish kroner on May 13.
Revenue jumped to 3.23 billion kroner ($591.1 million), up 12%, while R&D costs rose 37% to 717.0 million kroner. The company's net income was 697.0 million kroner, or 3.55 kroner per share, versus 675.0 million kroner, or 3.39 kroner per share.
Chief executive Ulf Wiinberg said: "in the first quarter we delivered on the strategic intent of establishing ourselves in the biggest pharmaceutical market in the world by acquiring USA-based Ovation. We are also pleased with the revenue performance delivering double-digit growth in the quarter, where significant growth for our key products and principal markets has been maintained."
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