Lundbeck’s 2nd-qtr sales drop 24% in the US but European territories help it maintain 2014 outlook

Danish CNS drug specialist Lundbeck (LUN: CO) has seen sales fall from 3.35 billion kroner ($364 million) in the second quarter of 2013 to 3.44 billion kroner in the same quarter this year. Despite this, the company is maintaining its outlook for the year.

This quarter, its EBITDA stood at 450 million kroner, up from 10 million in the same quarter last year, but the half-yearly figures show a loss, going from 1.49 billion to 1.17 billion. Earnings per share this quarter improved on a loss of 2.56 kroner, now at 0.73 kroner.

Ulf Wiinberg, president of Lundbeck, said: “The first half of 2014 has shown good progress for Lundbeck, from a strategic, commercial and development point of view. We have reinforced our strategic position as a global player within brain diseases with the recent acquisition of Northera and the regulatory submission of brexpiprazole in the US. We are encouraged by the early launch uptake from our new products and look forward to the second half of 2014 where we will launch Northera in the US and Brintellix, Abilify Maintena and Selincro in some of our major markets.”