Strong first-half underlying results from Lundbeck hit by EC fine
Danish CNS specialist Lundbeck (LUN: CO) this morning (August 7) reported pleasing first-half 2013 financial results, showing that revenue increased 11% year-on-year to 8.11 billion Danish kroner ($1.46 billion). Revenue grew by 12% to, after adjustment for antidepressant Lexapro (escitalopram) and gains from divestiture.
Profit from operations (EBIT) for the first half was 1.19 billion kroner excluding one-offs, corresponding to an EBIT margin of 16%. Reported EBIT grew 33% to 1.02 billion kroner, the company noted. However, the company made an operating loss of 506 million kroner, against an average forecast for a loss of 319 million kroner in a Reuters poll.
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