New products boost Lundbeck’s 2013 performance

Danish CNS drug specialist Lundbeck (LUND: CO) has reported financials for 2013, showing that revenues increased 3% year-on-year-year to 15.26 billion Danish kroner ($2.76 billion).

Revenue was impacted by the reduced Ebixa (memantine) revenue in Europe, following the anticipated generic erosion. Reported earnings before interest and tax (EBIT) for 2013 was 1,599 million kroner, down 7.4%, corresponding to an EBIT margin of 10.5% for the year. Profit for the period was 855 million kroner, down from 1,165 million kroner in 2012.

Providing guidance for full-year 102, Lundbeck said it expects revenues of around 13.5 billion kroner and EBIT in constant currency is expected to decline to 0.5-1.0 billion kroner in 2014 as a result of increased generic erosion and continued investment in an unprecedented number of product launches and significant costs related to the continued progress of key late-stage clinical development projects. Lundbeck shares fell 3.5% to 131.40 kroner in morning trading.