Strong first-half underlying results from Lundbeck hit by EC fine

7 August 2013

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.

One-offs impacted the quarter negatively with around 900 million kroner due to the decision from the European Commission to fine Lundbeck around 700 million kroner (The Pharma Letter June 19) and the impairment of the Sycrest (asenapine) product rights of 210 million kroner, the company explained.

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