H. Lundbeck A/S (OMX: LUN) reported better than expected second quarter earnings and anticipates revenue and EBITDA to be in the upper end of guidance ranges of 15.3-15.8 billion and 4.3-4.6 billion Danish kroner. Write-offs in the 300-400 million range on buildings and IP resulting from staff cuts of 125-175 employees will offset EBIT and net profit gains, so guidance for those is maintained.
Second quarter revenue was 4.1 billion DKK, which was 9% improvement on 2010 Q2. Operating profit was 1.25 billion (operating margin 30.5%) and profit from operating a hair above 1.1 billion, corresponding to an EBIT margin of 26.9%. The stock had performed well in the market turmoil until the last couple of days and was still in positive territory for the year. Today it is making another move higher.
Ebixa for Alzheimer's disease and Azilect for Parkinson’s disease showed impressive revenue growth numbers at 16% and 12% respectively, but Lundbeck was hoping for even stronger number from Azilect. Lundbeck’s best selling drug antidepressant Cipralex grew revenue by 2% (and US sales for Lexapro were up strongly).
During the quarter, Lundbeck concluded the last of the large phase III trials with Nalmefene for alcohol dependence. The company is still very coy about the results, only saying that the data was encouraging, consistent with previous studies and that the product showed overall positive clinical profile. Lundbeck expects to submit MAA in Europe before the end of the year.
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