H. Lundbeck A/S (DK) - Fourth Quarter and Full Year Report 2009 - Lundbeck Delivers 22 Percent Revenue Growth for 2009 and Meets Financial Expectations for 2009
COPENHAGEN, March 4, 2010--H. Lundbeck A/S (Lundbeck) announces 2009 results, which meet financial forecasts and continue to show growth in all regions. Full year revenue was DKK 13,747 million and increased 22% at constant exchange rates compared to 2008. Growth was driven by key products and the acquisition of Ovation Pharmaceuticals, Inc. (now Lundbeck Inc.).
·
Going into 2010 Lundbeck has three products
- Azilect®, Xenazine® and
Sabril® - with the potential to be significant
contributors to revenue and growth.
·
Cipralex®,
Ebixa® and Azilect® continue to show
strong growth by 12%, 17% and 43% respectively.
Lexapro® was up 9%.
·
Xenazine® contributed DKK
298 million in the 9 months, following the acquisition of Ovation
(now Lundbeck Inc.) in March 2009.
·
Lundbeck writes
down Circadin® rights of DKK 157
million.
·
Profit from operations (EBIT) was DKK 2,858
million in 2009. EBIT margin was 20.8% for the year. Operating
profit before depreciation and amortisation (EBITDA) was DKK 3,728
million corresponding to an EBITDA margin of
27.1%.
·
Lundbeck expects revenue of DKK 14.3-14.8
billion and EBIT of DKK 3.0-3.4 billion for
2010.
·
The Supervisory Board proposes to pay
dividend of DKK 3.07 per share.
|
Distribution of revenue
|
2009
|
2008
|
|
Growth
|
|
DKKm
|
DKKm
|
Growth
|
at CER*
|
|
|
Cipralex®
|
5,320
|
4,829
|
10%
|
12%
|
|
Lexapro®
|
2,451
|
2,464
|
(1%)
|
9%
|
|
Ebixa®
|
2,162
|
1,878
|
15%
|
17%
|
|
Azilect®
|
769
|
553
|
39%
|
43%
|
|
Xenazine®
|
298
|
-
|
-
|
-
|
|
|
|
|
|
|
|
Europe
|
7,216
|
6,480
|
11%
|
12%
|
|
USA
|
3,632
|
2,464
|
47%
|
58%
|
|
International
Markets
|
2,621
|
2,433
|
8%
|
13%
|
|
|
|
|
|
|
|
Total
revenue
|
13,747
|
11,572
|
19%
|
22%
|
*
Constant exchange rates
In
connection with the full year report, Lundbeck's President and CEO
Ulf Wiinberg said:
"Our
key products continued to gain market share, we have shown strong
financial performance and have reached our financial expectations.
Although the development of Lu AA21004 is delayed, additional
positive data have further strengthened our belief in the compound.
During the year we acquired Lundbeck Inc. and with the launch of
the Decisions Now programme, we have made significant
progress in addressing our 2012 challenge."
Management review
Financial highlights and key
figures
|
|
Q4 2009
|
Q4 2008
|
2009
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial highlights
(DKKm)
|
|
|
|
|
|
Revenue
|
3,540
|
2,741
|
13,747
|
11,572
|
|
Profit from operations before
depreciation and
amortisation (EBITDA) |
800
|
395
|
3,728
|
3,418
|
|
Profit from operations
(EBIT)
|
408
|
212
|
2,858
|
2,354
|
|
Net financials
|
(73)
|
(77)
|
(192)
|
(28)
|
|
Profit before tax
|
336
|
126
|
2,666
|
2,283
|
|
Tax
|
100
|
1
|
659
|
620
|
|
Profit for the period
|
236
|
125
|
2,007
|
1,663
|
|
|
|
|
|
|
Posted: March 2010
