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


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