2. May 2012 14:16
Revenue fell at Lundbeck by 8% in Q1 2012 after price reductions and generic competition on Lexapro reduced sales to DKK 3.7bn.
Sales in the US were down by nearly a third (30%) and in Europe by 6% after Lexapro lost patent protection and saw profits drop by DKK 320m, compared to Q1 2011.
Ulf Wiinberg, Lundbeck’s President and CEO, said that despite the losses the company is “off to a good start for the year and on track to meet our expectations”.
Lundbeck has maintained its guidance for 2012 and expects revenue to be in the region of DKK 14.5 to 15.2 billion.
Excluding sales of Lexapro in the US, Lundbeck recorded an increase in revenue of 2%. Sales of the anxiety drug dropped from DKK 741 in Q1 2011 to DKK 336 in the first three months of the year.
Sales of Cipralex were heavily impacted by generic competition in Spain as revenue fell by 4% to DKK 1.47bn. However, this was compensated by increased sales of Xenazine (35%), Sabril (14%) and Ebixa (11%).
Growth was recorded in International Markets where revenue was up 15% and in the US – excluding sales of Lexapro – by 18% compared to Q1 2011.
Lexapro was recently launched in Japan and Lundbeck says the drug holds a market share of 3.4%. It hopes to build on this and launch a number of new products in the next 18 months.
“We are on track with the diversification of our product portfolio, with the three recent launches of Lexapro in Japan, Sycrest and Onfi,” said Ulf Wiinberg. “During the next 1½ years we will potentially launch four additional products.”
8. February 2012 14:37
Lundbeck saw revenue increase to record levels last year after seeing growth in its key products Cipralex, Ebixa and Azilect.
Revenue for 2011 reached DKK 16 billion, an increase of 8% on 2010, after sales in international markets improved by 17%, in the US by 12% and in Europe by 2%.
Ulf Wiinberg, Lundbeck President and CEO, says 2011 was an “excellent year” for the company with “revenue and earnings higher than ever”.
But despite the record-breaking year, the Danish-based pharmaceutical company now expects revenue to drop to between DKK 14.5 to 15.5 billion in 2012 when Lexapro loses patent protection in the US in March.
Antidepressant Cipralex was the company’s best-selling brand last year as it saw a 3% growth to DKK 5.9bn. Alzheimer’s treatment Ebixa saw sales increase by 14% to DKK 2.7bn with Azilect enjoying similar growth (15%) totalling revenue of DKK 1.1bn.
Xenazine (+40%) and Sabril (+73%) both saw a big increase in sales but were unable to prevent the company’s profit dropping from DKK2.4bn in 2010 to DKK 2.2bn last year.
Lundbeck currently has a number of products being considered for approval by health authorities around the world. It is also conducting Phase III and Phase II trials on different treatments and hopes these, along with the partnerships it entered in 2011, will assist with continued growth.
“We improved our long term outlook with solid progress in our late-stage pipeline and several important partnerships, including the deal with Otsuka, which has transformational potential,” said Mr Wiinberg.
9. November 2011 13:48
Revenue was up 10% in Q3 at Lundbeck to DKK 4.9 billion but profit from operations fell nearly a quarter (22%) after restructuring its R&D department.
Growth was driven by an increase in revenue from a number of its key products and milestone payments following the launch of escitalopram in Japan.
Ulf Wiinberg, Lundbeck’s President and CEO, says the company is “very pleased with yet another strong quarter” after its branded products delivered “solid results”.
Sales of Sabril increased by nearly half (47%) to DKK 77 million, compared to the third quarter in 2010, with revenue also up for Xenazine in the US by a fifth, compared with the same period, to DKK 191 million.
Lundbeck’s key products, Cipralex, Ebixa and Azilect, which grew 5%, 18% and 20% respectively, compared to the period last year, helped boost revenue from International Markets up 20% to DKK 901 million.
“We are now entering a new era with many new product launches,” said Ulf Wiinberg. “With the launch of Lexapro in Japan, the continued roll out of Sycrest and the forthcoming launch of OnfiTM in the US, we have expanded on our product diversification and strengthened our long term growth prospects substantially.”
11. August 2011 14:26
Growth increased by almost a tenth (9%) at Lundbeck in Q2 of 2011 after revenue in several products and in key markets improved.
Sales of Cipralex, Ebixa and Azilect all continued to rise with revenue for Xenazine up 42% to DKK 209 million and Sabril increased 113% to DKK 80 million.
But despite the solid sales figures, Lundbeck still plans to cut between 125-175 R&D jobs in Denmark and the US.
Ulf Wiinberg, President and CEO at Lundbeck, says the job losses are regretful but necessary “in order to strengthen our long term growth prospects”.
As part of the company’s ‘optimisation process’ it also plans to write off between DKK 300-400 million on buildings and IP.
Operating profit increased 4% before depreciation and amortisation (EBITDA) to reach DKK 1,250 million and corresponding to an EBITDA margin of 30.5%.
Lundbeck now anticipates sales to reach between DKK 15.3-15.8 million and EBITDA to reach the upper end of guidance ranges of DKK 4.3-4.6 billion.
“Again our key products deliver solid growth and during the quarter we received positive and encouraging data from the phase III trials with nalmefene,” said the President. “We continue to invest in product and geographical diversification in order to deliver on our growth opportunities.”