Lundbeck Q3 results top expectations, keeps 2012 targets.
The net profit rose to DKK 426 million (USD 73.4m/EUR 57.1m), while analysts, polled by SME Direkt, had expected DKK 386 million. In July to September 2011, Lundbeck posted a net profit of DKK 352 million.
Revenue dropped to DKK 3.617 billion from DKK 3.975 billion, however, slightly exceeding the average expectations for DKK 3.611 billion.
The sales of Lundbeck's best-selling drug, anti-depressant Cipralex, have declined both in the USA and Europe due to generic competition. Cipralex sales in the third quarter of 2012, dropped to DKK 1.399 billion from DKK 1.456 billion. Yet, the figure topped the market consensus for DKK 1.450 billion.
The profit was also curbed by rising costs for product launches, the company said.
In contrast, the sales of Parkinson's disease drug Azilect and Huntington's disease drug Xenazine, developed better than expected.
Azilect sold for DKK 328 million, against the expected DKK 305 million. Sales of Xenazine rose by 64% to DKK 317 million topping the anticipations for DKK 289 million.
Sales of Alzheimer's drug Ebixa saw its sales drop by 6% to DKK 667 million, which was expected due to price reductions.
Lundbeck still expects to post earnings before interest and tax (EBIT) excluding restructuring costs, of DKK 2.0-2.5 billion in 2012.
Sales are forecast at the lower end of the guidance for DKK 14.5-15.2 billion and the earnings before interest, tax, depreciation and amortisation (EBITDA) -- at DKK 3.0-3.5 billion.
(DKK 1.0 = USD 0.172/EUR 0.134)
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|Article Type:||Financial report|
|Date:||Nov 7, 2012|
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