Lundbeck Retains Expectations Despite Good Results

13-08-2010 10:22 Despite a strong set of results for the first half of 2010, Danish medicom Lundbeck has surprised some analysts by not increasing its expectations for the full year.

For the first half of 2010, the company’s revenue was DKK 7,616 million and EBIT was DKK 2,190 million. Second quarter revenue of DKK 3,767 million, an increase of 7% compared to Q2 2009. Profit from operations was DKK 936 million in Q2 2010, an increase of 30% compared to the same period last year. The company’s EBIT margin for the quarter increased to 24.8%, up from 20.4%. The drugs Cipralex®, Ebixa® and Azilect® all showed solid sales growth.

However expectations for the full year are maintained. Lundbeck still expects revenue of DKK 14.3-14.8 billion, an EBITDA of DKK 3.9-4.3 billion and EBIT of DKK 3.0-3.4 billion.
 
 "We are pleased to deliver yet another quarter with continued progress in our core financials, despite challenges from health care reforms and generic competition”
 Lundbeck's President and CEO Ulf Wiinberg said in a statement issued today. “In development, we have also experienced significant progress during the quarter”.
 
The company will provide long-term financial forecasts in connection with the announcement of the third quarter results on November 3.

“I am tempted to say that it is as though the leadership thinks there are only three quarters in the year” Sydbank Analyst Rune Majlund Dahl told the Direkt news agency.