Lundbeck posts rise in fourth-quarter sales, profit

Lundbeck announced Wednesday that fourth-quarter sales reached 4.4 billion Danish kroner ($729 million), up from 4.2 billion kroner ($696 million) in the year-ago period, with growth primarily driven by Brintellix/Trintellix, Northera, Onfi and Rexulti. Profit in the quarter was 553 million kroner ($92 million), higher than the 473 million kroner ($78 million) recorded in the same period of 2016. 

Regarding individual products, sales of Onfi climbed 27 percent versus the year-ago period to 807 million kroner ($133 million), while revenue from Brintellix/Trintellix jumped 41 percent to 467 million kroner ($77 million). Additionally, sales of Northera rose by 46 percent to 456 million kroner ($75 million), with revenue from Rexulti increasing by 24 percent to 336 million kroner ($55 million). 

In the quarter, sales in North America totalled 2.8 billion kroner ($462 million), reflecting growth of 9 percent. Meanwhile, revenue in international markets declined 11 percent to 731 million kroner ($121 million), with European sales falling 3 percent to 688 million kroner ($114 million). 

Chief financial officer Anders Götzsche said "2017 has been a successful financial year for Lundbeck as we grew the business and increased…profitability significantly." For 2017, sales rose 10 percent to 17.2 billion kroner ($2.9 billion), while profit reached 2.6 billion kroner ($431 million), up from 1.2 billion kroner ($199 million) a year earlier. 

"Going forward we will continue to focus on profitability, while at the same time focus on strengthening our pipeline to create long-term, sustainable and profitable growth," Götzsche remarked. For the current year, Lundbeck said it expects revenue of between 17.2 billion kroner ($2.9 billion) and 18 billion kroner ($3 billion), with earnings in the range of 4.8 billion kroner ($796 million) to 5.2 billion kroner ($862 million). Analysts estimate annual sales of around 17.9 billion kroner ($3 billion) on earnings of 4.85 billion kroner ($804 million).

Meanwhile, the drugmaker is seeking to replace former CEO Kare Schultz, who left for the same position at Teva last September. 

 

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