H. Lundbeck A — Earnings Release 2013

Aug 7, 2013

Valby, Copenhagen, 2013-08-07 07:45 CEST (GLOBE NEWSWIRE) --

Valby, Denmark, 7 August 2013 - H. Lundbeck A/S (Lundbeck) reports first half
revenue of DKK 8,112 million corresponding to an increase of 11% compared to
the same period last year. Revenue grew by 12%, after adjustment for Lexapro
and gains from divestiture. Profit from operations (EBIT) for the first half
was DKK 1,191 million excluding one-offs, corresponding to an EBIT margin of
16%. Reported EBIT grew 33% to DKK 1,020 million.

-- New Products is further strengthened by the launches of Abilify Maintena
and Selincro and continues to deliver strong growth of 48% in the period
and is now constituting 17% of revenue

-- Several of Lundbeck’s legacy products exceeded expectations. Cipralex grew
4% in the first half of the year driven by Canada and Japan. Azilect
continued the excellent growth trend from the previous quarters and grew
22%

-- International Markets and the US excl. Lexapro showed strong growth and
revenue increased with 14% and 23% respectively

-- Abilify Maintena was launched in April in the US and Selincro has now been
launched in 12 European countries. The initial feedback is encouraging for
both products

-- New data on Brintellix has recently been presented at medical conferences
like EPA, APA and NCDEU which supports and strengthens the clinical profile
of the product

-- One-offs impacted the quarter negatively with approximately DKK 900 million
due to the decision from the European Commission to fine Lundbeck
approximately DKK 700 million and the impairment of the Sycrest® product
rights of DKK 210 million

-- The operating performance is exceeding expectations. For the full year 2013
Lundbeck now expects reported revenue to be DKK 14.6-15.0 billion and
reported EBIT to be DKK 1.3-1.7 billion. The previous guidance was a
reported revenue of DKK 14.4-15.0 billion and a reported EBIT of DKK
1.2-1.7 billion

Distribution of revenue

DKK million H1 2013 H1 2012 Growth Growth
in local
currency
-----------------------------------
New Products* 1,402 947 48% 50%
Cipralex® 3,048 2,927 4% 4%
Azilect® 697 570 22% 21%
Xenazine® 687 558 23% 23%
Sabril® 265 175 51% 51%
Onfi® 210 104 103% 103%

Europe 3,813 3,883 (2%) (2%)
USA (excl. Lexapro) 1,165 950 23% 23%
International Markets 2,165 1,900 14% 15%

                  -----------------------------------

Total revenue 8,112 7,340 11% 10%
-----------------------------------

*New Products include Xenazine, Sabril, Sycrest, Lexapro (Japan), Onfi,
Treanda, Selincro and Abilify Maintena

In connection with the first half report, Lundbeck´s President and CEO Ulf
Wiinberg said:
“I am very pleased with Lundbeck’s overall results in the first half and
especially that our performance from new products continues to show a solid
growth which raises our expectations for the full year result and confirms our
strategy for Lundbeck in the long term is well on track”.