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    LUN   DK0010287234


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H Lundbeck A/S : Lundbeck delivers a solid EBIT of DKK 882 million and Vyepti is off to a good start

05/11/2021 | 01:34am EDT


Revenue reached DKK 4,273 million in the first quarter of 2021, a decline of 2% in local currencies. EBIT grew 235% compared to the same period in 2020 and reached DKK 882 million. EBIT margin reached 20.6%. EPS grew by 578% in the quarter thereby reaching DKK 3.13.

The newest product in the portfolio, Vyepti®, grew 49% since the fourth quarter of 2020. The brand continues its strong momentum since launch in the second quarter of 2020. Regulatory review is ongoing in 12 markets.

Strategic brand performance:

    • Revenue of Abilify Maintena®:  DKK 584 million (flat in local currencies, -5% reported)
    • Revenue of Brintellix®/Trintellix®: DKK 804 million (up 7% in local currencies, -2% reported)
    • Revenue of Rexulti®/Rxulti®: DKK 672 million (up 4% in local currencies, -6% reported)
    • Revenue of Vyepti reached DKK 76 million following the launch in the U.S. in April 2020

Market performance:

    • Revenue in North America: DKK 2,118 million (up 2% in local currencies, -11% reported)
    • Revenue in International Markets: DKK 1,162 million (up 4% in local currencies, -6% reported)
    • Revenue in Europe: DKK 844 million (-5% and -6% in local currencies and reported, respectively)

In connection with the financial report, Lundbeck's President and CEO Deborah Dunsire said:

"Lundbeck continues to deliver robust financial performance in a world impacted by the pandemic still impeding patient's ability to seek care normally. We are very pleased to see good Vyepti growth in the U.S. as we are gradually able to return to more normal interaction with physicians. We are delighted with the new data on Brintellix/Trintellix, amplifying the strength of its profile as a great choice for people facing depression. Currency headwinds have been impactful as has the loss of exclusivity on Northera."

Key figures:

DKK million Q1 2021 Q1 2020 Growth
Core Revenue* 4,273 4,564 (6%)
Core EBIT* 1,253 1,357 (8%)
Core EPS* 4.65 4.89 (5%)
Core EBIT margin* 29.3% 29.7%
Reported Revenue 4,273 4,564 (6%)
Reported EBIT 882 263 235%
Reported EPS 3.13 0.46 578%
Reported EBIT margin 20.6% 5.8%

For definition of the measures "Core Revenue", "Core EBIT", "Core EBIT margin" and "Core EPS", see note 4 Core reporting

Compared to the first quarter of 2020, which benefitted from extraordinary COVID-19 related stocking in several markets, the first quarter of 2021 saw a return to more normal consumer buying patterns seen pre-pandemic. The increased currency depreciation in key markets had an overall negative impact of 4% on sales growth.

Strong headline results reported from the RECONNECT study in patients with depression and generalized anxiety and from the real-world evidence study RELIEVE both with Brintellix/Trintellix and which support the overall strength of the product.

New data from the RELIEF-study presented at 2021 American Academy of Neurology (AAN) Annual Meeting shows Vyepti demonstrated earlier time to freedom from headache pain and absence of most bothersome symptoms compared to placebo when initiated during migraine attack in patients who were candidates for preventive therapy.

Core EBIT reached DKK 1,253 million and Core EBIT margin reached 29.3%. Profitability was impacted by substantial investments in building our brands which was partly mitigated by a lower activity level in the wake of the COVID-19 pandemic.

The financial guidance for 2021 is maintained. Lundbeck expects revenue to reach DKK 16.3 - 16.9 billion. Core EBIT is expected to reach DKK 3.1 - 3.6 billion and EBIT to reach DKK 1.8 - 2.3 billion.

H. Lundbeck A/S

Ottiliavej 9, 2500 Valby, Denmark

+45 3630 1311




(c) 2021 Cision. All rights reserved., source Press Releases - English

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Analyst Recommendations on H. LUNDBECK A/S
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Sales 2021 16 422 M 2 590 M 2 590 M
Net income 2021 1 453 M 229 M 229 M
Net Debt 2021 2 161 M 341 M 341 M
P/E ratio 2021 23,4x
Yield 2021 1,67%
Capitalization 33 818 M 5 337 M 5 334 M
EV / Sales 2021 2,19x
EV / Sales 2022 1,91x
Nbr of Employees 5 603
Free-Float 30,7%
Duration : Period :
H. Lundbeck A/S Technical Analysis Chart | LUN | DK0010287234 | MarketScreener
Technical analysis trends H. LUNDBECK A/S
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 15
Last Close Price 170,20 DKK
Average target price 229,60 DKK
Spread / Average Target 34,9%
EPS Revisions
Managers and Directors
Deborah L. Dunsire President & Chief Executive Officer
Anders G÷tzsche Chief Financial Officer & Executive Vice President
Lars S°ren Rasmussen Chairman
Lars Bang Executive VP-Supply Operations & Engineering
Johan Luthman EVP & Head-Research & Development
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