Fourth quarter and full year report 2009 - Lundbeck delivers 22 percent revenue growth for 2009 and meets financial expectations for 2009
(Thomson Reuters ONE) -
H. Lundbeck A/S (Lundbeck) announces 2009 results, which meet financial
forecasts and continue to show growth in all regions. Full year revenue was DKK
13,747 million and increased 22% at constant exchange rates compared to 2008.
Growth was driven by key products and the acquisition of Ovation
Pharmaceuticals, Inc. (now Lundbeck Inc.).
· Going into 2010 Lundbeck has three products - Azilect(®), Xenazine(®)
and Sabril(®) - with the potential to be significant contributors to revenue and
growth.
· Cipralex(®), Ebixa(®) and Azilect(®) continue to show strong growth by
12%, 17% and 43% respectively. Lexapro(®) was up 9%.
· Xenazine(®) contributed DKK 298 million in the 9 months, following the
acquisition of Ovation (now Lundbeck Inc.) in March 2009.
· Lundbeck writes down Circadin(® )rights of DKK 157 million.
· Profit from operations (EBIT) was DKK 2,858 million in 2009. EBIT margin
was 20.8% for the year. Operating profit before depreciation and amortisation
(EBITDA) was DKK 3,728 million corresponding to an EBITDA margin of 27.1%.
· Lundbeck expects revenue of DKK 14.3-14.8 billion and EBIT of DKK
3.0-3.4 billion for 2010.
· The Supervisory Board proposes to pay dividend of DKK 3.07 per share.
2009 2008 Growth
Distribution of revenue
DKKm DKKm Growth at CER*
-------------------------------+------+---------------
Cipralex(®) 5,320 | 4,829| 10% 12%
| |
Lexapro(®) 2,451 | 2,464| (1%) 9%
| |
Ebixa(®) 2,162 | 1,878| 15% 17%
| |
Azilect(®) 769 | 553| 39% 43%
| |
Xenazine(®) 298 | -| - -
| |
| |
| |
Europe 7,216 | 6,480| 11% 12%
| |
USA 3,632 | 2,464| 47% 58%
| |
International Markets 2,621 | 2,433| 8% 13%
| |
| |
| |
Total revenue 13,747|11,572| 19% 22%
| |
* Constant exchange rates
In connection with the full year report, Lundbeck's President and CEO Ulf
Wiinberg said:
"Our key products continued to gain market share, we have shown strong financial
performance and have reached our financial expectations. Although the
development of Lu AA21004 is delayed, additional positive data have further
strengthened our belief in the compound. During the year we acquired Lundbeck
Inc. and with the launch of the Decisions Now programme, we have made
significant progress in addressing our 2012 challenge."
Management review
Financial highlights and key figures
Q4 2009 Q4 2008 2009 2008
--------------------------------------------------------------------------------
Financial highlights (DKKm)
| |
Revenue 3,540 2,741 | 13,747 11,572 |
| |
Profit from operations before depreciation 800 395 | 3,728 3,418 |
and | |
amortisation (EBITDA) | |
| |
Profit from operations (EBIT) 408 212 | 2,858 2,354 |
| |
Net financials (73) (77)| (192) (28)|
| |
Profit before tax 336 126 | 2,666 2,283 |
| |
Tax 100 1 | 659 620 |
| |
Profit for the period 236 125 | 2,007 1,663 |
| |
| |
| |
Equity 8,803 7,511 | 8,803 7,511 |
| |
Assets 17,127 12,526 | 17,127 12,526 |
| |
| |
| |
Capital employed 12,278 9,438 | 12,278 9,438 |
| |
| |
| |
Cash flows from operating and investing 366 42 | (2,040) 2,193 |
activities | |
| |
Property, plant and equipment investments, 87 117 | 258 229 |
gross | |
| |
|
|
Key figures |
| |
EBIT margin (%)(1) 11.5 7.7 | 20.8 20.3 |
| |
Return on capital employed (%) 3.3 4.1 | 28.0 30.0 |
| |
Research & Development ratio (%) 25.0 31.2 | 23.2 25.8 |
| |
Return on equity (%)(1) 2.7 1.7 | 24.6 22.8 |
| |
Solvency ratio (%)(1) 51.4 60.0 | 51.4 60.0 |
| |
|
|
Share data |
| |
Number of shares for the calculation of 196.1 196.1 | 196.1 196.8 |
EPS (million) | |
| |
Number of shares for the calculation of 196.1 196.1 | 196.1 196.8 |
DEPS (million) | |
| |
Earnings per share (EPS) (DKK)(1) 1.20 0.64 | 10.24 8.45 |
| |
Diluted earnings per share (DEPS) (DKK)(1) 1.20 0.64 | 10.24 8.45 |
| |
Cash flow per share (DKK)(1) 3.24 0.28 | 15.47 14.12 |
| |
Net asset value per share (DKK)(1) 44.89 38.30 | 44.89 38.30 |
| |
Market capitalisation (DKKm) 18,582 21,657 | 18,582 21,657 |
| |
Share price end of period (DKK) 94.75 110.00 | 94.75 110.00 |
| |
Proposed dividend per share - -| 3.07 2.30|
| |
|
| |
Other | |
| |
Number of employees (FTE) 5,733 5,318 | 5,733 5,318 |
| |
1)( )Definitions according to the Danish Society of Financial Analysts'
Recommendations & Financial Ratios 2005.
Lundbeck's development portfolio
Lundbeck is developing a number of new and promising pharmaceuticals in its
existing fields of specialisation; depression, anxiety and psychotic disorders -
and in new areas such as epilepsy, stroke and alcohol dependence. Lundbeck's
pipeline includes:
One compound under FDA regulatory
process
Five compounds in clinical phase III
Five compounds in clinical phase
II
One compound in clinical phase I
Pipeline development is summarized as follows:
Clinical phase III
Headline results from the clinical trials in the phase III programme with Lu
AA21004 in major depressive disorder (MDD) have been received, and the
additionally received data from the programme has shown encouraging results for
the potential efficacy and the tolerability profile of Lu AA21004. As previously
communicated it has been concluded that it is necessary to conduct additional
studies including higher doses, in order to file for a marketing approval in the
US. The plans are being finalised and the new programme is planned to be
initiated during the first half of 2010.
The phase III programme with nalmefene in alcohol dependence is progressing as
planned and two of the three studies are now either finished or very close to
finish recruiting patients which is ahead of plan. Data from the clinical
programme is expected around year-end 2010. Filing in Europe is expected in the
second half of 2011.
The phase III programme for desmoteplase in both DIAS-3 and DIAS-4 has
experienced a slow initial patient recruitment. Additional centres will be
initiated over the next 6 months and other initiatives will be taken to speed up
recruitment. Only limited impact is expected on the previously communicated
timelines. If the studies are positive, desmoteplase could be eligible for
priority review by the FDA.
Recruitment in the clinical phase III programme with clobazam in patients from
2 to 60 years of age with Lennox-Gastaut Syndrome has been finalised. Data is
expected by mid-2010 and filing of an NDA in the US is expected in the beginning
of 2011.
Enrolment of the first patients in the required safety study in the clinical
phase III programme for IV carbamazepine is expected to start during the first
half of 2010. US regulatory filing is currently anticipated in 2012.
Clinical phase II
In December 2009, positive headline results from the clinical trials in the
phase II development programme with zicronapine in schizophrenia were announced.
The programme consisted of two studies, which involved approximately 375
patients in total.
In the two recently completed randomised clinical phase II trials, zicronapine
was tested at several dosages between 3-10 mg/day. The two studies were
exploratory, and therefore not powered to show clear statistical differences.
However, in these studies, zicronapine did show clear statistical significant
separation from placebo at doses 7 and 10 mg, together with very convincing
efficacy and safety data when compared to olanzapine. In the placebo-controlled
trial, zicronapine showed a clear dose-response and a statistically significant
improvement in the PANSS (Positive And Negative Syndrome Scale) score at both 7
and 10 mg doses. In the olanzapine-referenced study, zicronapine showed a
comparable reduction in the PANSS score. From both trials, it can be concluded
that zicronapine was safe and well-tolerated.
Lundbeck is now finalising the planning for additional clinical work with
zicronapine, including plans for the pivotal programme, which is expected to
commence in the end of 2010.
The clinical phase II study of Lu AA24493 in the treatment of Friedreich's
ataxia, which was initiated in November 2009, is rapidly recruiting patients and
data is expected mid-2010. The phase I programme with Lu AA24493 in ischaemic
stroke is also expected to be concluded mid-2010.
In November, Lundbeck announced the initiation of a multi-centre,
placebo-controlled, fixed-dose study of Lu AE58054 as an add-on to donepezil in
patients with moderate Alzheimer's disease. The clinical phase II study plans to
enrol approximately 270 patients. The purpose of this study is to investigate if
Lu AE58054 treatment improves cognition and functional outcomes after 24 weeks
in patients with moderate Alzheimer's disease already in treatment with
donepezil. Furthermore, the ongoing clinical phase II study with Lu AE58054 in
patients with schizophrenia is about to be completed, and Lundbeck expects to
report headline results from the study during the first half 2010.
Lu AA24530 is progressing according to plan. Based on the solid clinical phase
II data reported in July 2009, a pivotal phase III program is planned to
commence by the end of 2010
In November 2009, the two clinical phase II studies with Lu AA34893 in bipolar
depression and MDD were terminated in order to carry out additional pre-clinical
work. Lundbeck has now decided to prioritise the development of Lu AA21004 and
Lu AA24530 higher, and has closed down the clinical development programme for Lu
AA34893. Lu AA34893 was the third compound which was part of the collaboration
with Takeda.
In May 2009, the clinical phase II study with Lu AA39959 in bipolar disorder was
suspended. Pre-clinical work is progressing as planned and a decision regarding
the future development path of this project is expected by the end of 2010.
Clinical phase I
The profile of Lu AA38466 makes the development within neurological disorders
less attractive, which is why the clinical phase I programme for this project
has been closed down.
Revenue
Total revenue for the fourth quarter was DKK 3,540 million, an increase of 35%
in local currency compared to same quarter in 2008. All of Lundbeck's key
products showed growth during the quarter, while Lundbeck Inc. contributed with
DKK 361 million.
Q4 2009 Q4 2008 Growth 2009
Total revenue
DKKm DKKm Growth at CER DKKm
------------------------------+-------+--------------------+
Cipralex(®) 1,354| 1,151| 18% 18% 5,320|
| | |
Lexapro(®) 600| 509| 18% 43% 2,451|
| | |
Ebixa(®) 548| 475| 15% 17% 2,162|
| | |
Azilect(®) 225| 169| 33% 34% 769|
| | |
Xenazine(®) 116|- | - - 298|
| | |
Other pharmaceuticals 620| 388| 60% 67% 2,469|
| | |
Other revenue 78| 49| 57% 59% 278|
| | |
Total revenue 3,540| 2,741| 29% 35% 13,747|
| | |
Serdolect(®) generated revenue of DKK 66 million for the full year. In the
future it has been decided that Lundbeck will not report Serdolect(®) sales
figures separately, and it will be included in Other pharmaceuticals.
Europe
In the fourth quarter, revenue in Europe rose 15% at constant exchange rates to
DKK 1,889 million. The increase was driven by high growth in Cipralex(®),
Ebixa(®) and Azilect(®) growing 17%, 17% and 31% respectively at constant
exchange rates compared to fourth quarter 2008. Revenue from Other
pharmaceuticals was DKK 247 million and declined 5% at constant exchange rates.
Q4 2009 Q4 2008 Growth 2009
Revenue Europe
DKKm DKKm Growth at CER DKKm
------------------------------+-------+-------------------+
Cipralex(®) 972| 830| 17% 17% 3,720|
| | |
Ebixa(®) 465| 398| 17% 17% 1,800|
| | |
Azilect(®) 204| 157| 30% 31% 699|
| | |
Other pharmaceuticals 247| 261| (5%) (5%) 997|
| | |
Total revenue 1,889| 1,646| 15% 15% 7,216|
| | |
In December 2009, a generic version of escitalopram entered the Danish market.
Cipralex(®) revenue in Denmark in 2009 was less than 1% of total Cipralex(®)
sales.
At the beginning of 2010, Azilect(®) was granted public reimbursement in France,
and the product is already experiencing a promising uptake. The Parkinson's
disease market in France generates annual sales of more than EUR 100 million
(approximately DKK 750 million).
Serdolect(®) revenue of DKK 43 million is included in Other pharmaceuticals for
the year.
USA
Revenue for the fourth quarter was DKK 961 million in the US, an increase of
131% in local currency. Growth was driven by a significant increase in Lexapro
sales and the inclusion of Lundbeck Inc., which generated revenue of DKK 361
million for the quarter.
Q4 2009 Q4 2008 Growth 2009
Revenue USA
DKKm DKKm Growth at CER DKKm
------------------------------+-------+-------------------+
Lexapro(®) 600 |509 |18% 43% 2,451|
| | |
Xenazine(®) 110 |- |- - 292 |
| | |
Other pharmaceuticals 251 |- |- - 889 |
| | |
Total revenue 961 |509 |89% 131% 3,632|
| | |
Revenue from Lexapro(®) was DKK 600 million, an increase of 43% in constant
exchange rates. Growth was impacted by higher prices in 2009 and the inventory
reduction of Lexapro(®) in the fourth quarter of 2008, lowering the comparable
figure for 2008 by approx DKK 150 million. Growth in Danish kroner was 18%. The
difference compared to growth in local currency is primarily due to lower
hedging rates for the US dollar, affecting the profit & loss statement in Q4
2009 compared to the hedging rates affecting the profit & loss statement in Q4
2008.
Prepayments from Forest, recorded in Lundbeck's balance sheet as the difference
between the invoiced price and the minimum price of Forest's inventories, was
DKK 693 million at 31 December 2009, compared with DKK 597 million at 31
December 2008. Excluding related hedging contracts, prepayments from Forest
would be unchanged. At the end of 2009, inventories corresponded to
approximately six months of commercial supply.
At the end of the third quarter of 2009, Sabril(®) was launched in the US for
the treatment of refractory complex partial seizures (rCPS) and infantile spasms
(IS). Sabril(®) was introduced into the market, with an extensive Risk
Evaluation and Mitigation Strategy (REMS) programme, as required by the FDA and
created in collaboration with the agency.
Xenazine(®)[1] sales for the fourth quarter were DKK 110 million an increase of
23% compared to the last quarter. Xenazine(®) generated revenue of DKK 292
million for the full year.
International Markets
Revenue in International Markets in the fourth quarter was DKK 612 million, an
increase of 17% compared to the same quarter last year. This increase was driven
by key products, all of which experienced double digit growth in constant
exchange rates.
Revenue Q4 2009 Q4 2008 Growth 2009
International Markets
DKKm DKKm Growth at CER DKKm
------------------------------+-------+-------------------+
Cipralex(®) 381| 321| 19% 19% 1,600|
| | |
Ebixa(®) 84| 78| 8% 13% 362|
| | |
Azilect(®) 20| 12| 71% 84% 70|
| | |
Other pharmaceuticals 126| 126| 0% 6% 589|
| | |
Total revenue 612| 536| 14% 17% 2,621|
| | |
In the second half of 2009, revenue in Turkey was hit by a structural change in
the Turkish healthcare system. This change demanded a substantial price
reduction for pharmaceuticals and has resulted in inventory reductions at
wholesalers in Turkey in the second half of the year. Sales in Turkey are
picking up, but at lower levels. In the third quarter of 2009, generic versions
of Cipralex(®) were launched in the Australian market, affecting Cipralex(®)
sales negatively in the second half of the year.
The reimbursement granted for Cipralex(®) in two provinces in Canada during the
year continued to have a positive impact on sales in the fourth quarter, and at
the end of December 2009, Cipralex(®) held a market share of 9.8% in Canada
compared to a market share of 7.1% at the end of 2008. In the fourth quarter of
the year, Cipralex(®) and Ebixa(®) were granted public reimbursement in China.
In the beginning of 2010, Lundbeck entered into an expanded agreement with Teva
regarding Azilect(®). The agreement with Teva now includes the rights to six
Asian countries - China, South Korea, Hong Kong, Malaysia, Thailand and the
Philippines. Azilect(®) is currently only marketed in Turkey and South Africa
within International Markets.
Serdolect(®) revenue for the year of DKK 23 million is included in Other
pharmaceuticals for International Markets.
Expenses
Total costs for the quarter were up 24% compared to fourth quarter 2008. The
increase was mainly driven by the inclusion of Lundbeck Inc., which had an
impact on all cost categories.
Q4 2009 Q4 2008 2009
Distribution of costs
DKKm DKKm Growth DKKm
-------------------------------+-------+-------------+
Cost of sales 740| 549| 35% 2,655|
| | |
Distribution 989| 689| 44% 3,174|
| | |
Administration 519| 437| 19% 1,864|
| | |
Research & Development 884| 854| 3% 3,196|
| | |
Total costs 3,132| 2,529| 24% 10,889|
| | |
Lundbeck has decided to write down rights to Circadin(®), a product for the
treatment of primary insomnia. Lundbeck in-licensed Circadin(®) from Neurim
Pharmaceuticals in 2007, and has since launched the product in a number of
European countries. The write down had a negative effect of DKK 157 million on
distribution costs for the fourth quarter.
Total expenses for the full year were DKK 10,889 million an increase of 18%
compared to 2008. Excluding Lundbeck Inc. and LifeHealth, total costs for the
year were DKK 9,567 million an increase of 4% compared to last year.
Dividend
The Supervisory Board proposes to pay dividend for 2009 of 30% of the net profit
for the year to shareholders of the parent company, corresponding to DKK 3.07
per share.
Financial guidance and forward-looking statements
For the full year 2010, Lundbeck expects revenue to increase to DKK 14.3-14.8
billion and profit from operations (EBIT) to reach DKK 3.0-3.4 billion. Profit
from operations before depreciation and amortisation (EBITDA) for the year is
expected to reach DKK 3.9-4.3 billion.
The guidance for 2010 is based on the knowledge that Lundbeck has today and the
magnitude of the guided range is an expression of the current uncertainties
related to the global economical climate. As a consequence, Lundbeck foresees
that healthcare reforms may be introduced, which could potentially have a
financial impact on the company.
2009 2009 2010
Lundbeck's financial guidance actual guidance guidance
DKKm DKKbn DKKbn
-------------------------------------+--------------------
Revenue 13,747|13.1-13.6 14.3-14.8
|
EBITDA 3,728| 3.5-3.7 3.9-4.3
|
EBIT 2,858| 2.8-3.0 3.0-3.4
|
Tax rate 24.7%| 25-26% 24-25%
|
R&D ratio 23.2%| 23-24% ~ 21%
|
This announcement contains forward-looking statements that provide current
expectations or forecasts of events such as new product launches, product
approvals and financial performance.
Forward-looking statements are subject to risks, uncertainties and inaccurate
assumptions. This may cause actual results to differ materially from
expectations. Factors that may affect future results include interest rates and
exchange rate fluctuations, delay or failure of development projects, production
problems, unexpected contract breaches or terminations, government-mandated or
market-driven price decreases for Lundbeck's products, introduction of competing
products, Lundbeck's ability to successfully market both new and existing
products, exposure to product liability and other lawsuits, changes in
reimbursement rules and governmental laws and related interpretation thereof and
unexpected growth in costs and expenses.
Change in accounting policy
As a consequence of the expansion of the agreement with Teva Pharmaceutical
Industries Ltd. (Teva) on Azilect(®) and as a result of the clarification made
in 2009 to IAS 18 Revenue in respect of the agent and principal method, Lundbeck
has changed its accounting policy with respect to presentation of the existing
agreement concerning Azilect(®).
On conclusion of the agreement made in February with Teva, Lundbeck believes
that the company is acting as principal in respect of total Azilect(®) sales.
This means that Azilect(®) will henceforth be treated for accounting purposes in
the same way as Lundbeck's other products, for which the company pays a
proportion of the revenue or earnings to an external partner. As a result of the
change, Azilect(®) will henceforth make a full contribution to consolidated
revenue, whilst license payments to Teva will be recognised as part of the cost
of sales, as opposed to the previous policy under which revenue from Azilect(®)
was recognised net of license payments.
As a result of the change in accounting policy, revenue from Azilect(®) for
2009 is DKK 769 million. With the previous accounting policy Azilect(®) sales
would have been DKK 365 million. Cost of sales for 2009 is DKK 2,655 million,
compared to costs of DKK 2,251 million, using the previous accounting policy.
New incentive plan in the Lundbeck Group
The Supervisory Board of H. Lundbeck A/S has resolved, pursuant to the
authorisation in article 4.4 of the company's articles of association, to issue
warrants for up to a nominal value of DKK 5,000,000, corresponding to 1,000,000
shares of DKK 5 each. However, if the principles for determining the exercise
price mean that the value of an issued warrant on 16 March 2010 is lower than
the value of a warrant calculated as per 3 March 2010 which entitles the holder
to subscribe one share at market price on 3 March 2010, this may result in the
issuance of a greater number of warrants, however, no more than the total
remaining authorisation to the Supervisory Board in article 4.4 of the articles
of association, i.e. a total maximum nominal amount of DKK 21,250,000 of
warrants, corresponding to 4,250,000 shares of DKK 5 each.
Members of H. Lundbeck A/S' Executive Management and executives appointed by H.
Lundbeck A/S' Executive Management who are employed by H. Lundbeck A/S or H.
Lundbeck A/S' subsidiaries are eligible to receive warrants. The above-mentioned
subsidiaries comprise Danish and foreign enterprises in which H. Lundbeck A/S
directly or indirectly holds at least 50 % of the shares. The members of the
company's Supervisory Board are not comprised by the scheme.
The right to subscribe for warrants pursuant to the applicable terms and
conditions will generally be granted on 16 March 2010, although the right to
subscribe for warrants may be granted within the above-mentioned limits until 1
October 2010.
All of the warrants subscribed or a part thereof will be available to members of
the Executive Management on 16 March 2013 subject to H. Lundbeck A/S obtaining a
specific ranking in a peer group of companies, based on total shareholder return
performance, and also subject to the Executive Management member's continuing
employment in the period from 16 March 2010 until and including 16 March 2013.
The warrants subscribed or a part thereof will be available to other executives
on 16 March 2013 subject to the executive's continuing employment in the period
from 16 March 2010 until and including 16 March 2013.
The Supervisory Board has fixed the number of warrants that each member of the
Executive Management may subscribe as the number at market value corresponding
to no more than 8 months' worth of base salary in 2010 for the Executive
Management member in question, capped at 12 months' worth of base salary for the
company's CEO. However, from these grants, the value of the allocated free
shares will be deducted. See below.
For each of the eligible recipients, which have been appointed by the Executive
Management, the Executive Management of H. Lundbeck A/S determines the number of
warrants that each eligible recipient is entitled to subscribe.
Five warrants entitle the holder to subscribe 1 (one) Lundbeck share of DKK 5
nominal value. The subscription of shares will take place at a price per share
of DKK 5 nominal value, corresponding to the price of the H. Lundbeck A/S share
on NASDAQ OMX Copenhagen A/S (all trades) on the business days during the period
from 4 March 2010 - 10 March 2010, inclusive, however, the price per DKK 1
nominal value must not be lower than 85% of the market price of the H. Lundbeck
A/S share at the date of grant, all trades, divided by 5 and rounded up to the
nearest whole number of kroner (exercise price). The warrants may be exercised
during certain windows in the period from the date of grant, 16 March 2013,
until and including 16 March 2018.
The number of warrants granted to Executive Management members is calculated and
determined when the exercise price is known. The value of the warrants granted
is calculated using the Black & Scholes formula based on the assumption that H.
Lundbeck A/S ranks number one in the above-mentioned peer group.
The market value of the warrants at the time of the award on 3 March 2010 is
calculated at approximately DKK 24.0 million using the Black & Scholes formula
based on market assumptions. The number of warrants granted is low compared to
the overall share capital of H. Lundbeck A/S, and therefore no adjustment has
been made for the dilutive effect of the warrants granted when calculating the
market value.
The Supervisory Board also resolved to grant the individual Executive Management
members a number of free shares in H. Lundbeck A/S, the number of which is
calculated by dividing 10% of each Executive Member's base salary in 2010 by the
exercise price applicable for the warrants. However, the number of shares will
be adjusted where necessary to comply with the 10% value limit stipulated by
section 7 H(2)(ii) of the Danish Tax Assessment Act. The shares are granted on
terms and conditions consistent with the remuneration guidelines for the
Executive Management of H. Lundbeck A/S that were adopted at the company's
annual general meeting held on 22 April 2008.
However, for executives in the US subsidiaries (4 persons) Stock Appreciation
Rights and Restricted Cash Units on economic terms essentially corresponding to
the terms for the warrants granted to other executive employees will be issued.
In the financial statements, the incentive programme will be recognised in the
income statement at fair value, and a probability calculation will be made in
respect of H. Lundbeck A/S' ranking in the above-mentioned peer group in terms
of warrants granted to the Executive Management. Shares and warrants will be
granted to Executive Management members subject to these members achieving
market goals, and the value of the award is therefore recognised in the income
statement over the vesting period (three years). The value of other awards is
recognised in the income statement at the date of grant.
Protection of patents and other intellectual property rights
A prerequisite for Lundbeck's continued investment in innovative pharmaceuticals
is that intellectual property rights are respected. Lundbeck believes that the
Group's intellectual property rights are valid and enforceable, and it is
Lundbeck's policy to enforce its intellectual property rights, wherever they may
be violated. Lundbeck is involved in pending patent trials in Austria, Belgium,
Brazil, Canada, Denmark, Finland, France, Germany, Hungary, Israel, Lithuania,
The Netherlands, Norway, Portugal, Rumania, Spain, Turkey, UK and the US in
respect of the Group's intellectual property rights concerning escitalopram.
Conference call
Today at 2.00 pm (CET), Lundbeck will be hosting a conference call for the
financial community. You can listen to the conference on the Group's website
www.lundbeck.com
Presentations".
Further information
An electronic version of the annual report for 2009 and further information
about Lundbeck is available from the company's website www.lundbeck.com. The
print version of the annual report for 2009 will be available on 7 April 2010.
Lundbeck contacts
Investors: Media:
Jacob Tolstrup Mads Kronborg
Vice President, IR & Communication Media Relations Manager
+45 36 43 30 79 +45 36 43 28 51
Palle Holm Olesen
Chief Specialist; Investor Relations
+45 36 43 24 26
Magnus Thorstholm Jensen
Investor Relations Officer
+45 36 43 38 16
About Lundbeck
H. Lundbeck A/S (LUN.CO, LUN DC, HLUKY) is an international pharmaceutical
company committed to improve the quality of life for people suffering from
central nervous system (CNS) disorders. For this reason, Lundbeck is engaged in
the research and development, production, marketing and sale of pharmaceuticals
across the world, targeted at disorders such as depression and anxiety,
schizophrenia, insomnia, Huntington's, Alzheimer's and Parkinson's diseases.
Lundbeck was founded by Hans Lundbeck in 1915 in Copenhagen, Denmark, and today
employs over 5,500 people worldwide. Lundbeck is one of the world's leading
pharmaceutical companies working with CNS disorders. In 2009, the company's
revenue was DKK 13.7 billion (approximately EUR 1.8 billion or USD 2.6 billion).
For more information, please visit www.lundbeck.com.
--------------------------------------------------------------------------------
[1] Xenazine® is a registered trademark of Biovail Laboratories International
(Barbados) S.R.L.
[HUG#1390692]
Annual report 2009: http://hugin.info/130085/R/1390692/348727.pdf
Release no 397: http://hugin.info/130085/R/1390692/348728.pdf
Unternehmensinformation / Kurzprofil:
Datum: 04.03.2010 - 08:02 Uhr
Sprache: Deutsch
News-ID 13134
Anzahl Zeichen: 0
contact information:
Town:
Valby
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 280 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Fourth quarter and full year report 2009 - Lundbeck delivers 22 percent revenue growth for 2009 and meets financial expectations for 2009"
steht unter der journalistisch-redaktionellen Verantwortung von
H. Lundbeck A/S (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
