Lundbeck's first-quarter sales rise 8%, topping forecasts

Headline results for the first quarter:

Revenue

DKK 4.6 billion ($667 million; forecasts of DKK 4.3 billion)

+8%

Profit

DKK 151 million ($22 million)

Versus DKK 898 million ($130 million)

Note: All changes are versus the prior-year period unless otherwise stated

What the company said:

CEO Deborah Dunsire remarked "I am pleased with the strong performance of our brands in this quarter. Demand has been strong, but we also recognise that we have benefitted from patients gaining longer refill prescriptions as well as some stocking of products in many countries in response to the COVID-19 pandemic." However, Lundbeck said "the magnitude is…difficult to quantify based on current data."

The drugmaker noted that Vyepti, which gained FDA approval in February for the preventive treatment of migraine, was launched last month and the first patients have been treated. Lundbeck explained that due to the coronavirus outbreak, it "has adjusted its launch activities to deliver content virtually and digitally, so patients and their healthcare providers are informed about this new treatment option."

Other results:

  • Brintellix/Trintellix: DKK 817 million ($119 million), up 36% 
  • Cipralex/Lexapro: DKK 722 million ($105 million), up 17%
  • Rexulti/Rxulti: DKK 713 million ($103 million), up 48%
  • Abilify Maintena: DKK 612 million ($89 million), up 33%
  • Northera: DKK 538 million ($78 million), up 24%
  • Sabril: DKK 177 million ($26 million), down 30%, having faced the first generic competition in the third quarter of 2017
  • Onfi: DKK 153 million ($22 million), down 53%, having lost exclusivity in October 2018
  • North America: DKK 2.4 billion ($348 million), up 10%, led by growth from Abilify Maintena, Northera, Rexulti and Trintellix, which more than offset generic erosion of Onfi
  • International markets: DKK 1.2 billion ($174 million), up 16%, boosted by sales of Abilify Maintena and Brintellix
  • Europe: DKK 896 million ($130 million), up 9%, with Abilify  Maintena, Northera, Rxulti/Rexulti and Brintellix driving revenues

Looking ahead:

Lundbeck said that "based on the current assessment of the COVID-19 impact," it continues to expect annual sales this year to be in the range of DKK 17.4 billion ($2.5 billion) to DKK 18 billion ($2.6 billion), with earnings between DKK 1.4 billion ($203 million) and DKK 1.9 billion ($276 million).

Pipeline updates:

Lundbeck also stated that it expects ongoing clinical studies currently in the recruitment stage, or trials that have yet to begin, to be delayed. The company added "we still expect to be able to start new studies later in the year."

To read more Top Story articles, click here.