Lundbeck delivers a solid EBIT of DKK 882 million and Vyepti is off to a good start

HIGHLIGHTS

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:

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.