Lundbeck Revenue Misses Consensus; Cuts Revenue Outlook on Generic Competition

Mittwoch, 18.08.2021 07:45 von PLX

• (PLX AI) – Lundbeck half year revenue DKK 8,233 million vs. estimate DKK 8,304 million.
• • half year EPS DKK 5.03 vs. estimate DKK 4.97
• • half year EBIT DKK 1,478 million vs. estimate DKK 1,418 million
• • half year EBIT margin 18%
• • Cuts upper end of revenue outlook, lifts lower end of EBIT outlook
• • Outlook FY revenue DKK 16,300-16,600 million vs. DKK 16,300-16,900 million previously
• • Outlook FY EBIT DKK 2,000-2,300 million vs. DKK 1,800-2,300 million previously
• • Outlook FY core EBIT DKK 3,300-3,600 million vs DKK 3,100-3,600 million previously
• • The results are still expected to be driven by the continued growth of Abilify Maintena, Brintellix/Trintellix, Rexulti/Rxulti and the expected strong growth of Vyepti
• • However, Northera was exposed to generic competition from February 2021 and we have seen a very aggressive erosion curve
• • Therefore, it is now expected to lead to a decline of around 75% of Northera revenue compared to 2020
• • Additionally, we see a lower level for our contract manufacturing activities
• • COVID-19 pandemic resulted in lower than expected SG&A expenses in the first half of 2021 mitigating some of the downdraft