Lundbeck delivers strong results and builds on pipeline
pharmafile | May 7, 2010 | News story | | 2010 financials, Azilect, Lundbeck
Denmark-based Lundbeck has seen a large jump in revenue for the first quarter thanks to steady growth from its lead product Cipralex and strong performance from newer drugs.
The central nervous system specialist saw profit rise 32% to DKK 1.2 billion on the back of revenues that grew 15% to DKK 3.85bn in constant exchange rates.
The biggest growth came from recently launched Parkinson’s disease treatment Azilect, which jumped 46% on last quarter to DKK 240m.
Its biggest selling drug Cipralex, an anti-depressant, grew 7% to DKK 1.5bn and Lundbeck’s other anti-depressant Lexapro and Alzheimer’s treatment Ebixa both grew at 16%, making DKK 727m and DKK 611m respectively.
Ulf Wiinberg, president and chief executive, said: “The first quarter of 2010 has been very strong for Lundbeck, and revenue and profits continue to show firm growth. All key products are delivering good results and Cipralex continues to show solid growth across Europe and in most of our international markets.”
The Danish pharma company maintained its 2010 financial forecast, expecting to end the year with revenues of DKK 14.3-14.8bn.
Wiinberg added: “With the results for the quarter we are off to a good start to deliver on our financial guidance.”
Lundbeck’s expanded pipeline
The company’s pipeline currently includes one compound in the FDA regulatory process and 12 compounds in clinical stages I to III.
Lundbeck is developing a number of new products in its existing fields of specialty including: depression, anxiety and mental health disorders. It also hopes to move into new areas such as epilepsy, stroke and alcohol dependence.
Its most recent phase III clinical trial is for major depressive disorder (MDD) drug Lu AA21004, studies for which will include approximately 2,000 patients with moderate to severe depression.
Lundbeck also said its the phase III programme studying the use of nalmefene in alcohol dependence is progressing as planned and two of the three studies are ahead of schedule and have finished recruiting patients.
Data from the clinical programme is expected around year-end 2010, with a European filing expected in the second half of 2011.
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