Generics take toll on Lundbeck sales, but shares up

14 August 2019

Shares of Danish CNS specialist Lundbeck (LUND: CO) were up 3.3% at 269.60 Danish kroner by midday, despite revealing first-half financials showing that sales and earnings were down.

Revenue reached 8.48 billion Danish kroner ($1.27 billion) in the first six months of 2019 representing a decline of 9% (8% in local currencies) compared to the same period last year. The decline was expected and a result of generic competition on Onfi (clobazam). Excluding Onfi, revenue grew by 4%.

Core earnings before interest and tax (EBIT) reached DKK 2,729 million kroner, corresponding to a core EBIT margin of 32.2%

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