Lundbeck beats 1st-qtr sales expectation

Danish CNS specialist Lundbeck (LUND: CO) today posted first-quarter 2020 financials, noting that revenues reached 4,564 million Danish kroner ($661.3 million), a rise of 8% (+7% in local currencies), above an average of 4.34 billion kroner forecast by analysts in a Refinitiv Eikon poll. Key brands registered cumulative growth of 35%.

Core earnings before interest and taxes (EBIT) came in at 1,357 million kroner, down 4%. On a reported basis, EBIT was 338 million kroner, down 72%. Core earnings per share were 4.89 kroner, down 11%.

Lundbeck shares rose 2.75% to 253.80 kroner in early trading, but drifted back to 245.50 kroner by late morning