Lundbeck reports improved sales and profitability, beating forecasts

Danish CNS specialist drugmaker Lundbeck (LUND: CO) saw its shares leap 7.8% to 231.90 Danish kroner this morning, after it raised its full-year revenue and profit forecasts after reporting stronger than expected third-quarter earnings.

Third-quarter 2016 revenue came in at 3.95 billion kroner ($587.5 million, beating Reuters poll of analyst’s forecasts of 3.71 billion kroner, Earnings before interest and taxes (EBIT)

For the first nine months of 2016 Lundbeck said revenues reached 11.47 billion, representing an increase of 6% compared to the same period last year. Revenue in the USA increased 33% (30% in local currency) to 6,035 million kroner.Revenue in international markets was unchanged (increased 4% in local currencies) at 2,988 million kroner. Revenue in Europe declined 25% (24% in local currencies) to 2,199 million kroner.