Lundbeck results hit by generic competition

Shares of Danish CNS specialist Lundbeck (LUND: CO) closed down 7.4% at 148.55 kroner after it reported financial results for the fourth quarter and full year 2021.

The company posted fourth-quarter revenues of 4.1 billion kroner ($630 million), down 5% year-on-year, and a net loss of 2 million versus a profit of 553 million kroner a year ago.

For the full year, revenue reached 16.3 billion kroner, due to a decline of 5% in local currencies and to erosion on Northera (droxidopa) following loss of exclusivity and reduced contract work.