Lundbeck rises on strong sales and earnings growth
Shares of Denmark’s Lundbeck (LUND: CO) were up more than 9% this morning, after the CNS specialist released its 2022 financial results, showing that growth of its strategic brands accelerated further with an increase of 31% (+20% in local currencies) in 2022, reaching 12.1 billion kroner ($1.76 billion), and representing 67% of overall revenue.
Lundbeck posted fourth-quarter sales up 15% to 4.68 million kroner, above the 4.56 million kroner forecast by analysts in a poll carried out by the company. Its earnings before interest, taxes, depreciation and amortization (EBITDA more than doubled to 910 million kroner, though fell short of the 940 million kroner forecast by analysts.
Total revenue increased by 12% (+7% in local currencies) to 18,246 million, with all markets contributing strongly, particularly the USA, where sales were up 22% reported to 9,102 million kroner (+7% in local currencies).
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