Lundbeck sees strong first-half growth for strategic brands

Shares of Danish CNS specialist Lundbeck (LUND: CO) were down more that 6% at 227.30 Danish kroner as markets neared close of trading today, as the company announced that second-quarter both revenue and earnings were negatively impacted by slightly lower demand and destocking related to the ongoing COVID-19 pandemic offsetting the positive effect seen in the first quarter of the year.

The Copenhagen-based company posted quarterly sales of 4.37 billion kroner versus the 4.31 billion expected by analysts, Refinitiv Eikon data showed.

Core earnings before interest and taxes (EBIT) reached 2,483 million kroner corresponding to a core EBIT margin of 27.8. Reported EBIT reached DKK 1,085 million kroner and the EBIT margin reached 12.1% following an impairment due to the foliglurax product rights in the first quarter. Core earnings per share (EPS) reached 10.30 kroner and reported EPS reached 3.69 kroner.