Lundbeck continues to show solid revenue growth and strong improvement in profitability

Revenue reached DKK 15,634 million in 2016 representing an increase of 7% compared to last year

Revenue in the US reached DKK 8,404 million, up 32% (30% in local currency)

Revenue in International Markets reached DKK 3,993 million, up 4% (7% in local currencies)

Revenue in Europe reached DKK 2,912 million, down 25% (25% in local currencies)

Revenue from key products grew 79% (78% in local currencies) to DKK 6,541 million in 2016 representing 42% of total revenue

Abilify Maintena® reached DKK 1,114 million, up 67% (67% in local currencies)

Brintellix®/Trintellix® reached DKK 1,105 million, up 76% (79% in local currencies)

Northera® reached DKK 1,087 million, up 129% (128% in local currency)

Onfi® reached DKK 2,409 million, up 37% (34% in local currency)

Rexulti® reached DKK 826 million, up 608% (608% in local currency)  

EBIT improved significantly reaching DKK 2,292 million. In 2016, the EBIT margin reached 14.7% compared to a negative EBIT margin of 46.7% in 2015. In 2015, EBIT included an impairment loss and restructuring charges of close to DKK 7 billion, and 2016 included an impairment loss of DKK 140 million relating to idalopirdine

The free cash flow reached DKK 2,789 million compared to a cash outflow of DKK 2,645 million last year. The net position has changed from interest bearing debt of DKK 2.2 billion at the end of 2015 to a positive net cash position of DKK 326 million

For 2017, Lundbeck expects revenue of DKK 16.3-17.1 billion and EBIT of DKK 3.4-3.8 billion

The Board of Directors proposes to pay a dividend of DKK 2.45 per share, corresponding to a pay-out ratio of 40%. Lundbeck revises its dividend policy and increases the dividend pay-out ratio from the current 30%-40% of net profits to 60%-80% of net profits from 2017 and onwards

In connection with the financial report, Lundbeck’s President and CEO, Kåre Schultz said:

"I am pleased with our strong operational performance in 2016 where we have delivered results that exceeded our own expectations. I am confident that we can deliver on our targets for the coming years."

DKK millionFY2016 FY2015Growth

Reported Revenue15,63414,5947%

Reported EBIT2,292(6,816)-

Reported EPS6.14(28.96)-

Reported EBIT margin14.7%(46.7%)-

Core Revenue*15,63414,4648%

Core EBIT*3,477847311%

Core EPS*11.141.56614%

Core EBIT margin*22.2%5.9%-

*For definition of the measures "Core Revenue" and "Core EBIT", see note 3 Core reporting