Lundbeck continues to show solid revenue growth and strong improvement in profitability
Valby, Denmark, 2017-02-08 07:42 CET (GLOBE NEWSWIRE) -- HIGHLIGHTS
- 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 million | FY2016 | FY2015 | Growth |
| Reported Revenue | 15,634 | 14,594 | 7% |
| Reported EBIT | 2,292 | (6,816) | - |
| Reported EPS | 6.14 | (28.96) | - |
| Reported EBIT margin | 14.7% | (46.7%) | - |
| Core Revenue* | 15,634 | 14,464 | 8% |
| Core EBIT* | 3,477 | 847 | 311% |
| Core EPS* | 11.14 | 1.56 | 614% |
| Core EBIT margin* | 22.2% | 5.9% | - |
*For definition of the measures “Core Revenue” and “Core EBIT”, see note 3 Core reporting
