· Lundbeck's FY 2020 financial guidance for revenue, EBITDA and Core EBIT is maintained
· The reversal of the impairment loss is expected to increase the annual amortizations and thereby reduce the company's FY 2020 financial guidance for reported EBIT from previously
· The adjustment does not generate any cash effect to Lundbeck
· Lundbeck has not changed its expectations to Rexulti[® ]since 2015, although changes in timing and amounts of cash flows have occurred throughout the years
· Lundbeck accepts the decision even tough it is based on a new
Valby,
In 2015 Lundbeck recognized an impairment loss of the Rexulti product rights in the amount of
Financial guidance
As a consequence of the decision from the
Financial guidance
DKK FY 2019 actual Previous 2020 guidance Revised 2020 guidance
Revenue 17,036 million 17.5 - 17.8 billion 17.5 - 17.8 billion
EBITDA 4,823 million 4.5 - 4.7 billion 4.5 - 4.7 billion
Core EBIT 4,976 million 4.3 - 4.5 billion 4.3 - 4.5 billion
Profit from 3,608 million 2.0 - 2.2 billion 1.7 - 1.9 billion
operations
(EBIT)
Lundbeck contacts
Investors: Media:
Vice President, Investor Relations Vice President,
Corporate
Communication
PALO@lundbeck.com JULZ@lundbeck.com
+45 30 83 24 26 +45 36 43 40 00
About
Millions of people worldwide live with brain diseases, and far too many suffer due to inadequate treatment, discrimination, a reduced number of working days, early retirement, and other unnecessary consequences. Every day, we strive for improved treatment and a better life for people living with brain diseases - we call this Progress in Mind.
Our approximately 5,800 employees in more than 50 countries are engaged in the entire value chain throughout research, development, production, marketing, and sales. Our pipeline consists of several R&D programs, and our products are available in more than 100 countries. We have research centers in
For additional information, we encourage you to visit our corporate site www.lundbeck.com, and connect with us on Twitter at @Lundbeck and via LinkedIn.
Safe Harbor/Forward-Looking Statements
The above information contains forward-looking statements that provide our expectations or forecasts of future events such as new product introductions, product approvals and financial performance.
Such forward-looking statements are subject to risks, uncertainties and inaccurate assumptions. This may cause actual results to differ materially from expectations and it may cause any or all of our forward-looking statements here or in other publications to be wrong. Factors that may affect future results include interest rate and currency exchange rate fluctuations, delay or failure of development projects, production problems, unexpected contract breaches or terminations, government-mandated or market-driven price decreases for Lundbeck's products, introduction of competing products, Lundbeck's ability to successfully market both new and existing products, exposure to product liability and other lawsuits, changes in reimbursement rules and governmental laws and related interpretation thereof, and unexpected growth in costs and expenses.
Certain assumptions made by Lundbeck are required by Danish Securities Law for full disclosure of material corporate information. Some assumptions, including assumptions relating to sales associated with product that is prescribed for unapproved uses, are made considering past performances of other similar drugs for similar disease states or past performance of the same drug in other regions where the product is currently marketed. It is important to note that although physicians may, as part of their freedom to practice medicine in the US, prescribe approved drugs for any use they deem appropriate, including unapproved uses, at Lundbeck, promotion of unapproved uses is strictly prohibited.
Ottiliavej 9, 2500 Valby,
+45 3630 1311
info@lundbeck.com
https://news.cision.com/h--lundbeck-a-s/r/the-danish-business-authority--erhvervsstyrelsen--requires-lundbeck-to-conduct-a-new-impairment-test,c3245409
https://mb.cision.com/Main/18215/3245409/1341197.pdf
(c) 2020 Cision. All rights reserved., source