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Lundbeck upgrades FY07 guidance

Lundbeck raises its FY07 operating profit guidance to more than USD 510.7m from USD 491m

Danish pharmaceutical company Lundbeck has raised its FY07 operating profit guidance to more than DMK 2.6bn (USD 510.7m) from DMK 2.5bn (USD 491m).

The company posted Q3 FY07 pre-tax profit of DMK 1bn (USD 196.4m), up 56 per cent year-on-year and ahead of consensus estimates, according to RB Boersen analysts, of DMK 916m (USD 179.9m).

The group reiterated its FY07 guidance for an EBIT margin of 25 per cent and a level of investment of about DMK 650m (USD 127.7m).

Q3 FY07 sales were DMK 3bn (USD 589.1m), up 32 per cent from a year earlier and ahead of market estimates for DMK 2.9bn (USD 569.5m).

The sales increase was driven by sales of depression treatment Lexapro (escitalopram), which increased 46 per cent year-on-year to reach DMK 699m (USD 137.3m).

Lundbeck's CEO Claus Braestrup said: "In the third quarter, sales of our new pharmaceuticals progressed successfully in all of our markets, and this leads us to upgrade our full-year earnings forecast for 2007."

Lundbeck said it continues its ongoing share buy-back programme, and expects to complete it by the end of 2008.

30th September 2008

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