Lundbeck reports profit fall

Danish drugs manufacturer Lundbeck has posted a 1.6 per cent fall in first-quarter net profit to DKK930m (€124.7m).

The company's revenue increased by 7 per cent to DKK4.1bn (€550m) in the first quarter, however, driven by a positive development of key products: antidepressant Cipralex (escitalopram), Alzheimer's treatment Ebixa (memantine) and Parkinson's treatment Azilect (rasagiline). Lundbeck said the products generated sales growth in the quarter, of 6 per cent, 12 per cent and 15 per cent respectively.

Ulf Wiinberg, chief executive, said: "It has been a good first quarter and several positive pipeline events have improved our long-term outlook."

The company still expects to make full-year sales of up to DKK15.8bn (€2.2bn). Earnings before interest and tax, depreciation and amortisation (EBITDA) is still expected to be up to DKK4.6bn (€616m).