Danish pharmaceutical company Lundbeck (LUN) delivered a pleasant surprise for investors after the company, which specialises in central nervous system medicines, reported a solid-looking 11 per cent rise in first-half revenues to DKK 8.11bn (£940m), with new product launches helping to boost operating profits by 33 per cent to DKK 1.02bn.
That came in spite of a large European Commission fine for Lundbeck of DKK 900m for allegedly trying to block rival products and despite increased generic competition to some of its key products. The performance was such that management nudged its forecasts higher for the full year, with revenues now expected to be between DKK 14.6bn and DKK 15bn, giving operating profits of between DKK 1.3bn and DKK 1.7bn, compared with previous guidance of DKK 14.4bn-15bn and DKK 1.2bn-1.7bn, respectively.
