Denmark-based biopharmaceutical company H. Lundbeck A/S (CPH: HLUN-A) has announced its financial results for the third quarter and the first three quarters of 2023. The company reported a 7% year-on-year (YOY) increase in revenues in constant currency terms for the three-month period, reaching DKK 4.952 billion (USD 709 million). For the nine-month period, sales rose by 9% YOY to DKK 14.934 billion (USD 2.1 billion).
Growth Driven by Strategic Brands
Lundbeck’s strategic brands were instrumental in driving this growth. The serotonin-dopamine activity modulator (SDAM) for major depressive disorder and schizophrenia, Rexulti/Rxulti (brexpiprazole), saw a 19% expansion over the 9-month period, reaching DKK 3.309 billion. The anti-depressant Brintellix/Trintellix (vortioxetine) also showed a 4% growth, with sales amounting to DKK 3.207 billion.
Antipsychotic and Migraine Drug Performance
The antipsychotic Abilify Maintena/Asimtufii (aripiprazole) recorded an 11% increase in sales, reaching DKK 2.374 billion. The migraine drug Vyepti (eptinezumab), first approved in 2020, enjoyed an impressive 81% growth, with sales reaching DKK 1.201 billion.
Regional Market Performance
The US and Europe markets were the primary drivers of growth, with sales up 13% and 11% YOY, respectively. In contrast, International Markets saw a more modest rise of 3% YOY. However, Lundbeck faces challenges in China due to generic competition, particularly for drugs such as Brintellix/Trintellix and Deanxit (flupenthixol, melitracen). According to the public data, Lundbeck has 24 molecules implicated in the national volume-based procurement (VBP) program in China. The company also noted that its Alzheimer’s disease drug Ebixa (memantine) has been experiencing falling sales recently after being included in both Round 3 and Round 7 of the VBP.- Flcube.com
