Q3 2024 H Lundbeck A/S Earnings Call Transcript
Key Points
- H. Lundbeck AS (HLUBF) reported a 13% revenue growth for the first nine months of 2024, driven by a 21% increase in strategic brands.
- VYEPTI showed significant growth with a 76% increase in global net revenue year-over-year, particularly strong in the US and expanding in 29 markets.
- REXULTI's performance was bolstered by the AADAD launch in the US, contributing to a 16% global revenue increase.
- Brintellix exhibited strong growth in key markets, with a 14% increase overall and notable performance in Europe and international markets.
- The company raised the lower end of its full-year guidance, reflecting confidence in its strategic execution and market performance.
- The adjusted gross margin decreased by 80 basis points to 88.5%, primarily due to higher raw material and manufacturing costs.
- Sales and distribution costs increased by 10%, reflecting continued investments in sales and promotion activities.
- R&D costs rose by 36%, driven by a significant impairment loss and increased investments in key projects.
- The company faces unfavorable currency effects, impacting financial results and contributing to a decrease in adjusted EBITDA margin.
- There are concerns about the potential impact of the Longboard acquisition on the company's net cash position, projected to shift to a net debt position.
Ladies and gentlemen, welcome to the Lundbeck financial statement for the first nine months of 2024 conference call. I am Yousef, the Chorus Call operator. The conference is being recorded. (Operator Instructions) The conference must not be recorded for publication or broadcast.
At this time, it's my pleasure to hand over to Charl van Zyl, President and CEO. Please go ahead.
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Thank you, and welcome to our earnings call for the first nine months of 2024. Of course, I really thank you for joining today. And needless to say, I'm really proud to present these results, which are further validation of our focused innovative strategy, which allows us to raise the lower end of our full-year guidance.
But before we go to the results themselves, let us go to the next slide. So for disclosure perspective, the forward-looking statements are that today's discussion, of course, do include statements that are subject to change. And also, the next
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