Lundbeck Posts 33% Drop In Q1 Net Profit, Reiterates Forecast

H. Lundbeck A/S

reported a 33% drop in its first-quarter net profit. Lundbeck still projects full-year 2012 sales between DKK14.5 billion and DKK15.2 billion, and earnings before interest and taxes between DKK2.0 billion and DKK2.5 billion. In the first quarter, Lundbeck's net profit declined to DKK620 million, versus DKK930 million in the year-ago period, and versus analysts' estimates of DKK658.9 million. Its EBIT dropped 32% to DKK882 million from DKK1.31 billion, versus analysts' estimates of DKK895 million. Lundbeck's sales fell 7.9% to DKK3.78 billion from DKK4.10 billion, versus analysts' estimates of DKK3.87 billion. Lundbeck shares closed at $19.83 yesterday.