Lundbeck tops Q3 expectations following strong sales of mental health drugs

Denmark’s Lundbeck has beat its expectations in third quarter results, following a strong performance from its portfolio of mental health drugs, although its newly-launched migraine drug seems to have got off to a slow start.

Lundbeck posted quarterly sales of 4.46 billion Danish kroner ($693.39 million), which Reuters noted beat expectations of around 4.39 billion kroner expected by analysts in a poll compiled by Refinitiv.

The performance was thanks to increased sales of its mental health drug Abilify Maintena, which increased 19% in the first nine months of the year compared with the same period last year to 1.729 billion Danish kroner ($270 million).

Sales of its depression drug Trintellix increased 14% to 2.3 billion kroner ($360 million) over nine months.

Another of the company’s mental health drugs, Rexulti (brexipiprazole) for maintenance treatment of schizophrenia saw sales increased by 24% to just over 2 million Danish kroner ($310 million).

The company also has high hopes for its Vyepti migraine drug, although this has only produced sales of 42 million Danish kroner ($6.5 million) since its launch in the US in March.

Lundbeck added Vyepti to its portfolio following its acquisition of Alder in a deal worth up $1.95 billion in September last year.

The last in a gang of four calcitonin gene-related peptide (CGRP) drugs to be approved, Alder decided to develop Vyepti as an intravenous drug that is administered in hospital instead of using pens where patients administer doses themselves.

While the self-administered rivals from Amgen/Novartis, Eli Lilly and Teva that were already on the market at the time of approval may have an advantage in terms of convenience, Lundbeck hopes its IV drug will be more popular with payers.

CEO Deborah Dunsire said that patient feedback about Vyepti had been “strongly positive” and noted its fast onset may also give it the edge over rivals.

Lundbeck upwardly revised full-year earnings before interest and tax (EBIT) to come in between 2 billion crowns and 2.2 billion Danish kroner, up from a previous estimate of 1.8 billion kroner to 2 billion kroner.