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Annual Report 2011 3) the Calculation Is Based on a Share Denomination of DKK 5

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Annual Report 2011 3) the Calculation Is Based on a Share Denomination of DKK 5 Financial highlights Group 2011 2010 2009 2008 2007 2011 2011 DKKm DKKm DKKm DKKm DKKm EURm1 USDm2 Revenue 16,007 14,765 13,747 11,572 11,171 2,148 2,987 Research and development costs 3,320 3,045 3,196 2,990 2,193 446 620 Operating profit before depreciation and amortisation (EBITDA) 4,628 4,393 3,728 3,418 3,611 621 864 Profit from operations (EBIT) 3,393 3,357 2,858 2,354 2,689 455 633 Net financials (96) (68) (192) (28) 65 (13) (18) Profit for the year 2,282 2,466 2,007 1,663 1,881 306 426 Total assets 20,534 18,005 17,127 12,526 12,230 2,762 3,574 Equity 12,776 11,122 8,803 7,511 7,089 1,719 2,224 Cash flows from operating and investing activities 929 2,462 (2,040) 2,193 1,610 125 173 Investments in property, plant and equipment, gross 419 383 258 229 474 56 73 % % % % % % % EBITDA margin 28.9 29.8 27.1 29.5 32.3 28.9 28.9 EBIT margin 21.2 22.7 20.8 20.3 24.1 21.2 21.2 Return on capital employed 25.3 27.6 28.0 30.0 34.6 25.3 25.3 Return on equity 19.1 24.8 24.6 22.8 27.3 19.1 19.1 Research and development ratio 20.7 20.6 23.2 25.8 19.6 20.7 20.7 Solvency ratio 62.2 61.8 51.4 60.0 58.0 62.2 62.2 Capital turnover 78.0 82.0 80.3 92.4 91.3 78.0 78.0 Effective tax rate 30.8 25.0 24.7 27.1 29.6 30.8 30.8 DKK DKK DKK DKK DKK EUR1 USD2 Earnings per share (EPS)3 11.63 12.57 10.24 8.45 9.18 1.56 2.17 Diluted earnings per share (DEPS)3 11.63 12.57 10.24 8.45 9.17 1.56 2.17 Proposed dividend per share3 3.49 3.77 3.07 2.30 2.56 0.47 0.65 Cash flow per share3 18.48 16.65 15.47 14.12 13.18 2.48 3.45 Net asset value per share3 65.14 56.71 44.89 38.30 35.33 8.76 11.34 Market capitalisation (million) 21,183 20,788 18,582 21,657 28,605 2,849 3,687 Average number of employees 5,690 5,689 5,526 5,208 5,134 Incidence of work-related injuries (per million working hours) 4.95 7.87 6.15 7.60 5.90 Raw material consumption (tonnes) 6,064 6,113 6,286 6,425 7,256 CO2 emission (tonnes) 34,115 38,004 39,284 41,573 47,867 Energy consumption (MWh) 115,390 125,221 111,927 112,740 127,318 Hazardous waste (tonnes) 10,144 10,388 11,661 11,340 9,869 1) Income statement items are translated using the average EUR exchange rate (745.07). Balance sheet items are translated at the EUR exchange rate on 31 December 2011 (743.42) 2) Income statement items are translated using the average USD exchange rate (535.92). Balance sheet items are translated at the USD exchange rate on 31 December 2011 (574.56) annual report 2011 3) The calculation is based on a share denomination of DKK 5. Treating brain disorders Comparative figures including number of shares have been restated using a factor 0.9999 for the effect of employees’ exercise of warrants. lundbeck our Focus at a glance We are a specialized pharmaceutical company engaged in developing new and innovative treatments for brain disorders on the basis of in-house research and external partnerships. 16,007 6,000 57 vision mission values Our vision is to become Our mission is to improve imaginative – Dare to be different revenue employees global presence a world leader in the quality of life of people passionate – Never give up Our 2011 revenue reached We are approximately 6,000 employees1 We are a global company with psychiatry and neurology. suffering from psychiatric responsible – Do the right thing DKK 16,007 million presence in 57 countries and with and neurological disorders. competencies and activities throughout the value chain: research, development, production, marketing and sales 20.7% 70% 1915 research and development lundbeck foundation history 20.7% of our revenue is reinvested in The largest shareholder is the Lundbeck was founded by Hans Lundbeck research and development of new and Lundbeck Foundation, which holds 70% of almost 100 years ago in 1915. The company lundbeck has activities relating innovative pharmaceuticals for the the shares. In 2011, the Foundation donated was listed on NASDAQ OMX to a number of brain disorders: treatment of brain disorders DKK 504 million for scientific research Copenhagen in 1999 alzheimer’s disease bipolar disorder depression/anxiety epilepsy ’ revenue and growth by product huntingtons disease parkinson’s disease cipralex®/lexapro® ebixa® azilect® xenazine® sabril® other schizophrenia Depression and anxiety Alzheimer's disease Parkinson's disease Huntington's disease Epilepsy pharmaceuticals2 DKK 8,492 million DKK 2,751 million DKK 1,187 million DKK 852 million DKK 309 million DKK 2,027 million +3% +14% +15% +40% +73% 0% 1) Number of employees, including part-time employees at the end of 2011 2) Revenue from Saphris®/Sycrest® is included in Other pharmaceuticals. lundbeck annual report 2011 1 contents management review 2 preface: making a difference 4 achievements in 2011 6 Management’s review of 2011 16 growing burden of disease 20 research and development 22 Pipeline progress and partnerships 26 markets and products 30 Increasing revenue and higher market shares 34 Disease areas 36 responsibility and management 38 Corporate responsibility 42 Risk management 46 Corporate governance 51 The Lundbeck share 55 Executive Management and Board of Directors 4 achievements in 2011 financial statements 58 financial statements 2011 61 Consolidated financial statements 112 Financial statements of the parent company 123 Management statement 124 Independent auditor’s reports See references and notes on page 54. 20 research and development 26 markets and products Photos In this annual report, we include photos of people suffering from brain disorders. Read their stories in the Lundbeck Magazine 2012/2013. 36 responsibility and management 58 financial statements 2011 Front page photo: Jakob Tranberg, Denmark. 2 preface MAKInG A DIFFeRence Lundbeck achieved highly satisfactory results in 2011 in terms of financial, strategic and operational performance. This prepares us for meeting our ambitious targets for the coming years and for continuing to make a difference to patients with brain disorders. Recording revenues at an all-time high, Lundbeck lived up to its financial guidance China and Japan. We will continue to pursue business development opportunities in 2011. We were able to grow all of our key products despite a global economic to support our short- and long-term growth. crisis that has compelled governments around the world to introduce health care reforms. Furthermore, we have not only enjoyed success in moving our late-stage Our strategic focus in the coming years includes geographical expansion. Europe projects forward, but have also entered into valuable partnerships. represents Lundbeck’s largest market, and in 2011 revenue from European markets accounted for 50% of Lundbeck’s total revenue. As Europe accounts for only 27% In the years ahead, we intend to deliver on our floor guidance and to strengthen of the world pharmaceutical market and other regions are expected to see growth the foundation for Lundbeck’s long-term growth. Our strategy is based on devel- in the coming years, we aim to expand our presence in Asia and on the American oping our late-stage projects, diversifying our product portfolio, entering into more continent. Our platform in Japan has been established with the launch of Lexapro® partnerships and collaborations as well as expanding the business geographically. together with Japanese Mochida Pharmaceutical Co., Ltd. In China we share a competent sales force with Chinese Xian-Janssen Pharmaceutical Ltd. which In 2011, we achieved positive results in our development pipeline. We submitted pursue our goal of becoming market leader with Lexapro®, and we also have high registration applications for Onfi™ in the US, Selincro™ in Europe, and Treanda® in ambitions for Azilect® and Ebixa® in China. In the US we will further expand our Canada. Also, a registration application has been submitted for aripiprazole depot business through Sabril®, Xenazine®, Onfi™ and aripiprazole depot. in the US. Further, we received product approvals from the authorities on Lexapro® in Japan and Onfi™ in the US. We will continue to optimize the development of We are driven by a wish to continue making a difference to patients affected by our late-stage projects and expect to submit registration applications for Azilect® brain disorders. Brain disorders are among the most disabling conditions for patients in China/Asia and Lu AA21004 in Europe and the US in 2012. and are the disorders with the highest costs in societal terms. Lundbeck stands on the brink of a new era in which a number of product launches Patients will always be our most important stakeholders. It is our knowledge of will compensate for a revenue decline in our existing product portfolio while also their unmet medical needs that motivates our work to develop new and better paving the way for long-term growth. Diversification of our product portfolio will drugs in areas such as depression, anxiety, schizophrenia, Parkinson’s disease, be an ongoing process. In 2011, we launched two products, Lexapro® in Japan alcohol dependence and stroke.
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