Danish drugmaker Lundbeck ups profit outlook on improved sales

COPENHAGEN, Nov 5 (Reuters) - Danish drugmaker Lundbeck raised its outlook for full-year sales and profit after announcing better-than-expected third quarter sales on Tuesday.

Lundbeck, which specialises in treatments for illnesses such as Alzheimer’s and depression, said it now expected annual revenue to range from 16.7 billion to 16.9 billion Danish crowns ($2.52 billion), up from an estimated 16.3 billion to 16.7 billion.

It expects earnings before interest and tax (EBIT) to land in the range of 3.4 to 3.7 billion, up from a previous 3.2 to 3.6 billion.

“We are very pleased with the strong financial results for the first nine months of 2019,” chief executive Deborah Dunsire said in a statement.

“The raise in our guidance is primarily based on our strategic brands,” she added.

Sales in the first nine months came in at 12.6 billion, down 9.4% from the same period last year. ($1=6.7140 Danish crowns) (Reporting by Nikolaj Skydsgaard)