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Lundbeck Q2 profit up; FY guidance raised on one-time gain

H. Lundbeck A/S booked 1.29 billion Danish kroner, or 4.12 kroner per share, in core profit from operations, or core EBIT, for the second quarter ended June 30.

The result compares to the second-quarter 2016 core EBIT of 726 million kroner, or 2.26 kroner per share, and the S&P Capital IQ normalized EPS consensus estimate of 3.52 kroner.

Core results exclude the impact of certain items. Accounting for those, the company booked 1.05 billion kroner, or 3.08 kroner per share, in second quarter profit from operations, or EBIT, which compares to 469 million kroner, or 1.18 kroner per share, in the same period of 2016.

The Danish pharmaceutical company generated 4.28 billion kroner in second-quarter revenues, up from 3.75 billion kroner in the same quarter of 2016. The company's sales were helped by its anti-depressants Brintellix/Trintellix and Rexulti.

Research and development costs for the quarter fell 7% year over year to 622 million kroner due to fewer ongoing late-stage trials.

The Danish pharmaceutical company is now targeting 4.1 billion kroner to 4.5 billion kroner in 2017 profit from operations, or EBIT, as opposed to 3.6 billion kroner to 4 billion kroner previously.

Full-year revenue guidance has been increased to between 16.7 billion kroner and 17.5 billion kroner from 16.5 billion kroner and 17.3 billion kroner previously.

The forecast includes a gain of 200 million kroner on the sale of the company's two buildings in Copenhagen, Denmark.

As of Aug. 8, US$1 was equivalent to 6.34 Danish kroner.