August 8, 2018 / 8:44 AM / 4 months ago

UPDATE 1-Lundbeck drops as its adjusted profit outlook fails to impress

(Adds analyst, share price reaction)

COPENHAGEN, Aug 8 (Reuters) - Shares in Lundbeck dropped as much as 10 percent on Wednesday after the Danish drugmaker failed to impress the market with revisions to its full-year profit outlook.

Lundbeck narrowed its operating profit guidance to between 4.9 and 5.2 billion Danish crowns ($764-811 million) from the earlier range of 4.8-5.2 billion, but still below the 5.3 billion expected by analysts in a Reuters poll.

It also narrowed its revenue guidance to 17.6-18.0 billion crowns from 17.2-18.0 billion crowns. Analysts had predicted full-year revenue just above 18 billion crowns.

Lundbeck’s shares were down 8.8 percent at 08.22 GMT.

The company reported second-quarter operating profit of 1.35 billion Danish crowns beating the 1.19 billion expected by analysts, but that was mostly due to one-offs such as an unexpected settlement gain in Australia.

“Adjusting for one-offs, the underlying result is more broadly in line,” Deutsche Bank said in a note.

Sales of the company’s key products were also below expectations in the second quarter, Jefferies said in a note.

$1 = 6.4134 Danish crowns Reporting by Teis Jensen. Editing by Jane Merriman

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