COPENHAGEN (Reuters) - Danish drug maker Lundbeck is making solid progress with new product launches, a key focus area as it aims to double its revenue base by 2020, Chief Executive Ulf Wiinberg said on Monday.
The firm has bet heavily on new products with particular emphasis on drugs like its novel antidepressant Brintellix, alcohol dependence treatment Selincro, multiple psychiatric diseases drug Brexpiprazole and schizophrenia treatment Abilify Maintena.
"The biggest swing factor is the new drugs' success," Wiinberg told an investor presentation. "We have an aggressive goal to rejuvenate our product portfolio and to meet the unmet needs"
"With new product sales, product launches and underlying volume growth we have the sales potential to create 2-3 Lundbecks as we know it today," he said.
Brintellix, which was approved in the United States in September and is co-marketed with Takeda Pharmaceutical, is one of its key products, as the patents of its existing antidepressant expires.
"We believe that treatment with Brintellix indicates meaningful differentiation to other compounds out there," Torsten Meldgaard Madsen, a director of the Brintellix science team said.
Assuming a price similar to competitor Eli Lilly's Cymbalta, an average market share of 2 percent would result in annual Lundbeck revenue of more than five billion Danish crowns per year, the company said.
Lundbeck expects to launch the drug in Europe during the first half of 2014.
Another bet, Abilify Maintena, also launched in the U.S., has been given very positive physician feedback, the firm said.
"Therefore we will deliver what we provided as guidance for the drug, which is a sale of 2.5 billion crowns per year," Andreas Eggert, a senior vice president, said.
(Reporting by Stine Jacobsen; Editing by Balazs Koranyi)