Valby, Denmark, 6 May 2015 - H. Lundbeck A/S (Lundbeck) today announced that the Board of Directors of the company has appointed Kåre Schultz as new president and CEO of Lundbeck. Kåre Schultz will take up his new position on 20 May 2015.
"It is a great pleasure to announce that Kåre Schultz will join Lundbeck as president and CEO. With his unique experience from an impressive career in the pharmaceutical industry, Kåre Schultz has all the qualifications to handle the challenges Lundbeck faces," says Håkan Björklund, Chairman of Lundbeck's Board of Directors.
Lundbeck's future president and CEO has been the president and COO of Novo Nordisk A/S since January 2014. He joined Novo Nordisk in 1989.
Kåre Schultz is chairman of the board of Royal Unibrew A/S and a member of the board of LEGO A/S, both in Denmark. He has an MSc in Economics from the University of Copenhagen, Denmark, from 1987. Kåre Schultz is a Danish national, born May 1961.
"Lundbeck stands out in the industry as a company focused on brain diseases. I'm motivated and inspired by Lundbeck's vision and excited to bring my business background to lead Lundbeck to the next phase of its development", says Kåre Schultz and continues "Lundbeck is going through challenging times and I look forward to working with everyone at Lundbeck to build a strong future for our patients, shareholders and employees."
H. Lundbeck A/S (LUN.CO, LUN DC, HLUYY) is a global pharmaceutical company specialized in brain diseases. For more than 50 years, we have been at the forefront of research within neuroscience. Our key areas of focus are alcohol dependence, Alzheimer's disease, bipolar disorder, depression/anxiety, epilepsy, Huntington's disease, Parkinson's disease, schizophrenia and symptomatic neurogenic orthostatic hypotension (NOH).
An estimated 700 million people worldwide are living with brain disease and far too many suffer due to inadequate treatment, discrimination, a reduced number of working days, early retirement and other unnecessary consequences. Every day, we strive for improved treatment and a better life for people living with brain disease – we call this Progress in Mind.
Read more at www.lundbeck.com/global/about-us/progress-in-mind.
Our approximately 6,000 employees in 57 countries are engaged in the entire value chain throughout research, development, production, marketing and sales. Our pipeline consists of several late-stage development programs and our products are available in more 100 countries. We have research centers in China, Denmark and the United States and production facilities in China, Denmark, France and Italy. Lundbeck generated revenue of approximately DKK 13.5 billion in 2014 (EUR 1.8 billion; USD 2.4 billion).
Lundbeck's shares are listed on the stock exchange in Copenhagen under the symbol "LUN". Lundbeck has a sponsored Level 1 ADR program listed in the US (OTC) under the symbol "HLUYY".
For additional information, we encourage you to visit our corporate site www.lundbeck.com.
Safe Harbor/Forward-Looking Statements
The above information contains forward-looking statements that provide our expectations or forecasts of future events such as new product introductions, product approvals and financial performance.
Such forward-looking statements are subject to risks, uncertainties and inaccurate assumptions. This may cause actual results to differ materially from expectations and it may cause any or all of our forward-looking statements here or in other publications to be wrong. Factors that may affect future results include interest rate and currency exchange rate fluctuations, delay or failure of development projects, production problems, unexpected contract breaches or terminations, government-mandated or market-driven price decreases for Lundbeck's products, introduction of competing products, Lundbeck's ability to successfully market both new and existing products, exposure to product liability and other lawsuits, changes in reimbursement rules and governmental laws and related interpretation thereof, and unexpected growth in costs and expenses.
Certain assumptions made by Lundbeck are required by Danish Securities Law for full disclosure of material corporate information. Some assumptions, including assumptions relating to sales associated with product that is prescribed for unapproved uses, are made taking into account past performances of other similar drugs for similar disease states or past performance of the same drug in other regions where the product is currently marketed. It is important to note that although physicians may, as part of their freedom to practice medicine in the US, prescribe approved drugs for any use they deem appropriate, including unapproved uses, at Lundbeck, promotion of unapproved uses is strictly prohibited