Lundbeck restructuring

H. Lundbeck A/S (CSE:LUN) climbed DKK32.10 (19%) to DKK201 on Wednesday after unveiling restructuring plans designed to cut costs and regain profitability. The restructuring is Lundbeck's first major move since Kare Schultz took the helm as president and CEO in May.

The company plans to reorganize headquarter functions and European commercial operations, which will involve a 17% reduction in staff. Lundbeck expects the restructuring to cut costs by DKK3 billion ($445.2 million) by 2017. Lundbeck also raised its 2015 revenue guidance to DKK14 billion ($2.1 billion) from DKK 13.2-DKK 13.7 billion ($2 billion). ...