H. Lundbeck A/s Class A · OMXCOP:HLUN_A
H. Lundbeck A/s Class A — H Lundbeck A/S B — H1 2026 Earnings Presentation
66 slides from H. Lundbeck A/s Class A's earnings presentation, Aug 19, 2026
Slide 1: Business update & financial results H1 2026
Business update & financial results H1 2026 Laura and Juliana, Juliana is living with Rett syndrome and diagnosed with a developmental and epileptic encephalopathy (DEE)
Slide 2: Safe harbor/forward-looking statements
Safe harbor/forward-looking statements This presentation contains forward-looking statements that provide our expectations or forecasts of future events such as new product introductions, product approvals and financial performance. Forward looking statements include, without limitation, any stateme
Slide 3: H1 2026: Strong execution across strategic priorities
H1 2026: Strong execution across strategic priorities Vyepti-led growth, meaningful pipeline progress and continued financial strengthening Continued commercial momentum Focused commercial model Strategic brands +17% CER in H1 2026 Underlying momentum in partner markets Growth Vyepti (+46% CER) and
Slide 4: Agenda for today
Agenda for today Overview and conclusion Charl van Zyl President & Chief Executive Officer Business update Thomas Gibbs Executive Vice President, Head of Lundbeck U.S. Michala Fischer-Hansen Executive Vice President, Head of Europe & International Operations Portfolio update Tarek Samad Appointed Ex
Slide 5: Focused investment fuels Vyepti growth
Focused investment fuels Vyepti growth Accelerating U.S. demand and broad-based E&IO performance reinforce Vyepti’s growth trajectory Global reported revenue Vyepti demand in the U.S. Re-allocatedinvestments Reallocated investmentsdeliver delivermarket DKKm Vials volume uptake since launch1 accelera
Slide 6: Clinical trial and real-world data continuously strengthen the evidence base
Clinical trial and real-world data continuously strengthen the evidence base to support the differentiation of Vyepti Multiple Phase III-IV Trials in migraine prevention Fast and sustained efficacy >60% Of patients reported less than 4 monthly headache days, sustained through 104 weeks1 Of patients
Slide 7: Rexulti AADAD momentum delivers +17% CER growth
Rexulti AADAD momentum delivers +17% CER growth AADAD remains the key growth engine, supported by MDD and increasing 65+ contribution Global reported revenue Claims volume by indication Continued U.S. growth momentum DKKm AADAD volume’000 uptake since launch1 +17% CER • +16.3% TRx growth R6M (June 2
Slide 8: Asimtufii unlocks further LAI franchise growth
Asimtufii unlocks further LAI franchise growth Growing conversion and sourcing from outside the franchise support continued growth Global reported revenue Conversion status Strong execution focused on accelerating DKKm % (LTM monthly rates) conversion rates -3% CER U.S.: +7% CER DKK 1,695m Franchise
Slide 9: Strong H1 partner performance; FY outlook on track
Strong H1 partner performance; FY outlook on track Underlying H1 growth of ~13% CER after adjusting for partner inventory Global reported revenue Inventory development Illustrative Underlying momentum in partner DKKm markets intact +16% CER ~0.5 • Partner transition and execution going according to
Slide 10: Portfolio update
Portfolio update Johan Luthman, Executive Vice President, Head of Research & Development 10 H1 2026 – 19 August 2026
Slide 11: Welcoming our new Head of R&D
Welcoming our new Head of R&D Tarek Samad appointed EVP and Head of Research & Development, effective September 1, 2026 Tarek Samad Building on a transformed pipeline. Head of R&D September 2026 In his words: Lundbeck combines a unique legacy of scientific excellence with an unwavering commitment to
Slide 12: Pipeline momentum is accelerating
Pipeline momentum is accelerating Significant progress across the portfolio, reinforced by external regulatory recognitions Eptinezumab 14 • Vyepti received marketing authorization in South Korea for the preventive treatment of migraine in adults, marking an important milestone in expanding access t
Slide 13: Asedebart shows strong PoC now also in Cushing's Disease
Asedebart shows strong PoC now also in Cushing’s Disease PoC now established in both CAH and CD triggering late-stage development preparations Differentiated MoA Clear beneficial reduction in urinary free cortisol Paired UFC profile per Cushing’s Disease patient3 Targeting the root cause of cortisol
Slide 14: Delivered on ambition to have 5 to 6 mid/late-stage assets
Delivered on ambition to have 5 to 6 mid/late-stage assets Delivering key milestones and strengthening future growth opportunities Phase I Phase II Phase III Bexicaserin1 5HT2C agonist (DEE) Amlenetug Anti α-synuclein mAb (MSA) Bocunebart2 Anti-PACAP mAb (Migraine Prevention) Asedebart3 Anti-ACTH mA
Slide 15: Financial results and outlook
Financial results and outlook Joerg Hornstein, Chief Financial Officer 15 H1 2026 – 19 August 2026
Slide 16: Strong H1 with +16% CER revenue growth (+13% underlying)
Strong H1 with +16% CER revenue growth (+13% underlying) Vyepti-led growth and solid commercial execution drive strong H1 performance Key figures DKKm H1 2026 H1 2025 Δ (CER)¹ Δ (DKK) Key takeaways Revenue 13,588 12,258 16% 11% Revenue and adjusted gross margin • Vyepti-led growth, supported by Rexu
Slide 17: Strong performance drives 28% adjusted EPS growth
Strong performance drives 28% adjusted EPS growth Stronger gross profit lifts EBIT, while lower financial expenses further enhance earnings Net profit & EPS DKKm H1 2026 H1 2025 Δ (DKK) Key takeaways EBIT 3,653 3,199 14% Operating performance (EBIT) • EBIT growth reflects improved gross profit from
Slide 18: Strong cash generation supports continued deleveraging
Strong cash generation supports continued deleveraging Leverage reduced to 1.0x, supported by strong cash generation and continued debt repayment Cash flow DKKm H1 2026 H1 2025 Key takeaways EBIT 3,653 3,199 Operating cash flow Adjustments for non-cash items 1,132 920 • Strong operating performance
Slide 19: Strong H1 supports 2026 guidance
Strong H1 supports 2026 guidance Strong underlying growth with expected normalization in H2 Guidance FY 2026 Other relevant financial information Revenue growth (CER) Total revenue (IFRS) growth1 around 4% points lower than CER (7-9%) Adjusted EBITDA growth1 around 8% points lower than CER (8-14%) 7
Slide 20: Conclusion
Conclusion Charl van Zyl, President & Chief Executive Officer 20 H1 2026 – 19 August 2026
Slide 21: Strong H1: Delivering across 2026 priorities
Strong H1: Delivering across 2026 priorities Positioned to enter our scale phase with strength in 2027 2024 – 2026 2026 2H 2027 – 2029 2030 – 2033 Focus Key priorities Scale Accelerate • Build franchise in migraine • Pipeline delivering and neuro-rare breakthrough products Sustain Vyepti momentum ac
Slide 22: Q&A
Q&A 22 H1 2026 – 19 August 2026
Slide 23: Appendix
Appendix 23 H1 2026 – 19 August 2026
Slide 24: Pipeline
Pipeline Phase Ib Phase II Phase III Filing Eptinezumab Migraine Prevention2 Late Development anti-CGRP mAb1 Japan & China Bexicaserin Developmental and Epileptic Encephalopathies 5HT2C agonist Amlenetug Multiple System Atrophy anti α-synuclein mAb Bocunebart Migraine Prevention anti-PACAP mAb3 Ased
Slide 25: Expanding in migraine and headache disorders
Expanding in migraine and headache disorders Pursuing the strongest mechanistic approaches Vyepti Preventive migraine treatment and the only treatment administered in 30 min IV 4 x year Anti-PACAP To improve Addressing a gap in migraine treatment our presence Combination approaches Early exploratory
Slide 26: Vyepti effectiveness in patients with prior aCGRP failures
Vyepti effectiveness in patients with prior aCGRP failures INFUSE study in patients with high disease burden strengthens Vyepti’s clinical profile, in a real-world setting Study group composition Patients achieving response after Vyepti infusions Measured as percentage of patients achieving 50% grea
Slide 27: Anti-PACAP - a new approach to migraine treatment
Anti-PACAP - a new approach to migraine treatment Adressing an urgent need with a differentiated mode of action Perception Cerebral blood of pain vessels 3 Targeting PACAP Dura • Pituitary Adenylate Cyclase Activating Peptide (PACAP) • The PACAP peptide and its receptors are Transmission Trigeminal
Slide 28: PACAP clearly differentiates from CGRP
PACAP clearly differentiates from CGRP There is a need for additional treatment option Different signalling pathways – Different mode of action Despite the favourable benefit-risk ratio of anti-CGRPs, about 40% of patients do not achieve adequate response Compared to CGRP, experimentally introduced
Slide 29: Bexicaserin in phase III backed by strong clinical data
Bexicaserin in phase III backed by strong clinical data A differentiated, highly selective 5-HT2C agonist with a compelling efficacy and safety profile Pre-clinical evidence • Reduced seizure, epileptiform activity, duration and number of epileptiform events in fish and rodent models Phase I – Healt
Slide 30: Strong unmet need across broad range of epilepsy indications
Strong unmet need across broad range of epilepsy indications Insufficient treatment options available for epilepsy patients with drug-resistant seizures Epilepsy populations Classifying epilepsy Developmental and epileptic Unmet needs remain Based on type of seizure encephalopathies and etiology Onl
Slide 31: Majority of DEEs have no approved treatment options
Majority of DEEs have no approved treatment options U.S. patient population of approximately 220,000 and half not served by licensed therapies Sizable opportunities across all DEEs Bexicaserin Pipeline in a mechanism DEEs with approved drugs Approximately 120,000 patients Lennox-Gastaut syndrome Dra
Slide 32: Promising efficacy across multiple DEE sub-populations
Promising efficacy across multiple DEE sub-populations Phase II study showed best-in-class potential Bexicaserin reduced median countable motor seizures Clinical evidence from DEE sub-populations Median percent change from baseline Reduction in median countable motor seizures in full data set (n=52)
Slide 33: Bexicaserin – differentiated by design
Bexicaserin – differentiated by design Bexicaserin harbours best-in-class treatment potential across the DEE indication space Indication Cannabidiol1 Fenfluramine4 Bexicaserin Potential patient benefit Efficacy better than cannabidiol and similar to fenfluramine Additional benefits Dravet syndrome2
Slide 34: Currently no approved treatment for MSA
Currently no approved treatment for MSA A rapidly progressing and fatal disease The clinical course Common symptom • Slowness of movement, tremor, or stiffness • Clumsiness or lack of coordination • Croaky, quivering voice • Fainting or light-headedness • Bladder control problems Premotor MSA Possib
Slide 35: Amlenetug – inhibiting the spread to other cells
Amlenetug – inhibiting the spread to other cells Potential first disease-modifying therapy in MSA Released α-syn aggregates 1 are bound by Lu AF82422 Amlenetug (Lu AF82422) Neuron Lu AF82422 increases α-syn • Human IgG1 mAb that recognizes and 2 clearance by microglia binds to all major forms of ext
Slide 36: Potential first disease-modifying therapy in MSA
Potential first disease-modifying therapy in MSA Amlenetug (Lu AF82422) – Innovative program within rare disease progressing towards phase III pivotal headline results Progressing towards phase III pivotal headline results Market potential Potential first-in-class antibody with superior • AMULET pha
Slide 37: Leading innovation on multiple fronts within neuro-rare
Leading innovation on multiple fronts within neuro-rare Guided by insights from patients, payers and healthcare providers to improve clinical care in area of high unmet medical needs Redefining treatments for >450k patients worldwide1 Combined peak sales of USD >3bn Bexicaserin Amlenetug Development
Slide 38: Lu AG13909 – potential first-in-class neurohormonal asset
Lu AG13909 – potential first-in-class neurohormonal asset Anti-ACTH (Lu AG13909) – Strong mechanistic read-outs predict promising future Proof-of- Proof-of- Two pivotal mechanism concept read-outs programs Market potential CAH CAH & CD CAH & CD Potential first-in-human/first-in-class antibody with f
Slide 39: Letting the molecule speak – CD40L blocker (Lu AG22515)
Letting the molecule speak – CD40L blocker (Lu AG22515) Tapping into well-described and clinically validated biology Targeting the CD40-CD40L interaction Neuroimmunology is a rapidly • Potentially involved in multiple CNS disorders expanding field • Clinically validated biology targeting innate and
Slide 40: Fueling the future: Momentum building mid-stage pipeline
Fueling the future: Momentum building mid-stage pipeline Lu AF28996: First-in-class oral D1/D2 agonist in Parkinson´s Disease (PD) “Let the molecule speak” delivering Commercial edge & strategic fit Excellent understanding of PD pathophysiology Large, underserved patient population • Dopamine neurod
Slide 41: Lu AF28996 – addressing major unmet need in PD
Lu AF28996 – addressing major unmet need in PD Lack of dopaminergic neurons lead to motor symptoms Parkinson’s disease Targeting the basal ganglia • Parkinson’s disease (PD) is characterized by a progressive loss of dopaminergic neurons Progressive loss of dopaminergic basal ganglia neurons • Under
Slide 42: Lu AF28996 – an innovative and oral prodrug
Lu AF28996 – an innovative and oral prodrug Lu AF28996 provides a new solution for patients and specialists Broad-acting dopamine D1/D2 receptor agonist providing Lu AF28996 continuous dopaminergic activation • Active metabolite with agonistic properties towards both dopamine D1 and D2 receptors lea
Slide 43: Revenue overview H1 2026
Revenue overview H1 2026 Reported geographic revenue split & YoY growth1 Reported product revenue split & YoY growth1 H1 2026, DKKm H1 2026, DKKm 14,000 +16% 14,000 +16% 12,000 12,000 10,000 10,000 8,000 8,000 +17% +20% 6,000 6,000 4,000 +17% 4,000 +14% +46% 9% +22% +6% +0% +7% 2,000 2,000 +14% +0%
Slide 44: Revenue overview Q2 2026
Revenue overview Q2 2026 Reported geographic revenue split & YoY growth1 Reported product revenue split & YoY growth1 Q2 2026, DKKm Q2 2026, DKKm 8,000 8,000 +12% +12% 6,000 6,000 4,000 +14% +20% 4,000 2,000 +21% 2,000 +12% +3% +46% -2% -8% 1% +7% +7% -11% 0 0 Total United States Europe Internationa
Slide 45: Product distribution of revenue & YoY growth
Product distribution of revenue & YoY growth % of total H1 % of total Q2 DKKm H1 2026 H1 2025 Growth (CER) Growth (DKK) Q2 2026 Q2 2025 Growth (CER) Growth (DKK) 2026 revenue 2026 revenue Rexulti® 3,297 3,039 17% 8% 24% 1,685 1,548 12% 9% 26% Vyepti® 2,865 2,105 46% 36% 21% 1,501 1,063 46% 41% 23% B
Slide 46: Strategic brands
Strategic brands H1 reported revenue Quarterly reported revenue Comments DKKm DKKm Continued strong performance across the 12,000 6,000 strategic brands reaching DKK 10.5bn in H1 +17% CER +14% CER 2026, representing a growth of 17% (+11% DKK) 10,000 H1 2026 8,000 4,000 • +22% (+13% DKK) in the Unite
Slide 47: Rexulti
Rexulti H1 reported revenue Quarterly reported revenue Comments DKKm DKKm • Grew by 17% (+8% DKK) and reached DKK +17% CER +12% CER 3.3bn in H1 2026 3,500 1,800 1,600 • Grew by 12% (+9% DKK) and reached DKK 3,000 1.7bn in Q2 2026 1,400 2,500 • In the U.S., revenue continues to benefit 1,200 from con
Slide 48: Vyepti
Vyepti H1 reported revenue Quarterly reported revenue Comments DKKm DKKm • Grew by 46% (+36% DKK) and reached DKK +46% CER +46% CER 2.9bn in H1 2026 3,000 1,600 1,500 • Grew by 46% (+41% DKK) and reached DKK 1,400 2,500 1,300 1.5bn in Q2 2026 1,200 1,100 • Vyepti sustained its strong momentum in 2,0
Slide 49: Brintellix/Trintellix
Brintellix/Trintellix H1 reported revenue Quarterly reported revenue Comments DKKm DKKm • Remained flat at CER (-2% DKK) and reached 0% CER DKK 2.3bn in H1 2026 2,500 1,400 -8% CER • Declined by -8% (-9% DKK) to DKK 1bn in Q2 1,200 2026 2,000 1,000 • U.S. revenue declined -8% CER (-14% DKK) in H1 20
Slide 50: Abilify LAI franchise
Abilify LAI franchise H1 reported revenue Quarterly reported revenue Comments DKKm DKKm +7% CER • Grew 7% (+4% DKK) and reached DKK 2bn in H1 2026 2,000 1,200 +7% CER • Grew 7% (+6% DKK) and reached DKK 0.9bn in Q2 2026 1,000 1,500 • The franchise delivered solid growth in H1 2026, 800 strong uptake
Slide 51: Abilify Maintena & Abilify Asimtufii
Abilify Maintena & Abilify Asimtufii H1 reported revenue Quarterly reported revenue Comments DKKm DKKm +7% CER Abilify Maintena 2,000 1,200 • Declined by -3% (-6% DKK) and reached DKK +7% CER 1,595m in H1 2026 1,000 • Declined by -2% (-3% DKK) and reached DKK 1,500 757m in Q2 2026 800 Abilify Asimtu
Slide 52: Cipralex/Lexapro
Cipralex/Lexapro H1 reported revenue Quarterly reported revenue Comments DKKm DKKm • Grew by +19% (+16% DKK) and reached DKK 1,261m in H1 2026, mainly driven by 1,500 800 +8% CER 19% CER Partner Markets transition • Grew by +8% (+9% DKK) and reached DKK 1,200 600 509m in Q2 2026 • Continued resilien
Slide 53: Other pharmaceuticals
Other pharmaceuticals1 H1 reported revenue Quarterly reported revenue Comments DKKm DKKm • Grew by +2% (-2% DKK) and reached DKK 1,564m in H1 2026 2,200 1,100 2,000 1,000 • Declined by -4% (-4% DKK) to DKK 724m in +2% CER -4% CER Q2 2026 1,800 900 1,600 800 • Revenue was supported by strong contribu
Slide 54: Other revenue
Other revenue FY reported revenue Quarterly reported revenue Comments DKKm DKKm • Grew by +109% (+108% DKK) and reached DKK 256m in H1 2026 500 200 • Grew by +74% (+75% DKK) and reached DKK +74% CER 128m in Q2 2026 150 • Mostly contract manufacturing to third- +109% CER party 250 100 50 0 0 H1 2023
Slide 55: H1 2026: EBIT & Adjusted EBITDA
H1 2026: EBIT & Adjusted EBITDA DKKm H1 2026 H1 2025 Change (CER)1 Change (DKK) Revenue 13,588 12,258 16% 11% Gross profit 11,020 10,083 15% 9% thereof depreciation/amortization 756 778 1% (3%) Sales and distribution costs 3,701 3,818 2% (3%) thereof adjustments - 35 - - thereof depreciation/amortiz
Slide 56: Q2 2026: EBIT & Adjusted EBITDA
Q2 2026: EBIT & Adjusted EBITDA DKKm Q2 2026 Q2 2025 Change (CER)1 Change (DKK) Revenue 6,463 6,023 12% 7% Gross profit 5,196 4,932 11% 5% thereof depreciation/amortization 382 383 1% 0% Sales and distribution costs 1,922 1,946 1% (1%) thereof adjustments - 37 - - thereof depreciation/amortization 4
Slide 57: Q2 2026: Overall Adjusted EBITDA reconciliation
Q2 2026: Overall Adjusted EBITDA reconciliation DKKm Q1 2026 Q2 2026 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Profit from operations (EBIT) 2,155 1,498 1,658 1,541 1,601 475 Amortization of product rights 315 318 336 324 317 317 Depreciation and amortization 161 166 150 141 139 141 EBITDA 2,631 1,982 2,144 2
Slide 58: YTD and FY figures: Revenue & Adjusted EBITDA at CER
YTD and FY figures: Revenue & Adjusted EBITDA at CER DKKm H1 2026 FY 2025 Total revenue (IFRS) 13,588 24,630 Effects from hedging 44 279 Total revenue (IFRS) before hedging 13,544 24,351 Effects from exchange rate (700) (671) Total revenue at CER 14,244 25,022 Increase/(Decrease) in Total revenue 11
Slide 59: Increased volatility in main currencies
Increased volatility in main currencies Sales by currency Main currencies2 Comments H1 2026 29 December 2023 = index 100 • ~79% of sales in non-EUR currencies 110 • USD directly represents ~55% of sales in H1 CAD CNY 105 2026 3% 100 5% • Three main currencies make up ~70% of net 95 Other1 90 exposur
Slide 60: Lundbeck is well-positioned through its strong balance sheet
Lundbeck is well-positioned through its strong balance sheet Assets Equity and Liabilities Comments DKKbn DKKbn • Increase in assets mainly driven by FX translation effects on intangible assets, standard price increases affecting Xenazine 52.1 52.7 52.1 52.7 inventory values, and commercial/timing I
Slide 61: Financial position and dividend
Financial position and dividend Financial position Dividend, DKK DKKm • Dividend pay-out of DKK 1.15 per share for 2025, 30.06.2026 31.12.2025 corresponding to a pay-out ratio of ~36%1 • A total of DKK 1,145 million and a yield of 2.7%2 Intangible assets 36,024 35,780 Other non-current assets 3,873
Slide 62: H1 2026: Cash generation
H1 2026: Cash generation DKKm H1 2026 H1 2025 Cash flows from operating activities 2,577 2,261 Cash flows from investing activities (261) (238) Cash flows from operating and investing activities (free cash flow) 2,316 2,023 Cash flows from financing activities (3,573) (4,005) Net cash flow for the p
Slide 63: Q2 2026: Cash generation
Q2 2026: Cash generation DKKm Q2 2026 Q2 2025 Cash flows from operating activities 1,978 1,629 Cash flows from investing activities (145) (127) Cash flows from operating and investing activities (free cash flow) 1,833 1,502 Cash flows from financing activities (1,598) (1,525) Net cash flow for the p
Slide 64: Strong cash flow leading to continuous deleveraging
Strong cash flow leading to continuous deleveraging RCF repayments and disciplined cash management strengthened the balance sheet despite higher dividend and CAPEX Net cash, Net debt and Net debt/EBITDA Comments DKKm • H1 2026: Cash flow negatively Net cash/(net debt) Net debt/EBITDA impacted by 5,0
Slide 65: For more information, please contact Investor Relations
For more information, please contact Investor Relations Listed on the Copenhagen Number of A-shares 199,148,222 Stock Exchange since Number of B-shares 796,592,888 18 June 1999 Total 995,741,110 IR contacts Jens Høyer Treasury A shares 127,465 For additional company information, Vice President, Head
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