H. Lundbeck A/s Class A · OMXCOP:HLUN_A
H. Lundbeck A/s Class A — H Lundbeck A/S B — 9M 2025 Earnings Presentation
68 slides from H. Lundbeck A/s Class A's earnings presentation, Nov 12, 2025
Slide 1: Business update & financial results 9M 2025
Business update & financial results 9M 2025 Mirza, Alzheimer’s caregiver
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: Agenda for today
Agenda for today Overview & 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 Johan Luthman Executive Vi
Slide 4: Delivering on our Focused Innovator Strategy
Delivering on our Focused Innovator Strategy Strong performance, advancing innovation, and disciplined capital re-allocation support long-term value Strong first nine months of the year Strategic brands Total revenue +14% Vyepti +57% Growth Strategic brands +20% Rexulti +26% Scale neuro-specialty po
Slide 5: Business update
Business update Thomas Gibbs, Executive Vice President, Head of Lundbeck U.S. Michala Fischer-Hansen, Executive Vice President, Head of Europe & International Operations 5 9M 2025 – 12 November 2025
Slide 6: Vyepti delivers strong and sustained growth
Vyepti delivers strong and sustained growth Broad adoption and continued brand investment drive performance across key markets Global reported revenue Vyepti demand in the U.S. Re-allocated investments deliver DKKm Vials volume uptake since launch1 +57% CER accelerated growth • Vyepti remains the fa
Slide 7: AADAD momentum fuels Rexulti performance
AADAD momentum fuels Rexulti performance Strong double-digit TRx growth and expanding AADAD contribution support continued performance Global reported revenue Claims volume by indication Continued U.S. growth momentum DKKm AADAD volume’000 uptake since launch1 +26% CER • U.S. TRx share reached a new
Slide 8: 2-month formulation driving franchise growth
2-month formulation driving franchise growth Abilify LAI franchise continues to grow due to increasing conversions to Abilify 2-month formulation Global reported revenue Conversion status Strong focus on accelerating DKKm % (LTM monthly rates) +11% CER conversion rates U.S.: DKK 2.858m 20 • Abilify
Slide 9: Progressing as planned to sharpen our commercial focus
Progressing as planned to sharpen our commercial focus 80% of the market potential covered by key markets in neuro-specialty and neuro-rare1 Total revenue Share of total revenue 2024 Progressing as planned Increased focus in key markets 83% USA France Spain/Portugal China/HK Canada Germany UK/Irelan
Slide 10: Portfolio update
Portfolio update Johan Luthman, Executive Vice President, Head of Research & Development Maria Alfaiate, Executive Vice President, Corporate, Portfolio & Product Strategy 10 9M 2025 – 12 November 2025
Slide 11: Q3 pipeline highlights
Q3 pipeline highlights Projects advancing, scaling neuro-specialty and building neuro-rare Eptinezumab (anti-CGRP mAb) On market Neuro-specialty • Phase III SUNRISE trial1 published in Cephalagia • Filed in China; progressing as planned for Japan • FDA approved a label update; efficacy within two ho
Slide 12: CD40L blocker Lu AG22515: Encouraging data in TED
CD40L blocker Lu AG22515: Encouraging data in TED Open label TED Phase Ib study provides early indication of efficacy; paving the way to progress the program Clear efficacy signal observed already at Proof of Mechanism established first interim analysis Change from baseline in mm proptosis in trial
Slide 13: From TED and beyond: neuro-immunology trailblazing
From TED and beyond: neuro-immunology trailblazing “Pipeline in a product” with multi-indication potential – TED market alone projected to grow from USD 2.2bn to USD 4bn in 20341 Redefining treatment for 100k+ TED patients worldwide2 Block buster potential across multiple indications Platform for ex
Slide 14: Financial results and outlook
Financial results and outlook Joerg Hornstein, Chief Financial Officer 14 9M 2025 – 12 November 2025
Slide 15: Strong revenue growth of +14% CER
Strong revenue growth of +14% CER Continued robust growth momentum driven by strategic brands constituting 77% of sales • Revenue: Continued strong performance driven by Key figures strategic brands DKKm 9M 2025 9M 2024 Change (CER)1 Change (DKK) • Adjusted gross margin: Driven by the effect of cost
Slide 16: Adjusted EPS growth in line with underlying performance
Adjusted EPS growth in line with underlying performance Solid improvement in the financials • EBIT: Strong sales and gross profit, supported by the Net profit & EPS Vyepti provision reversal, partly offset by commercial DKKm model optimization and higher R&D investments 9M 2025 9M 2024 Change (DKK)
Slide 17: Net cash position impacted by Longboard acquisition
Net cash position impacted by Longboard acquisition Strong operating cash flow supports fast deleveraging • Cash inflow from operating activities: In line with Cash flow EBIT performance, partly offset by a higher prepaid DKKm tax in Q1 2025 9M 2025 9M 2024 • Cash outflow from investing activities:
Slide 18: Guidance for FY 2025
Guidance for FY 2025 Continued momentum of Vyepti and Rexulti gives room to upgrade the guidance for FY 2025 Previous guidance New guidance Driven by Revenue 13% – 14% 11% – 13% 7% – 10% Strategic brand growth Delayed Gx FY 2024 Q2 2025 Q3 2025 Adj. EBITDA 22% – 25% 16% – 21% Gross profit Gross prof
Slide 19: Conclusion
Conclusion Charl van Zyl, President & Chief Executive Officer 19 9M 2025 – 12 November 2025
Slide 20: In a much stronger position than a year ago
In a much stronger position than a year ago Well-positioned for sustained profitability, innovation-led growth, and long-term value creation Growth Innovation Funding • Re-allocated investments • Momentum in both neuro- • Disciplined capital re- delivers accelerated growth specialty and neuro-rare a
Slide 21: Q&A
Q&A 21 9M 2025 – 12 November 2025
Slide 22: Appendix
Appendix 22 9M 2025 – 12 November 2025
Slide 23: Investments in future growth build on strong financial foundation
Investments in future growth build on strong financial foundation Other relevant financial information 2024 result 2025 soft guidance Total revenue (IFRS) growth1 11% Around 1.5% points lower than at CER Adjusted EBITDA growth1 12% Around 1% points lower than at CER Adjusted gross margin2 88.4% Arou
Slide 24: Pipeline
Pipeline Phase Ib Phase II Phase III Filing Brexpiprazole1,2 PTSD3 Late Development Eptinezumab Migraine prevention5 anti-CGRP mAb4 Asia Bexicaserin Developmental and Epileptic Encephalopathies 5HT2C agonist Amlenetug Multiple System Atrophy anti α-synuclein mAb Lu AG09222 Migraine prevention anti-P
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 Bexicaserin5 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 9M 2025
Revenue overview 9M 2025 Reported geographic revenue split & YoY growth1 Reported product revenue split & YoY growth1 9M 2025, DKKm 9M 2025, DKKm 20,000 20,000 +14% +14% 18,000 18,000 16,000 16,000 14,000 14,000 12,000 12,000 +20% +22% 10,000 10,000 8,000 8,000 6,000 +26% 6,000 +13% +26% +0% -1% -3%
Slide 44: Revenue overview Q3 2025
Revenue overview Q3 2025 Reported geographic revenue split & YoY growth1 Reported product revenue split & YoY growth1 Q3 2025 Q3 2025, DKKm 8,000 8,000 +14% +14% 6,000 6,000 4,000 4,000 +18% +21% 2,000 +25% 2,000 +24% +12% -2% -9% +57% -1% +11% +17% -8% 0 0 Total United States Europe International T
Slide 45: Product distribution of revenue & YoY growth
Product distribution of revenue & YoY growth % of total % of total DKKm 9M 2025 9M 2024 Growth (CER) Growth (DKK) Q3 2025 Q3 2024 Growth (CER) Growth (DKK) 9M 2025 Q3 2025 Rexulti® 4,695 3,806 26% 23% 25% 1,656 1,425 24% 16% 26% Brintellix®/Trintellix® 3,453 3,576 (1%) (3%) 19% 1,063 1,225 (9%) (13%
Slide 46: Strategic brands
Strategic brands 9M reported revenue Quarterly reported revenue Comments DKKm DKKm +20% CER Continued strong performance across the 6,000 strategic brands reaching DKK 14.3bn in 9M 2025 15,000 and 4.8bn in Q3 2025, representing a growth of +18% CER 13,500 20% (+18% DKK) and 18% (+12% DKK) respective
Slide 47: Rexulti
Rexulti 9M reported revenue Quarterly reported revenue Comments DKKm DKKm • Grew by 26% (+23% DKK) and reached +26% CER +24% CER 5,000 1,800 DKK 4.7bn in 9M 2025 4,500 1,600 • Grew by 24% (+16% DKK) and reached 4,000 1,400 DKK 1.7bn in Q3 2025 3,500 1,200 • In the U.S., revenue continues to benefit
Slide 48: Brintellix/Trintellix
Brintellix/Trintellix 9M reported revenue Quarterly reported revenue Comments DKKm DKKm • Declined by -1% (-3% DKK) and reached -1% CER DKK 3.5bn in 9M 2025 4,000 1,400 -9% CER 3,500 • Declined by -9% (-13% DKK) and 1,200 reached DKK 1.2bn in Q3 2025 3,000 1,000 • In the U.S., the revenue decline of
Slide 49: Vyepti
Vyepti 9M reported revenue Quarterly reported revenue Comments DKKm DKKm +57% CER • Grew by 57% (+54% DKK) and reached +57% CER DKK 3.3bn in 9M 2025 3.500 1.200 1.100 3.000 • Grew by 57% (+48% DKK) and reached 1.000 DKK 1.2bn in Q3 2025 900 2.500 800 • Vyepti sustained its strong momentum 2.000 700
Slide 50: Abilify LAI franchise
Abilify LAI franchise 9M reported revenue Quarterly reported revenue Comments DKKm DKKm • Grew by 11% (+9% DKK) and reached +11% CER 3.000 1.200 DKK 2.9bn in 9M 2025 +11% CER • Grew by 11% (+7% DKK) and reached 2.500 1.000 DKK 1.0bn in Q3 2025 2.000 800 • The franchise delivered solid growth in 9M 2
Slide 51: Cipralex / Lexapro
Cipralex / Lexapro 9M reported revenue Quarterly reported revenue Comments DKKm DKKm • Unchanged at CER (-3% DKK) and 2.100 800 reached DKK 1.6bn in 9M 2025 1.800 +0% CER -1% CER • Down by -1% (-5% DKK) and reached DKK 0.5bn in Q3 2025 600 1.500 • The largest markets are China, South 1.200 Korea and
Slide 52: Other pharmaceuticals
Other pharmaceuticals1 9M reported revenue Quarterly reported revenue Comments DKKm DKKm • Down by -5% (-6% DKK) and reached 3.500 1.200 DKK 2.3bn in 9M 2025 • Down by -1% (-5% DKK) and reached 3.000 -5% CER DKK 0.7bn in Q3 2025 -1% CER 2.500 • Around 15 mature products included 800 2.000 • Decline
Slide 53: Other revenue
Other revenue 9M reported revenue Quarterly reported revenue Comments DKKm DKKm • Down by 1% (-1% DKK) and reached DKK 500 200 285m in 9M 2025 +25% CER • Increased by 25% (+25% DKK) and reached DKK 162m in Q3 2025 -1% CER 150 • Mostly contract manufacturing to third- party 250 100 50 0 0 9M 2022 9M
Slide 54: 9M 2025: EBIT & Adjusted EBITDA
9M 2025: EBIT & Adjusted EBITDA DKKm 9M 2025 9M 2024 Change (CER)1 Change (DKK) Revenue 18,537 16,463 14% 13% Gross profit 15,516 13,304 18% 17% thereof adjustments (389) (2) N/A N/A thereof depreciation/amortization 1,153 1,261 (8%) (9%) Sales and distribution costs 5,714 5,746 2% (1%) thereof adju
Slide 55: Q3 2025: EBIT & Adjusted EBITDA
Q3 2025: EBIT & Adjusted EBITDA DKKm Q3 2025 Q3 2024 Change (CER)1 Change (DKK) Revenue 6,279 5,722 14% 10% Gross profit 5,433 4,628 22% 17% thereof adjustments (389) - - - thereof depreciation/amortization 375 420 (8%) (11%) Sales and distribution costs 1,896 1,952 3% (3%) thereof adjustments 1 8 (
Slide 56: FY 2024: EBIT & Adjusted EBITDA
FY 2024: EBIT & Adjusted EBITDA DKKm FY 2024 FY 2023 Change (CER)1 Change (DKK) Revenue 22,004 19,912 14% 11% Gross profit 17,774 15,427 19% 15% thereof adjustments (2) 327 101% 101% thereof depreciation/amortization 1,681 1,826 (8%) (8%) Sales and distribution costs 8,146 7,482 10% 9% thereof adjus
Slide 57: 9M 2025: Overall Adjusted EBITDA reconciliation
9M 2025: Overall Adjusted EBITDA reconciliation DKKm 9M 2025 Q1 2025 Q2 2025 Q3 2025 Profit from operations (EBIT) 4,900 1,698 1,571 1,631 Amortization of product rights 977 336 324 317 Depreciation and amortization 330 110 111 109 EBITDA 6,207 2,144 2,006 2,057 Restructuring expenses 406 -2 37 371
Slide 58: FY 2024: Overall Adjusted EBITDA reconciliation
FY 2024: Overall Adjusted EBITDA reconciliation DKKm FY 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Profit from operations (EBIT) 3,270 1,278 1,004 811 177 Amortization of product rights 1,432 368 363 362 339 Depreciation and amortization 444 100 104 105 135 EBITDA 5,146 1,746 1,471 1,278 651 Restructuring
Slide 59: YTD and FY figures: Revenue & Adjusted EBITDA at CER
YTD and FY figures: Revenue & Adjusted EBITDA at CER DKKm 9M 2025 FY 2024 Total revenue (IFRS) 18,537 22,004 Effects from hedging 99 (52) Total revenue (IFRS) before hedging 18,438 22,056 Effects from exchange rate (385) (344) Total revenue at CER 18,823 22,452 Increase/(Decrease) in Total revenue 1
Slide 60: YTD and FY figures: Revenue & Adjusted EBITDA at CER
YTD and FY figures: Revenue & Adjusted EBITDA at CER DKKm FY 2024 FY 2023 Total revenue (IFRS) 22,004 19,912 Effects from hedging (52) 137 Total revenue (IFRS) before hedging 22,056 19,775 Effects from exchange rate (344) (645) Total revenue at CER 22,452 20,420 Increase/(Decrease) in Total revenue
Slide 61: Increased volatility in main currencies
Increased volatility in main currencies Sales by currency Main currencies2 Comments 9M 2025 29 December 2023 = index 100 • ~82% of sales in non-EUR currencies 110 • USD directly represents ~56% of sales in CAD 105 CNY 9M 2025 100 4% 5% 95 • Three main currencies make up ~60% of Other1 90 net exposur
Slide 62: 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 • Decrease in assets in primarily driven by intangible asset amortization, currency translation effects, and reduced cash 57.0 57.0 53.2 53.2 levels following Revolving Credit Facility Inv
Slide 63: Financial position and dividend
Financial position and dividend Financial position Dividend, DKK DKKm • Dividend pay-out of DKK 0.95 per share for 2024, 30.09.2025 31.12.2024 corresponding to a pay-out ratio of ~30% Intangible assets 35,490 40,167 • A total of DKK 946 million and a yield of 2.3%1 Other non-current assets 4,344 3,7
Slide 64: 9M 2025: Cash generation
9M 2025: Cash generation DKKm 9M 2025 9M 2024 FY 2024 FY 2023 FY 2022 Cash flows from operating activities 4,560 4,480 3,326 4,080 3,519 Cash flows from investing activities (409) (346) (15,286) (498) (1,892) Cash flows from operating and 4,151 4,134 (11,960) 3,582 1,627 investing activities (free c
Slide 65: Q3 2025: Cash generation
Q3 2025: Cash generation DKKm Q3 2025 Q3 2024 FY 2024 FY 2023 FY 2022 Cash flows from operating activities 2,299 2,302 3,326 4,080 3,519 Cash flows from investing activities (171) (101) (15,286) (498) (1,892) Cash flows from operating and 2,128 2,201 (11,960) 3,582 1,627 investing activities (free c
Slide 66: 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 • 9M 2025: Cash flow negatively Net cash/(net debt) Net debt/EBITDA impacted by 5.0
Slide 67: 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
Slide 68: Lundbeck logo