67 slides from H. Lundbeck A/s Class A's earnings presentation, Aug 13, 2020
Slide 1: Investor Presentation H1 2020
Investor Presentation H1 2020 COPENHAGEN, 13 AUGUST 2020 Lundbeck1
Slide 2: Company Disclaimer
COMPANY DISCLAIMER 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. Such forward-looking statements are subject to risks, uncertainties and inaccurate assu
Slide 3: Lundbeck at a glance
Lundbeck at a glance History Ownership Specialized in brain health Lundbeck was founded by Hans Largest shareholder is the ~70 years of expertise in treatments of Lundbeck in 1915 in Lundbeck Foundation, which brain diseases Copenhagen annually grants DKK ~500 million Among the first to develop and
Slide 4: Diverse portfolio across products and regions with geographical footprint well aligned to global CNS market
H1 2020 - HIGHLIGHTS AND STRATEGY UPDATE Diverse portfolio across products and regions with geographical footprint well aligned to global CNS market Lundbeck product diversity Lundbeck geographic split* Global CNS market split** Sales by product (H1 2020) Sales by region (H1 2020) Sales by region (F
Slide 5: H1 2020: Executing through the COVID-19 pandemic while investing for long-term growth
H1 2020 - HIGHLIGHTS AND STRATEGY UPDATE H1 2020: Executing through the COVID-19 pandemic while investing for long-term growth Revenue Strategic brands Core EBIT Core EBIT margin DKK 8,934 million DKK 5,360 million DKK 2,483 million 27.8% +5% +25% -9% -4.4pp • The COVID-19 pandemic has reduced Lundb
Slide 6: Update on COVID-19
H1 2020 - HIGHLIGHTS AND STRATEGY UPDATE Update on COVID-19 Lundbeck’s priorities are the health and safety of our employees, safeguarding product supply to ensure patients’ access to medicine and business continuity Q1 2020 Q2 2020 • Safeguarding product supply, production, • Many countries returni
Slide 7: Lundbeck's five strategic brands added DKK 1,071 million in additional revenue in H1 2020
H1 2020 - HIGHLIGHTS AND STRATEGY UPDATE Lundbeck’s five strategic brands added DKK 1,071 million in additional revenue in H1 2020 Strategic brands’ growth (H1 2020 – DKKm and L.C. growth) • Strategic brands*: Up 25% in H1 2020 (23% in L.C.) to DKK 5,360 million representing 60% of total revenue Rex
Slide 8: Revenue up 15% excluding sales from U.S. neurology products currently exposed to impact from LOE
H1 2020 - HIGHLIGHTS AND STRATEGY UPDATE Revenue up 15% excluding sales from U.S. neurology products* currently exposed to impact from LOE Revenue distribution# • Strategic brands up 25% in H1 2020 (H1 2020 - DKKm) • Excluding U.S. neurology products* with LOE, total revenue up by 15% +15% Onfi, Sab
Slide 9: Brintellix/Trintellix: Solid growth momentum despite COVID-19
H1 2020 - HIGHLIGHTS AND STRATEGY UPDATE Brintellix/Trintellix: Solid growth momentum despite COVID-19 • Grew 21% (21% in L.C.) to DKK 1,575 Brintellix/Trintellix sales per region Brintellix/Trintellix sales million in H1 2020 (Quarterly - DKKm) (H1 - DKKm) 1.000 2.000 • Continued solid traction in
Slide 10: Rexulti: Significant growth momentum despite COVID-19 impact
H1 2020 - HIGHLIGHTS AND STRATEGY UPDATE Rexulti: Significant growth momentum despite COVID-19 impact • Grew 35% (32% in L.C.) to DKK 1,393 Rexulti sales per region*** Rexulti sales* million in H1 2020 (Quarterly - DKKm) (H1 - DKKm) • Continued solid traction in volume 800 1.600 North America North
Slide 11: Northera: Solid growth in sales and demand
H1 2020 - HIGHLIGHTS AND STRATEGY UPDATE Northera: Solid growth in sales and demand • Grew 19% (16% in L.C.) to Northera sales Northera sales DKK 1,202 million in H1 2020 (Quarterly - DKKm) (H1 – DKKm) • Volume is up 11%*) compared 900 1.500 to H1 2019 +19% +16% • Northera impacted by normal quarter
Slide 12: Abilify Maintena: Robust growth across all regions
H1 2020 - HIGHLIGHTS AND STRATEGY UPDATE Abilify Maintena: Robust growth across all regions • Grew 24% (23% in L.C.) to DKK 1,176 Abilify Maintena sales per region*** Abilify Maintena sales* million in H1 2020 (Quarterly - DKKm) (H1 - DKKm) • Continued solid traction in volume 800 1.500 share*) Nort
Slide 13: Vyepti: Encouraging interest from launch despite significant COVID-19 impact
H1 2020 - HIGHLIGHTS AND STRATEGY UPDATE Vyepti: Encouraging interest from launch despite significant COVID-19 impact Anecdotally, the early clinical experiences suggest Vyepti is delivering on it’s fast, powerful, and sustained promise • In the quarter, we observed ~10% penetration of our segment 1
Slide 14: Solid financial performance driven by strategic brand portfolio
FINANCE – H1 2020 PERFORMANCE Solid financial performance driven by strategic brand portfolio Strategic brands’ sales Revenue and core EBIT (H1 - DKKm) (H1 - DKKm) 1.600 9.288 8.934 8.494 8.480 7.521 1.200 7.035 7.192 Strategic brands CAGR: +90% 800 3.578 2.729 Abilify Maintena 2.500 2.483 400 Brint
Slide 15: Solid financial performance in H1 2020 – COVID-19 has resulted in lower than expected operational expenses
FINANCE – H1 2020 PERFORMANCE Solid financial performance in H1 2020 – COVID-19 has resulted in lower than expected operational expenses of 6-7% Revenue DKKm H1 2020 Δ% y/y Q2 2020 Δ% y/y • Continued strong momentum for strategic brands Revenue 8,934 +5% 4,370 +3% • Q2 negatively impacted by reduced
Slide 16: Continued growth in all regions
FINANCE – H1 2020 PERFORMANCE Continued growth in all regions Regional growth Sales by region# • North America impacted by generic erosion, mainly Onfi (H1 2020 – DKKm and in %) (H1 2020) • Growth of 17% excluding Onfi • International Markets shows North America +8% 19% solid growth driven by e.g. A
Slide 17: Robust growth in all three regions
FINANCE – H1 2020 PERFORMANCE Robust growth in all three regions North America revenue International Markets revenue Europe revenue (H1 - DKKm) (H1 - DKKm) (H1 - DKKm) 6.000 2.500 2.500 +11% +8% 2.000 2.000 4.500 Other +4% products Other 1.500 products 1.500 Other products 3.000 1.000 1.000 1.500 50
Slide 18: Strong cash flow; net debt rise driven by acquisitions in 2019
FINANCE – H1 2020 PERFORMANCE Strong cash flow; net debt rise driven by acquisitions in 2019 Free cash flow Net debt and Net debt/EBITDA* (H1 - DKKm) (H1 - DKKm) 5.991 1.999 6.000 2,0 2.000 1.479 4.000 1,6 1.000 696 700 566 1,2 2.000 1.778 1.461 0 716 0,8 0 0,4 -1.000 -1.052 -2.000 0,0 -2.820 -2.000
Slide 19: Solid financial position
FINANCE – H1 2020 PERFORMANCE Solid financial position Selected cash flow figures Selected balance sheet figures DKKm H1 2020 H1 2019 FY 2019 DKKm 30.06.2020 31.12.2019 Intangible assets 21,955 23,399 Cash flows from 1,595 850 2,609 operating activities Total assets 35,090 35,757 Equity 14,492 14,55
Slide 20: 2020 profit guidance increased following reduced cost-spend
FINANCE – H1 2020 PERFORMANCE 2020 profit guidance increased following reduced cost-spend • Continued strong growth for strategic brands 2020 financial guidance • Elevated uncertainty following the COVID-19 pandemic DKK FY 2019 Previous FY 2020 Revised FY 2020 actual guidance guidance • Substantial
Slide 21: Project status
RESEARCH AND DEVELOPMENT Project status COVID-19 impact on clinical trials • Continued yet varied impact on recruitment pace and operations e.g. brexpiprazole LCM Vyepti (eptinezumab) • DELIVER-study: The phase IIIb study initiated • RELIEF-study: Headline results due in Q3 • Cluster headache: Phase
Slide 22: Vyepti: Data from subgroup analysis of PROMISE-2 in patients with medication-overuse headache presented at AHS 2020
RESEARCH AND DEVELOPMENT Vyepti: Data from subgroup analysis of PROMISE-2 in patients with medication-overuse headache presented at AHS 2020 Vyepti reduced mean days of acute headache medication use - including triptans specifically - by ~50% over Weeks 1–12 in patients with chronic migraine and med
Slide 23: RELIEF-study: Recruitment finalized, headline results due in Q3
RESEARCH AND DEVELOPMENT RELIEF-study*: Recruitment finalized, headline results due in Q3 2020 Vyepti has… Co-primary endpoints • …previously demonstrated Day 1 efficacy in trials on migraine prevention • Time to headache pain freedom • …the potential to impact ongoing migraine attacks while • Time
Slide 24: Vyepti: Phase IIIb study, DELIVER, commenced in June
RESEARCH AND DEVELOPMENT Vyepti: Phase IIIb study, DELIVER, commenced in June Study objective: • Evaluate eptinezumab in the prevention of migraine in patients with unsuccessful prior preventive treatments • Documented evidence of treatment failure in the past 10 years of 2-4 different migraine prev
Slide 25: Maintaining focus on our role and responsibility in society
ESG UPDATE Maintaining focus on our role and responsibility in society Lundbeck is part of the largest ever UN-backed CEO-led Category H1 2020 H1 2019 Δ% y/y climate advocacy effort, the We Mean Business Coalition led Energy (MWh) * 49,857 48,535 3% by the CEOs of 155 global corporations and backed
Slide 26: Commitment to the UN Global Compact Principles and to the Sustainable Development Goals (SDG)
ESG UPDATE Commitment to the UN Global Compact Principles and to the Sustainable Development Goals (SDG) underpins our business • Lundbeck aspires to be a leader in sustainability Overview of our ambitions, initiatives and targets and with a longstanding commitment to serve SUSTAINABLE LUNDBECK’S SU
Slide 27: Near-term priorities
SUMMARY Near-term priorities • Manage the impact from COVID-19 internally and externally • Secure supply of medicines to patients • Ensure strong continued momentum for the strategic brands • Vyepti launch in the U.S., regulatory submissions and indication expansion • Regaining momentum and accelera
Slide 28: Readying Lundbeck for a new growth phase – 2020 and beyond
SUMMARY Readying Lundbeck for a new growth phase – 2020 and beyond • Trintellix launched in Japan Strategic brands - • Rxulti launched in Europe momentum continues Near-term • New LCM studies ongoing with brexpiprazole Invigorate Mid-term Accelerate • Launch Vyepti in migraine prevention globally Es
Slide 29: Thank you
Thank you 29 Lundbeck
Slide 30: Resilient strategic brand growth drives solid financial performance
HIGHLIGHTS AND STRATEGY UPDATE Resilient strategic brand growth drives solid financial performance Revenue and EBIT results Strategic brands Revenue Revenue by Region* Revenue DKK 1,698m DKK 1,393 million DKK 8,934 million 19% DKK 5,360 million vs. 2019 +35% vs. 2019 +5% vs. 2019 +25% DKK 1,575 mill
Slide 31: Continued excellence in commercial execution for the strategic brands; Q2 2020 impacted negatively by COVID-19
APPENDIX - PRODUCTS Continued excellence in commercial execution for the strategic brands; Q2 2020 impacted negatively by COVID-19 1.000 800 North America +9% North America +23% 800 Europe+Int. Markets +31% Europe+Int. Markets +44% 600 600 400 400 200 200 0 0 Q2.17 Q2.18 Q2.19 Q2.20 Q2.17 Q2.18 Q2.1
Slide 32: Solid volume growth in the U.S. for all strategic brands
APPENDIX - PRODUCTS Solid volume growth in the U.S. for all strategic brands 125.000 +22% 800.000 +7% +26% +17% 100.000 +23% 600.000 +24% 75.000 400.000 50.000 200.000 25.000 0 0 Q2.17 Q2.18 Q2.19 Q2.20 Q2.17 Q2.18 Q2.19 Q2.20 300.000 +17% 15.000 +26% +13% 12.000 -17% +24% 200.000 +34% 9.000 6.000 1
Slide 33: Total molecule sales (gross) - USDm
APPENDIX - PRODUCTS Total molecule sales (gross) - USDm 1.250 1.200 1.000 1.000 +46% 800 +67% 750 600 500 400 250 200 0 0 2014 2015 2016 2018 2017 2019 2014 2015 2016 2017 2018 2019 1.000 • Abilify Maintena: U.S. approval (Feb. 2013); EU approval (Nov. 2013) 800 +120% 600 • Brintellix/Trintellix: U.
Slide 34: China still represents a growth driver despite increased pressure on prices
APPENDIX - REGIONS China still represents a growth driver despite increased pressure on prices • Lundbeck’s second largest market China revenue growth (L.C.) • 3rd round of VBP** implementation (2006 = index 100) likely to negatively impact Ebixa and • Constitutes 5-6% of total revenue Cipramil sale
Slide 35: Cipralex/Lexapro
APPENDIX - PRODUCTS Cipralex/Lexapro • Grew 10% (11% in L.C.) to Cipralex/Lexapro Cipralex/Lexapro DKK 1,327 million in H1 2020 (Quarterly - DKKm) (H1 – DKKm) • Main growth drivers were 900 2.000 North America Japan, China and several Int. Markets smaller markets +3% Europe 1.500 +10% • Biggest mark
Slide 36: Other pharmaceuticals
APPENDIX - PRODUCTS Other pharmaceuticals • Declined 10% (9% in L.C.) to Other pharmaceuticals Other pharmaceuticals DKK 1,457 million in H1 2020 (Quarterly - DKKm) (H1 – DKKm) • Around 15 mature products 1.200 1.800 -10% included • Biggest products are Azilect, 900 -9% Cipramil, Cisordinol, Deanxit
Slide 37: Other revenue
APPENDIX - PRODUCTS Other revenue • Declined 42% (42% in L.C.) to Other revenue Other revenue DKK 218 million in H1 2020 (Quarterly - DKKm) (H1 – DKKm) • Mostly contract manufacturing 300 400 -42% to utilize excess capacity -43% 150 0 0 Q2.17 Q2.18 Q2.19 Q2.20 H1.18 H1.19 H1.20 37 Lundbeck
Slide 38: Brintellix/Trintellix: COMPLETE study finalized with significant reduction in emotional blunting in MDD
APPENDIX - RESEARCH AND DEVELOPMENT Brintellix/Trintellix: COMPLETE study finalized with significant reduction in emotional blunting in MDD • Nearly half of patients treated with SSRIs or SNRIs report suffering from ‘blunted emotions’ • Blunted emotions have real functional consequences for patients
Slide 39: Migraine prevention represents a large and under served market
VYEPTI - EPTINEZUMAB Migraine prevention represents a large and under served market Migraine is divided into two major categories, episodic Addressable population and chronic depending on the frequency of headaches (major countries1) ~134m – Migraine prevalence 1-14 headache days >14 headache days p
Slide 40: Launching Vyepti in the U.S.
VYEPTI - EPTINEZUMAB Launching Vyepti in the U.S. Migraine prevention market: 13.9m1, 2 Diagnosed, 47% untreated Breakout of 27% treated group Untreated, Preventive Treatment % of Use3 undiagnosed Botox 10% people with migraine Anti-CGRPs 5% Diagnosed & preventively Other preventive treatments (Topi
Slide 41: Two large pivotal studies including ~2,000 patients demonstrated sustained efficacy and good tolerability
VYEPTI - EPTINEZUMAB Two large pivotal studies including ~2,000 patients demonstrated sustained efficacy and good tolerability PROMISE 1 PROMISE 2 Powerful ≥50%, ≥75% and in episodic migraine patients in chronic migraine patients 100% reductions in migraine days (N=888) (N=1,072;) • Primary endpoint
Slide 42: PROMISE 1: A phase III study to evaluate the efficacy and safety of Vyepti
VYEPTI - EPTINEZUMAB PROMISE 1: A phase III study to evaluate the efficacy and safety of Vyepti for prevention of frequent episodic migraine • Vyepti reaching statistical significance for the primary and all key secondary endpoints • Migraine day prevalence dropped over 50% on Day 1 and reduction wa
Slide 43: Vyepti achieved meaningful reductions in migraine activity as early as Day 1: PROMISE 2 results
VYEPTI - EPTINEZUMAB Vyepti achieved meaningful reductions in migraine activity as early as Day 1 that were sustained through Week 12: results from PROMISE 2 phase III trial in chronic migraine Day 1 Reductions from baseline in ≥75% Migraine Responder Rates (RR) • In subjects with chronic migraine p
Slide 44: HIT-6 is a widely used patient-reported outcome measure in headache and migraine research
VYEPTI - EPTINEZUMAB HIT-6 is a widely used patient-reported outcome measure in headache and migraine research • General measure of impact of headache on daily life1 • Six-item scale (severe pain, limits daily activities, lie down, too tired, felt fed up or irritated, limits concentration)1 • Scorin
Slide 45: Success for Vyepti is a marathon, not a sprint
VYEPTI - EPTINEZUMAB Success for Vyepti is a marathon, not a sprint LOE ~2035 China + Japan Europe ~2025 Selected regions in Int. Markets Eptinezumab PDUFA Date – Feb. 2020 ~2022 Other indications currently 2021 under evaluation; clinical activity RELIEF study – Nov. 2019 to commence by the end of 2
Slide 46: Development pipeline overview
APPENDIX - RESEARCH & DEVELOPMENT Development pipeline overview Project Area Phase I Phase II Phase III Filing Eptinezumab (anti-CGRP mAb) Migraine prevention Brexpiprazole1) Agitation in Alzheimer’s disease ≥2021 Brexpiprazole1) PTSD ≥2023 Brexpiprazole1) Borderline Personality Disorder ≥2025 Aripi
Slide 47: Brexpiprazole in pivotal programme for the treatment of agitation in Alzheimer's disease
APPENDIX - BREXPIPRAZOLE Brexpiprazole in pivotal programme for the treatment of agitation in Alzheimer’s disease Agitation in Associated with: Alzheimer’s Alzheimer’s disease Disease (AD) (AAD) An estimated 5.8 million Americans age 65 and older Agitation symptoms Increased caregiver are living wit
Slide 48: Third study in brexpiprazole pivotal programme in Agitation in Alzheimer's progresses as planned
APPENDIX - BREXPIPRAZOLE Third study in brexpiprazole pivotal programme in Agitation in Alzheimer’s progresses as planned Third study out of three in the pivotal programme (phase III): Study objective1 Brexpiprazole (fixed dose 2mg and 3mg) and placebo To compare the efficacy of 2 doses of brexpipra
Slide 49: Grossberg: Efficacy and safety of fixed-dose brexpiprazole for agitation in Alzheimer's type dementia
APPENDIX - BREXPIPRAZOLE Grossberg: “Efficacy and safety of fixed-dose brexpiprazole for the treatment of agitation in Alzheimer’s type dementia” (AAGP2018) CMAI1): Brexpiprazole Study I (NCT01862640) 2mg/day statistically significant improvement N = 433 patients over placebo Male or female, aged 55
Slide 50: Cummings: Efficacy and safety of flexibly-dosed brexpiprazole for agitation in Alzheimer's type dementia
APPENDIX - BREXPIPRAZOLE Cummings: “Efficacy and safety of flexibly-dosed brexpiprazole for the treatment of agitation in Alzheimer’s type dementia” (AAGP2018) CMAI: Numerically Study II (NCT01922258) favourable for flexibly- Post-hoc analysis dosed brexpiprazole – subgroup of patients titrated to 2
Slide 51: PTSD offers an exciting opportunity for brexpiprazole
APPENDIX - BREXPIPRAZOLE PTSD offers an exciting opportunity for brexpiprazole PTSD epidemiology Post-traumatic Stress Disorder PoC study4 showed… (PTSD) >8m – U.S. prevalence Combination of brexpiprazole and (2.5%-3.6%)1, 2 ~8.6m U.S. adults affected, but sertraline demonstrated ~80% estimated to b
Slide 52: Both studies in brexpiprazole pivotal programme in PTSD ongoing
APPENDIX - BREXPIPRAZOLE Both studies in brexpiprazole pivotal programme in PTSD ongoing Two studies initiated in the pivotal programme (phase Study objective1 III) To evaluate the efficacy, safety, Brexpiprazole (fixed 2 , 3mg and flexible dose up to 3mg) in and tolerability of 12-week combination
Slide 53: Borderline Personality Disorder (BPD) offers an exciting opportunity for brexpiprazole
APPENDIX - BREXPIPRAZOLE Borderline Personality Disorder (BPD) offers an exciting opportunity for brexpiprazole BPD epidemiology Borderline Personality Disorder (BPD) ~5m – U.S. prevalence Dysfunctions in the serotoninergic and dopaminergic (1.6%, but likely higher)1) systems is considered as possib
Slide 54: Brexpiprazole PoC study in Borderline Personality Disorder (BPD) ongoing
APPENDIX - BREXPIPRAZOLE Brexpiprazole PoC study in Borderline Personality Disorder (BPD) ongoing Study objective1 Phase II To evaluate the efficacy and Brexpiprazole (flexible dose 2-3mg) and placebo safety of 12-week brexpiprazole for the treatment of subjects Primary endpoint: Zanarini Rating Sca
Slide 55: Lundbeck La Jolla has access to an exciting biology platform exploring serine hydrolases
APPENDIX – EARLY PROJECTS Lundbeck La Jolla has access to an exciting biology platform exploring serine hydrolases starting with the endocannabinoid system Access to world class MAG-lipase development candidates to bolster our portfolio “Pipeline in a drug” – many potential indications Discovery sit
Slide 56: Lu AF28996: A potentially new oral treatment for Parkinson's patients experiencing motor fluctuations
APPENDIX - EARLY PROJECTS Lu AF28996: A potentially new oral treatment for Parkinson’s patients experiencing motor fluctuations D1/D2-type agonists Lu AF28996 Phase I studies: • Single- and sequential- Known to be highly efficacious A highly potent agonist at the D1- ascending-dose of Lu AF28996 to
Slide 57: Lu AF82422: Potential disease modifying antibody for Parkinson's disease or other synucleopathies
APPENDIX - EARLY PROJECTS Lu AF82422: Potential disease modifying antibody e.g. for Parkinson’s disease or other synucleopathies Pathological alpha-synuclein is Pathogenesis of Parkinson’s Ongoing phase I study3: released to extracellular space • Healthy non-Japanese and upon cell death and can medi
Slide 58: Lu AG09222: Potential to build a migraine franchise with early-stage PACAP inhibitor mAb
APPENDIX - EARLY PROJECTS Lu AG09222: Potential to build a migraine franchise in the future with early-stage PACAP2 inhibitor mAb A differentiated approach to Ongoing phase I study4: migraine prevention • Determine the safety, tolerability • Highly potent and selective and pharmacokinetics of Lu hum
Slide 59: Projects with new MoAs in clinical development
APPENDIX - EARLY PROJECTS Projects with new MoAs in clinical development Lu AF88434 Lu AF87908 • Potent and selective phosphodi- • Tau mAb esterase PDE1B inhibitor • Binding to and inhibition of • PDE1 is an intracellular enzyme pathological seeding form of Tau responsible for the degradation of cGM
Slide 60: Lundbeck's revenue shows solid growth momentum, earnings impacted by Vyepti launch costs
APPENDIX - FINANCE Lundbeck’s revenue shows solid growth momentum, eanings impacted by Vyepti launch costs Revenue performance Core EBIT performance (DKKm) (DKKm) 20.000 -6% 8.000 -19% 15.000 6.000 +5% 10.000 4.000 -9% +3% -15% 5.000 2.000 0 0 FY 2018 FY 2019 H1.19 H1.20 Q2.19 Q2.20 FY 2018 FY 2019
Slide 61: Cash flow impacted by lower EBIT, but solid cash generation still provides flexibility
APPENDIX - FINANCE Cash flow impacted by lower EBIT, but solid cash generation still provides flexibility • Net cash flow: Up DKK 1,188 million to DKK 968 million in Q2 2020 vs. Q2 Net cash flow 2019 (Quarterly - DKKm) 1.800 • FY 2020: Cash flow will be negatively impacted by 1.200 • Investments in
Slide 62: Product distribution of revenue – H1 2020 and FY 2019
APPENDIX - FINANCE Product distribution of revenue – H1 2020 and FY 2019 DKKm FY 2019 FY 2018 H1 2020 H1 2019 Growth Growth in local % of total currencies TOTAL: Abilify Maintena 1,961 1,595 1,176 951 24% 23% 13% Brintellix/Trintellix 2,826 2,182 1,575 1,299 21% 21% 18% Cipralex/Lexapro 2,314 2,257
Slide 63: Cash generation
APPENDIX - FINANCE Cash generation DKKm H1 2020 H1 2019 FY 2019 FY 2018 Cash flows from operating activities 1,595 850 2,609 5,981 Cash flows from investing activities (116) (284) (7,755) (2,907) Cash flows from operating and investing 1,479 566 (5,146) 3,074 activities (free cash flow) Cash flows f
Slide 64: Balance sheet and dividend
APPENDIX - FINANCE Balance sheet and dividend DKKm 30.06.2020 31.12.2019 Dividend (DKK) Intangible assets 21,955 23,399 15 5% Other non-current assets 3,727 3,320 Dividend 12 4% Current assets 9,408 9,038 Yield (r.h.s.) 9 3% Assets 35,090 35,757 Equity 14,492 14,554 6 2% Non-current liabilities 12,5
Slide 65: Costs – Full year figures
APPENDIX - FINANCE Costs – Full year figures DKKm 2019 2018 2017 2016 2019 (∆%) 2018 (∆%) Revenue 17,036 18,117 17,234 15,634 (6%) 5% Cost of sales 3,385 3,456 3,881 4,082 (2%) (11%) Sales & Distribution costs 5,514 5,277 5,649 5,488 4% (7%) Administrative expenses 899 762 833 805 18% (9%) R&D costs
Slide 66: Lundbeck has seen strong progress against Expand and Invest to Grow strategy announced in February 2019
APPENDIX - EXPAND AND INVEST TO GROW Lundbeck has seen strong progress against Expand and Invest to Grow strategy announced in February 2019 • Solid growth across strategic brands • Global footprint with growth in all regions of the world MAXIMIZE EXPAND EXISTING OPERATING • Two acquisitions made in
Slide 67: For more information, please contact Investor Relations
INVESTOR RELATIONS For more information, please contact Investor Relations • Listed on the Copenhagen Stock Number of shares 199,136,725 IR contact Exchange since 18 June 1999 Treasury shares 435,019 (0.22%) Palle Holm Olesen Insider holdings 130,339 (0.07%) VP; Head of Investor Relations • Deutsche