69 slides from H. Lundbeck A/s Class A's earnings presentation, Aug 14, 2025
Slide 1: Business update & financial results H1 2025
Business update & financial results H1 2025 Geo Lei, living with migraine
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: The momentum continues
The momentum continues Advancing across all areas of our Focused Innovator Strategy Strong first half of the year Strategic brands Total revenue +14% Vyepti +56% Growth Strategic brands +21% Rexulti +28% Scale neuro-specialty position Build neuro-rare franchise Innovation Vyepti submitted in South K
Slide 5: Our strategic brands supporting our ambition to be a leader in neuroscience
Our strategic brands supporting our ambition to be a leader in neuroscience Thomas Gibbs, Executive Vice President, Head of Lundbeck U.S. Michala Fischer-Hansen, Executive Vice President, Head of Europe & International Markets 5 H1 2025 – 14 August 2025
Slide 6: Rexulti: continued strong double-digit growth
Continued strong double-digit growth U.S. TRx growth of +23.3% in H1 2025 versus prior year1 Global reported revenue Sustained growth momentum DKKm across prioritized markets +28% CER +27% CER • Rexulti U.S. TRx weekly market share reached a new DKK 3,039m all-time high of 2.68%1 DKK 2,806 • Revenue
Slide 7: Growth driven by strong momentum in AADAD
Growth driven by strong momentum in AADAD Base MDD business continues to deliver consistent growth Monthly claims volume by indication AADAD now makes up ~22% AADAD Launch – May 2023 of total brand performance 36,000 160,000 U.S.: 32,000 • May Claims Data shows growth across both AADAD 140,000 and M
Slide 8: Vyepti delivers strong performance in H1 2025
Vyepti delivers strong performance in H1 2025 Growth supported by broad adoption in key priority markets Global reported revenue Vyepti demand in the U.S. Continued full investment in the DKKm Vials volume uptake since launch1 brand is driving growth +56% CER • Vyepti was the fastest growing aCGRP i
Slide 9: Growth driven by Europe & International Operations
Growth driven by Europe & Internationals Operations Global reported revenue Solid performance in Europe DKKm & International Operations +3% CER • Performance in Europe up 15% CER primarily driven DKK 2,351m DKK 2,390m by key markets such as Spain, Switzerland, Italy and France +7% CER • Internationa
Slide 10: 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) conversion rates +10% CER 20 U.S.: DKK 1,902m • Abilify
Slide 11: Portfolio update
Portfolio update Johan Luthman, Executive Vice President, Head of Research & Development Maria Alfaiate, Executive Vice President, Corporate, Portfolio & Product Strategy 11 H1 2025 – 14 August 2025
Slide 12: Q2 pipeline highlights
Q2 pipeline highlights Projects advancing, scaling neuro-specialty and building neuro-rare Eptinezumab (anti-CGRP mAb) • Filed in South Korea; progressing as planned for Japan and China Neuro-specialty • Full results of SUNRISE and RESOLUTION trials presented at the American Headache Society and Eur
Slide 13: 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 14: 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 15: Fueling the future: 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 16: Financial results and outlook
Financial results and outlook Joerg Hornstein, Chief Financial Officer 16 H1 2025 – 14 August 2025
Slide 17: Strong growth of strategic brands (+21% CER)
Strong growth of strategic brands (+21% CER) Continued robust growth momentum driven by strategic brands constituting 77% of sales • Revenue: Strong H1 performance driven by strategic Key figures brands DKKm H1 2025 H1 2024 Change (CER)1 Change (DKK) • Adjusted gross margin: In line with H1 2024 Rev
Slide 18: Adjusted EPS growth in line with underlying performance
Adjusted EPS growth in line with underlying performance Solid improvement in the financials • EBIT: Driven by stronger gross profit and Net profit & EPS improved operating efficiency; partly offset by DKKm higher R&D investments H1 2025 H1 2024 Change (DKK) • Net financials: Impacted by currency EBI
Slide 19: 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 Cash flow with EBIT performance; partly offset by a higher DKKm prepaid tax H1 2025 H1 2024 • Cash outflow from investing activities: Mainly EBIT
Slide 20: Accelerated capital re-allocation program
Accelerated capital re-allocation program Strong program execution enables acceleration of investments towards long-term growth Impact appr. DKK 1.3-1.5bn by 2027 vs. DKK 1-1.3bn previously Organic sources of capital Organic uses of capital Acceleration of strategic brands Acceleration of strategic
Slide 21: Revenue expectations raised to 11-13% growth
Revenue expectations raised to 11-13% growth Strong contribution from Rexulti and Vyepti growth New guidance Previous guidance at Q1 2025 Driven by 11% 13% 22,004m Revenue Strategic Trintellix Generic Mature Revenue Stronger Delayed Revenue 2024 brands agreement entry brands 2025 growth in generics
Slide 22: Adj. EBITDA expectations raised to 16-21% growth
Adj. EBITDA expectations raised to 16-21% growth Implied adjusted FY EBITDA margin to exceed 30% New guidance Previous guidance at Q1 2025 Driven by 16% 21% ~30% ~31% Gross profit 6,347m Adj. Gross Capital R&D costs Adj. Bexicaserin Adj. Gross R&D Capital Adj. EBITDA Profit Reallocation EBITDA inves
Slide 23: Conclusion
Conclusion Charl van Zyl, President & Chief Executive Officer 23 H1 2025 – 14 August 2025
Slide 24: Excellent H1 forms the basis for our raised guidance
Excellent H1 forms the basis for our raised guidance Well-positioned for sustainable long-term growth Growth Innovation Funding • Excellent H1 2025 • Pipeline advancing with our • Capital reallocation program performance reflects clinical programs moving delivers impact through continued momentum in
Slide 25: Q&A
Q&A 25 H1 2025 – 14 August 2025
Slide 26: Appendix
Appendix 26 H1 2025 – 14 August 2025
Slide 27: 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% 88%
Slide 28: Building a robust, focused, and de-risked pipeline
Building a robust, focused, and de-risked pipeline A substantial transformation PROJECT BIOLOGY AREA PHASE I PHASE II PHASE III FILING / LAUNCH Eptinezumab (anti-CGRP mAb)1 Migraine prevention2 Hormonal / Lu AG09222 (anti-PACAP mAb)3 Migraine prevention neuropeptide signaling Lu AG13909 (anti-ACTH m
Slide 29: Unfolding our indication space
Unfolding our indication space Through the lens of our biology clusters, we’re adding new indications to our portfolio From To From 4 main To focus on 4 biology To unfold our indication To improve disease areas clusters in research space in development our presence Biological psychiatry Depression S
Slide 30: 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 31: 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 32: 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 33: 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 34: 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 35: 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 36: Promising efficacy across multiple DEE sub-populations
Promising efficacy across multiple DEE sub-populations Phase II study showed best-in-class potential Bexicaserin1 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 37: 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 38: 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 39: Potential first disease-modifying therapy in MSA
Potential first disease-modifying therapy in MSA Amlenetug (Lu AF82422) – Innovative program within rare disease progression towards phase III Progressing towards phase III Market potential Potential first-in-class antibody with superior • AMULET phase II showed 27% slowing of technical profile whic
Slide 40: 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 41: 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 42: 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 43: Lu AF28996 - continuous receptor stimulation
Lu AF28996 - continuous receptor stimulation Lu AF28996 offers continuous D1 and D2 receptor stimulation Mechanism An innovative pro-drug Lu AF28996 Metabolites Continuous exposure achieved with low and sustained by back-and-forth conversion of metabolites serving as a reservoir exposure • Lu AF2899
Slide 44: 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 45: 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 46: Revenue overview H1 2025
Revenue overview H1 2025 Reported geographic revenue split & YoY growth1 Reported product revenue split & YoY growth1 H1 2025 H1 2025, DKKm 14,000 14,000 +14% +14% 12,000 12,000 10,000 10,000 8,000 8,000 +21% +22% 6,000 6,000 4,000 4,000 +14% +0% +28% +3% -4% +26% +56% 2,000 +5% 2,000 +10% +19% 0 0
Slide 47: Revenue overview Q2 2025
Revenue overview Q2 2025 Reported geographic revenue split & YoY growth1 Reported product revenue split & YoY growth1 Q2 2025 Q2 2025, DKKm 6,000 +12% 6,000 +12% 4,000 4,000 +18% +20% 2,000 2,000 +24% +12% +27% -4% -1% -6% +51% +5% +17% -1% 0 0 Total United States Europe International Total Rexulti
Slide 48: Product distribution of revenue & YoY growth
Product distribution of revenue & YoY growth % of total % of total DKKm H1 2025 H1 2024 Growth (CER) Growth (DKK) Q2 2025 Q2 2024 Growth (CER) Growth (DKK) H1 2025 Q2 2025 Rexulti® 3,039 2,381 28% 28% 25% 1,548 1,266 27% 22% 26% Brintellix®/Trintellix® 2,390 2,351 3% 2% 19% 1,136 1,183 (1%) (4%) 19%
Slide 49: Strategic brands
Strategic brands H1 reported revenue Quarterly reported revenue Comments DKKm +21% CER DKKm Continued strong performance across the 6,000 strategic brands reaching DKK 9.4bn in H1 2025 10,500 and 4.6bn in Q2 2025, representing a growth of +18% CER 21% (+21% DKK) and 18% (+15% DKK) respectively 9,000
Slide 50: Rexulti
Rexulti H1 reported revenue Quarterly reported revenue Comments DKKm DKKm +27% CER • Grew by 28% (+28% DKK) and reached 3,500 +28% CER 1,600 DKK 3.0bn in H1 2025 3,000 1,400 • Grew by 27% (+22% DKK) and reached DKK 1.5bn in Q2 2025 1,200 2,500 1,000 • In the U.S., revenue continues to benefit 2,000
Slide 51: Brintellix/Trintellix
Brintellix/Trintellix H1 reported revenue Quarterly reported revenue Comments DKKm DKKm • Grew by 3% (+2% DKK) and reached DKK +3% CER 2.4bn in H1 2025 2,500 1,400 -1% CER • Declined by -1% (-4% DKK) and reached 1,200 2,000 DKK 1.1bn in Q2 2025 1,000 • In the U.S., the revenue decline of -6% 1,500 C
Slide 52: Vyepti
Vyepti H1 reported revenue Quarterly reported revenue Comments DKKm DKKm +51% CER • Grew by 56% (+57% DKK) and reached 2,500 1,100 DKK 2.1bn in H1 2025 +56% CER 1,000 • Grew by 51% (+47% DKK) and reached 2,000 900 DKK 1.1bn in Q2 2025 800 700 • Vyepti sustained its strong momentum 1,500 in H1 2025,
Slide 53: Abilify LAI franchise
Abilify LAI franchise H1 reported revenue Quarterly reported revenue Comments DKKm DKKm • Grew by 10% (+10% DKK) and reached +10% CER 2,000 1,200 DKK 1.9bn in H1 2025 +5% CER • Grew by 5% (+3% DKK) and reached DKK 1,000 0.9bn in Q2 2025 1,500 800 • The franchise delivered solid growth in H1 2025, ho
Slide 54: Cipralex / Lexapro
Cipralex / Lexapro H1 reported revenue Quarterly reported revenue Comments DKKm DKKm • Unchanged at CER (-2% DKK) and 1,500 800 reached DKK 1.1bn in H1 2025 +0% CER -2% CER • Down by 2% (-6% DKK) and reached DKK 1,200 0.5bn in Q2 2025 600 • The largest markets are China, Saudi 900 Arabia, Brazil and
Slide 55: Other pharmaceuticals
Other pharmaceuticals1 H1 reported revenue Quarterly reported revenue Comments DKKm DKKm • Down by -6% (-7% DKK) and reached 2,500 1,200 DKK 1.6bn in H1 2025 • Down by -9% (-11% DKK) and reached 2,000 -6% CER -9% CER DKK 0.8bn in Q2 2025 • Around 15 mature products included 800 1,500 • Decline expec
Slide 56: Other revenue
Other revenue H1 reported revenue Quarterly reported revenue Comments DKKm DKKm • Down by 22% (-22% DKK) and reached 250 150 DKK 123m in H1 2025 -17% CER • Down by 17% (-16% DKK) and reached DKK 73m in Q2 2025 -22% CER 100 • Mostly contract manufacturing to third- party 50 0 0 H1 2022 H1 2023 H1 202
Slide 57: H1 2025: EBIT & Adjusted EBITDA
H1 2025: EBIT & Adjusted EBITDA DKKm H1 2025 H1 2024 Change (CER)1 Change (DKK) Revenue 12,258 10,741 14% 14% Gross profit 10,083 8,676 16% 16% thereof adjustments - (2) - - thereof depreciation/amortization 778 841 (8%) (7%) Sales and distribution costs 3,818 3,794 1% 1% thereof adjustments 35 - -
Slide 58: Q2 2025: EBIT & Adjusted EBITDA
Q2 2025: EBIT & Adjusted EBITDA DKKm Q2 2025 Q2 2024 Change (CER)1 Change (DKK) Revenue 6,023 5,453 12% 10% Gross profit 4,932 4,397 13% 12% thereof adjustments - (2) - - thereof depreciation/amortization 383 420 (8%) (9%) Sales and distribution costs 1,946 2,005 0% (3%) thereof adjustments 37 - - -
Slide 59: 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 60: H1 2025: Overall Adjusted EBITDA reconciliation
H1 2025: Overall Adjusted EBITDA reconciliation DKKm H1 2025 Q1 2025 Q2 2025 Profit from operations (EBIT) 3,269 1,698 1,571 Amortization of product rights 659 336 324 Depreciation and amortization 222 110 111 EBITDA 4,150 2,144 2,006 Restructuring expenses 35 (2) 37 Integration costs - - - Acquisit
Slide 61: 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 62: YTD and FY figures: Revenue & Adjusted EBITDA at CER
YTD and FY figures: Revenue & Adjusted EBITDA at CER DKKm H1 2025 FY 2024 Total revenue (IFRS) 12,258 22,004 Effects from hedging 19 (52) Total revenue (IFRS) before hedging 12,239 22,056 Effects from exchange rate (52) (344) Total revenue at CER 12,291 22,452 Increase/(Decrease) in Total revenue 14
Slide 63: Increased volatility in main currencies
Increased volatility in main currencies Sales by currency Main currencies2 Comments H1 2025 29 December 2023 = index 100 • ~83% of sales in non-EUR currencies 110 • USD directly represents ~55% of sales in CAD 105 H1 2025 CNY 4% 100 5% • Three main currencies make up ~60% of 95 EUR net exposure 17%
Slide 64: 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 levels following Revolving Credit Facility Inventories 5
Slide 65: Financial position and dividend
Financial position and dividend Financial position Dividend, DKK DKKm • Proposed dividend pay-out of DKK 0.95 per share for 30.06.2025 31.12.2024 2024, corresponding to a pay-out ratio of ~30% Intangible assets 35,837 40,167 • A total of DKK 946 million and a yield of 2.3%1 Other non-current assets
Slide 66: H1 2025: Cash generation
H1 2025: Cash generation DKKm H1 2025 H1 2024 FY 2024 FY 2023 FY 2022 Cash flows from operating activities 2,261 2,178 3,326 4,080 3,519 Cash flows from investing activities (238) (245) (15,286) (498) (1,892) Cash flows from operating and 2,023 1,933 (11,960) 3,582 1,627 investing activities (free c
Slide 67: Q2 2025: Cash generation
Q2 2025: Cash generation DKKm Q2 2025 Q2 2024 FY 2024 FY 2023 FY 2022 Cash flows from operating activities 1,629 1,217 3,326 4,080 3,519 Cash flows from investing activities (127) (151) (15,286) (498) (1,892) Cash flows from operating and 1,502 1,066 (11,960) 3,582 1,627 investing activities (free c
Slide 68: 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 Treasury A shares 127,465 Jens Høyer For additional company information, Vice President, Head
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