67 slides from H. Lundbeck A/s Class A's earnings presentation, November 2020
Slide 1: Investor Presentation 9M 2020
Investor Presentation 9M 2020 COPENHAGEN, NOVEMBER 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: First nine months strong in a pandemic, Vyepti gaining momentum
9M 2020 - HIGHLIGHTS First nine months strong in a pandemic, Vyepti gaining momentum 9M 2020 Q3 2020 • Strategic brands continue solid growth Sales growth, y/y 6% 8% • Mature brands continue to perform, led by Core EBIT margin 27.7% 27.6% Cipralex/Lexapro Free cashflow DKK 2,521m DKK 1,042m • Q3 sig
Slide 4: Five strategic brands added DKK 1,242 million in additional revenue in 9M 2020
9M 2020 - HIGHLIGHTS Five strategic brands added DKK 1,242 million in additional revenue in 9M 2020 Strategic brands’ growth (9M 2020 – DKKm and L.C. growth) • Strategic brands*: Up 19% in 9M 2020 (19% in L.C.) to DKK 7,948 million representing 59% of total revenue Rexulti/Rxulti +23% • Rexulti/Rxul
Slide 5: Robust growth across all three regions
9M 2020 - HIGHLIGHTS Robust growth across all three regions North America revenue International Markets revenue Europe revenue (9M - DKKm) (9M - DKKm) (9M - DKKm) 8.000 +6% 4.000 4.000 +8% Other products 6.000 3.000 3.000 19% +4% Other products Other products 4.000 2.000 2.000 17% 2.000 1.000 1.000
Slide 6: Brintellix/Trintellix: 14% growth – solid underlying performance
9M 2020 - HIGHLIGHTS Brintellix/Trintellix: 14% growth – solid underlying performance continues to confirm the efficacy of its profile • Grew 14% (16% in L.C.) to DKK 2,308 Brintellix/Trintellix sales per region Brintellix/Trintellix sales million in 9M 2020 (Quarterly - DKKm) (9M - DKKm) 1.000 2.50
Slide 7: Rexulti: Growing 24% – an effective drug meeting patient needs
9M 2020 - HIGHLIGHTS Rexulti: Growing 24% – an effective drug that is meeting patient needs in several new markets • Grew 24% (23% in L.C.) to DKK 2,004 Rexulti sales per region*** Rexulti sales*** million in 9M 2020 (Quarterly - DKKm) (9M - DKKm) • Growth in Q3 negatively impacted by 800 2.400 Nort
Slide 8: Northera: Solid growth in sales despite seasonality of U.S. buying patterns
9M 2020 - HIGHLIGHTS Northera: Solid growth in sales despite seasonality of U.S. buying patterns • Grew 16% (16% in L.C.) to Northera sales Northera sales DKK 1,865 million in 9M 2020 (Quarterly - DKKm) (9M – DKKm) • Volume is up 7.5%*) compared 900 2.000 +16% to 9M 2019 +11% • The LoE in February n
Slide 9: Abilify Maintena: Sales up by 19%. LAI market continues solid growth
9M 2020 - HIGHLIGHTS Abilify Maintena: Sales up by 19%. LAI market continues solid growth • Grew 19% (19% in L.C.) to DKK 1,729 Abilify Maintena sales per region*** Abilify Maintena sales*** million in 9M 2020 (Quarterly - DKKm) (9M - DKKm) • Growth in Q3 negatively impacted by FX by 4% 800 2.000 No
Slide 10: Vyepti doubles sales compared to previous quarter
9M 2020 - HIGHLIGHTS Vyepti doubles sales compared to previous quarter • Sales reached DKK 42 million following Vyepti demand launch in April (weekly - vials) • J-code now effective • >120m lives covered without branded step-edit • Very positive testimonials from patients and HCPs • Recently submitt
Slide 11: Mature brands: Strong performing products serving patients in emerging markets
9M 2020 - HIGHLIGHTS Mature brands: Strong performing products that effectively serve patients in emerging market countries • Declined 9% to DKK 5,144 million in Mature brands’ sales per region Mature brands’ sales 9M 2020, mainly due to U.S. mature (Quarterly - DKKm) (9M - DKKm) brands 3.000 8.000
Slide 12: Lundbeck continues to progress on its Expand and Invest to Grow strategy
9M 2020 – STRATEGIC PROGRESS UPDATE Lundbeck continues to progress on its Expand and Invest to Grow strategy ❑ Migraine franchise in the making • Vyepti launched in the US MAXIMIZE EXISTING EXPAND OPERATING • Indication and geographic expansion for Vyepti initiated BRANDS SPACE ❑ Lundbeck La Jolla R
Slide 13: R&D pipeline progressing, clinical trials attracting increasing numbers of patients
9M 2020 - RESEARCH & DEVELOPMENT R&D pipeline progressing, clinical trials attracting increasing numbers of patients despite COVID-19 Project Area Phase I Phase II Phase III Filing Comment Eptinezumab (anti-CGRP mAb) Migraine prevention Submitted in nine countries Episodic cluster headache Phase III
Slide 14: Interim Analysis of Rexulti in agitation in Alzheimer's disease planned for Q2 2021
9M 2020 - RESEARCH AND DEVELOPMENT Interim Analysis for effect in the study using Rexulti in agitation in Alzheimer’s disease (AAD) planned for Q2 2021 Unmet medical need Fast Track designation granted February 2016 Total U.S. societal costs of dementia are estimated to be USD 277 billion* Status of
Slide 15: Vyepti: Phase III study for treatment of cluster headache
9M 2020 - RESEARCH AND DEVELOPMENT Vyepti: Phase III study for treatment of cluster headache, a crippling pain with no effective medication currently available Cluster headache affects approximately one in 1,000 ALLEVIATE phase III study to evaluate Vyepti in people across the world episodic Cluster
Slide 16: Aripiprazole 2-Month formulation: Potential to further maximize the franchise
9M 2020 - RESEARCH AND DEVELOPMENT Aripiprazole 2-Month formulation: Potential to further maximize M the franchise Aripiprazole 2-Month formulation: • PK-based bridging approach to establish similar exposure between aripiprazole 2- Month Ready to Use (RTU) formulation and Abilify Maintena • Patients
Slide 17: Transforming R&D to focus on promising science and "let the molecule speak"
9M 2020 - RESEARCH AND DEVELOPMENT Transforming R&D to focus on promising science and “let the molecule speak” to de-risk and accelerate early programs Focused research in areas with high innovation potential Built experimental medicine to improve clinical translation Select the right indication ear
Slide 18: Solid underlying financial performance in 9M 2020 as Lundbeck invests in its future
9M 2020 – FINANCIAL PERFORMANCE Solid underlying financial performance in 9M 2020 as Lundbeck invests in its future Revenue DKKm 9M 2020 Δ% y/y Q3 2020 Δ% y/y • Strategic brands continue solid growth Revenue 13,397 +6% 4,463 +8% • Q3 negatively impacted by FX and reduced demand growth following the
Slide 19: Strong cash flow; net debt rise driven by acquisitions in 2019
9M 2020 – FINANCIAL PERFORMANCE Strong cash flow; net debt rise driven by acquisitions in 2019 Free cash flow Net debt and Net debt/EBITDA* (9M - DKKm) (9M - DKKm) 6.000 1,40 3.000 5.006 2.521 2.277 1.889 Net debt (l.h.s.) 1,05 2.000 1.817 4.000 Net debit/EBITDA (r.h.s.) 1.289 2.918 1.000 0,70 2.000
Slide 20: 2020 financial guidance range narrowed
9M 2020 – FINANCIAL PERFORMANCE 2020 financial guidance range narrowed FY 2020 financial guidance FY 2021 considerations DKK Actual Previous FY Revised FY • Continued growth of strategic brands FY 2019 2020 guidance 2020 guidance • Vyepti uptake to accelerate Revenue 17,036m 17.4 ̶ 18.0bn 17.5 ̶ 17.
Slide 21: Clear growth ambition and further possibility to grow based on current brand portfolio
9M 2020 – FINANCIAL PERFORMANCE Lundbeck has a clear growth ambition and further possibility to grow based on current brand portfolio Lundbeck revenue 1999 – 2020e (FY - DKKm) Expected growth drivers: • Rexulti continued strong growth including LCM activities (e.g. Alzheimer’s agitation) • Vyepti: S
Slide 22: Maintaining focus on our role and responsibility in society
ESG UPDATE Maintaining focus on our role and responsibility in society Lundbeck established an Access to Brain Health strategy Category 9M 2020 9M 2019 Δ% y/y that goes beyond making safe and efficacious medicine available. It centres brain health accessibility and Energy (MWh) * 69,809 68,601 2% ac
Slide 23: Commitment to the UN Global Compact Principles and SDGs
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 24: Priorities ahead
SUMMARY Priorities ahead • Maintain focus on continuing to maximize strategic brands • Grow Vyepti in the U.S., continue regulatory submissions in other countries and indication expansion • Further accelerate clinical activities • Manage the impact from COVID-19 internally and externally • Continue
Slide 25: 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 - • Rexulti/Rxulti launches in Europe and Brazil momentum continues Near-term • New LCM studies ongoing with brexpiprazole Invigorate Mid-term Accelerate • Launch Vyepti in migraine pre
Slide 26: Thank you
Thank you 26 Lundbeck
Slide 27: 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 2,510m DKK 2,004 million DKK 13,397 million 19% DKK 7,948 million vs. 2019 +24% vs. 2019 +6% vs. 2019 +19% DKK 2,308 mil
Slide 28: Solid financial performance driven by strategic brand portfolio
FINANCE – 9M 2020 PERFORMANCE Solid financial performance driven by strategic brand portfolio Strategic brands’ sales Revenue and core EBIT (9M - DKKm) (9M - DKKm) 2.400 13.921 13.397 12.842 12.615 2.000 11.469 10.861 10.221 1.600 Strategic brands CAGR: +80% 1.200 5.227 800 Abilify Maintena 3.946 4.
Slide 29: Continued growth in all regions
FINANCE – 9M 2020 PERFORMANCE Continued growth in all regions Regional growth Sales by region# • North America impacted by generic erosion, mainly Onfi (9M 2020 – DKKm and in %) (9M 2020) • Growth of 12% excluding Onfi • International Markets shows North America +6% 19% solid growth driven by e.g. A
Slide 30: Diverse portfolio across products and regions aligned to global CNS market
9M 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 (9M 2020) Sales by region (9M 2020) Sales by region (F
Slide 31: 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 32: Continued excellence in commercial execution for the strategic brands
APPENDIX - PRODUCTS Continued excellence in commercial execution for the strategic brands; Q2 and Q3 2020 impacted negatively by COVID-19 1.000 800 +4% North America +1% North America +33% Europe+Int. Markets +30% 800 Europe+Int. Markets 600 600 400 400 200 200 0 0 Q3.17 Q3.18 Q3.19 Q3.20 Q3.17 Q3.1
Slide 33: Solid volume growth in the U.S. for our strategic brands
APPENDIX - PRODUCTS Solid volume growth in the U.S. for our strategic brands 125.000 +15% 800.000 +22% +2% +17% 100.000 +21% +24% 600.000 75.000 400.000 50.000 200.000 25.000 0 0 Q3.17 Q3.18 Q3.19 Q3.20 Q3.17 Q3.18 Q3.19 Q3.20 300.000 +11% 15.000 +22% +18% +1% 12.000 -14% +31% 200.000 9.000 6.000 10
Slide 34: Total molecule sales (gross) - USDm
APPENDIX - PRODUCTS Total molecule sales (gross) - USDm 1.250 1.600 1.000 +46% 1.200 750 +67% 800 500 250 400 0 0 2014 2015 2016 2017 2018 2019 2014 2015 2016 2017 2018 2019 • Abilify Maintena: U.S. approval (Feb. 2013); EU approval (Nov. 1.200 2013) 800 • Brintellix/Trintellix: U.S. approval (Oct.
Slide 35: Cipralex/Lexapro
APPENDIX - PRODUCTS Cipralex/Lexapro • Grew 5% (7% in L.C.) to DKK Cipralex/Lexapro Cipralex/Lexapro 1,893 million in 9M 2020 (Quarterly - DKKm) (9M – DKKm) • Declined 6% (0% in L.C.) to 900 3.000 North America DKK 566 million in Q3 2020 Int. Markets -6% Europe • Main growth drivers were +5% Japan,
Slide 36: Other pharmaceuticals
APPENDIX - PRODUCTS Other pharmaceuticals • Declined 8% (6% in L.C.) to Other pharmaceuticals Other pharmaceuticals DKK 2,181 million in 9M 2020 (Quarterly - DKKm) (9M – DKKm) • Around 15 mature products 1.200 2.700 included -8% • Biggest products are Azilect, 900 -5% Cipramil, Cisordinol, Deanxit,
Slide 37: Other revenue
APPENDIX - PRODUCTS Other revenue • Declined 18% (18% in L.C.) to Other revenue Other revenue DKK 355 million in 9M 2020 (Quarterly - DKKm) (9M – DKKm) • Q3 2020 impacted by quarterly 300 500 fluctuations in shipments -18% +141% • Mostly contract manufacturing to utilize excess capacity 150 250 0 0
Slide 38: Brintellix/Trintellix: COMPLETE study 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 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: Phase III study of Vyepti in frequent episodic migraine
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
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
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: Vyepti: Subgroup analysis of PROMISE-2 in medication-overuse headache
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 47: Positive headline results from the Vyepti RELIEF study
RESEARCH AND DEVELOPMENT Positive headline results from the Vyepti RELIEF study* Vyepti demonstrated… • statistical significance on the co-primary endpoints Co-primary endpoints • all secondary endpoints were also statistically significant, • Time to headache pain freedom including: • Time to absenc
Slide 48: Vyepti: Phase IIIb study, DELIVER, commenced in June
RESEARCH AND DEVELOPMENT Vyepti: Phase IIIb study, DELIVER, commenced in June Study objective: • Evaluate Vyepti 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 preventiv
Slide 49: Grossberg: Fixed-dose brexpiprazole for agitation in Alzheimer's
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: Flexibly-dosed brexpiprazole for agitation in Alzheimer's
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 Rexulti
APPENDIX - BREXPIPRAZOLE PTSD offers an exciting opportunity for Rexulti PTSD epidemiology Post-traumatic Stress Disorder PoC study4 showed… (PTSD) >8m – U.S. prevalence Combination of Rexulti and (2.5%-3.6%)1, 2 ~8.6m U.S. adults affected, but sertraline demonstrated ~80% estimated to be undiagnose
Slide 52: Both studies in Rexulti pivotal programme in PTSD ongoing
APPENDIX - BREXPIPRAZOLE Both studies in Rexulti pivotal programme in PTSD ongoing Two studies initiated in the pivotal programme (phase III) Study objective1 Rexulti (fixed 2 , 3mg and flexible dose up to 3mg) in To evaluate the efficacy, safety, combination with sertraline and tolerability of 12-w
Slide 53: Borderline Personality Disorder offers an opportunity for Rexulti
APPENDIX - BREXPIPRAZOLE Borderline Personality Disorder (BPD) offers an exciting opportunity for Rexulti 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 possible cau
Slide 54: Rexulti PoC study in Borderline Personality Disorder ongoing
APPENDIX - BREXPIPRAZOLE Rexulti PoC study in Borderline Personality Disorder (BPD) ongoing Study objective1 Phase II To evaluate the efficacy and Rexulti (flexible dose 2-3mg) and placebo safety of 12-week Rexulti for the treatment of subjects diagnosed Primary endpoint: Zanarini Rating Scale for B
Slide 55: Lundbeck La Jolla has access to a 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
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
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 PACAP 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: Healthy balance sheet with ample sources of liquidity
FINANCE – 9M 2020 PERFORMANCE Healthy balance sheet with ample sources of liquidity Net debt & Net debt/EBITDA Debt maturity profile 9.000 (DKKm & “x”) 1,5 (EURm equivalent) 6.566 1.500 (4+1+1+1)* 6.000 Leverage (r.h.s.) 5.006 1,0 Net cash/debt (l.h.s.) 3.000 0,5 Term loan RCF 0 -326 Bond 0,0 -3.000
Slide 61: Cash flow impacted by lower EBIT, but solid cash generation
APPENDIX - FINANCE Cash flow impacted by lower EBIT, but solid cash generation still provides flexibility • Net cash flow: Up DKK 1.4bn to DKK 742 million in 9M 2020 vs. 9M Net cash flow 2019 (Quarterly - DKKm) 1.800 • FY 2020: Cash flow will be negatively impacted by 1.200 • Investments in Vyepti 6
Slide 62: Cash position, funding and debt maturity
APPENDIX - FINANCE Cash position, funding and debt maturity • A diversified and long term balanced debt portfolio is a priority Debt maturity profile to Lundbeck (EURm equivalent) • This includes access to various funding sources and well as 1.500 (4+1+1+1)* a balanced maturity profile to support th
Slide 63: Product distribution of revenue – 9M 2020 and FY 2019
APPENDIX - FINANCE Product distribution of revenue – 9M 2020 and FY 2019 DKKm FY 2019 FY 2018 9M 2020 9M 2019 Growth Growth in local % of total currencies TOTAL: Abilify Maintena 1,961 1,595 1,729 1,457 19% 19% 13% Brintellix/Trintellix 2,826 2,182 2,308 2,023 14% 16% 17% Cipralex/Lexapro 2,314 2,25
Slide 64: Cash generation
APPENDIX - FINANCE Cash generation DKKm 9M 2020 9M 2019 FY 2019 FY 2018 Cash flows from operating activities 2,777 2,215 2,609 5,981 Cash flows from investing activities (256) (398) (7,755) (2,907) Cash flows from operating and investing 2,521 1,817 (5,146) 3,074 activities (free cash flow) Cash flo
Slide 65: Balance sheet and dividend
APPENDIX - FINANCE Balance sheet and dividend DKKm 30.09.2020 31.12.2019 Dividend (DKK) Intangible assets 21,002 23,399 15 5% Other non-current assets 3,723 3,320 Dividend 12 4% Current assets 9,865 9,038 Yield (r.h.s.) 9 3% Assets 34,590 35,757 Equity 14,675 14,554 6 2% Non-current liabilities 11,8
Slide 66: Costs – Full year figures
APPENDIX - FINANCE Costs – Full year figures DKKm 9M 2020 2019 2018 2017 2016 2019 (∆%) 2018 (∆%) Revenue 13,397 17,036 18,117 17,234 15,634 (6%) 5% Cost of sales 2,918 3,385 3,456 3,881 4,082 (2%) (11%) Sales & Distribution costs 4,288 5,514 5,277 5,649 5,488 4% (7%) Administrative expenses 692 899
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