H. Lundbeck A/s Class A · OMXCOP:HLUN_A
H. Lundbeck A/s Class A — H Lundbeck A/S B — FY 2024 Earnings Presentation
69 slides from H. Lundbeck A/s Class A's earnings presentation, Feb 5, 2025
Slide 1: Business update & financial results FY 2024
Business update & financial results FY 2024 Martha FY 2024 – February 5, 2025 Living with depression and ADHD
Slide 2: Safe Harbor/Forward-Looking Statements
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 i
Slide 3: A transformative year for Lundbeck
A transformative year for Lundbeck Significant progress towards becoming a Focused Innovator Record revenue of DKK 22 billion Secure mid-term - Accelerated growth for strategic brands growth Advancing and broadening innovative pipeline Lead with focused innovation - Acquiring Longboard Pharmaceutica
Slide 4: 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 US Michala Fischer-Hansen Executive Vice President Europe & International Operations R&D Update Johan Luthman Executive Vice President Head
Slide 5: Delivering on our Focused Innovator strategy
Delivering on our Focused Innovator strategy Building pipeline for sustainable long-term growth Strong operational momentum Targeted commercial focus Strategic brands +21% in 2024 Successful launch of Rexulti AADAD in the U.S. Growth Vyepti +72%, Brintellix/Trintellix +14%, Rexulti +16% Exceptional
Slide 6: 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 US Michala Fischer-Hansen, Executive Vice President, Europe & International Markets 6 FY 2024 – February 5, 2025
Slide 7: Rexulti delivers strong performance in 2024
Rexulti delivers strong performance in 2024 U.S. TRx growth of 21% in Q4 2024 versus prior year Global reported revenue DKKm Strong growth observed across +16% CER all prioritized markets +15% CER DKK 5.202m • Rexulti U.S. TRx share reached all-time high DKK 4.811m (2.37%) DKK 4.525m DKK 4.206m • U.
Slide 8: Growth driven by increased penetration in AADAD
Growth driven by increased penetration in AADAD Strong adoption in both community and long-term care channel Monthly claims volume by indication AADAD now makes up ~19% AADAD Launch – July 2024 of total brand performance 28,000 140,000 U.S.: 24,000 120,000 • October Claims Data shows growth across b
Slide 9: Ongoing exceptional growth momentum
Ongoing exceptional growth momentum Growth supported by broad adoption in key priority markets Global reported revenue Vyepti demand in the U.S. DKKm Vials volume uptake since launch1 Full investment behind brand +72% CER continues to drive growth +63% CER • December vial demand hit weekly DKK 2.909
Slide 10: Strong performance across key markets
Strong performance across key markets Continued double digit growth in most markets in E&IO with 10 years since launch Global reported revenue DKKm Strong momentum in Europe +14% CER and International Markets • Europe up 17% CER driven primarily by Spain DKK 4.847m (+24%) DKK 4.324m +16% CER • Inter
Slide 11: Solid performance contributed by all markets
Solid performance contributed by all markets Abilify LAI franchise continues to grow due to increasing conversions to Abilify Asimtufii from oral aripiprazole Global reported revenue DKKm Strong growth across most +10% CER markets DKK 3.504m U.S.: DKK 3.187m • Abilify LAI franchise market share grew
Slide 12: Penetration of 2-mth formulation is ramping up
Penetration of 2-mth formulation is ramping up Conversion rate accelerating and exceeds benchmarks Conversion rate (U.S) Conversion rate (E&IO) Strong focus on accelerating % (Monthly) % conversion rates 20 10 18 U.S.: • Asimtufii growth is outpacing other L-LAIs; growing 7 share (MAT Nov. 2024) 14
Slide 13: R&D update and outlook
R&D update and outlook Johan Luthman, Executive Vice President, Head of R&D 13 FY 2024 – February 5, 2025
Slide 14: Strong 2024 pipeline progression
Strong 2024 pipeline progression Pivoting into late-stage programs with differentiated and novel mechanisms • Brexpiprazole PTSD • Amlenetug: MASCOT phase III initiation (MSA) sNDA filing • Bexicaserin (5HT2c agonist): DEEp phase III • Abilify Maintena program initiated (DS and LGS/DEEs) Regulatory
Slide 15: Recent pipeline events
Recent pipeline events Key regulatory activities and major events Abilify Asimtufii • Approved in Canada and Australia Brexpiprazole • FDA plans to host an Advisory Committee meeting on the sNDA for brexpiprazole in combination with sertraline for the treatment of adults with PTSD • PTSD phase III
Slide 16: Phase II PACIFIC OLE study headline results
Phase II PACIFIC OLE study headline results Durable response in seizure reduction sustained over 52 weeks • Bexicaserin achieved an overall median seizure reduction of 59.3% in countable motor seizures over 12-mth OLE treatment period • High patient retention 92.7% of patients staying through the fu
Slide 17: Advancing the pipeline
Advancing the pipeline Key events in pipeline progression Project Area Milestones Phase II OLE1 Bexicaserin (5-HT2C agonist) DEEs Read-out 12m Q1 2025 sNDA Brexpiprazole PTSD FDA Advisory Committee H1 2025 Phase Ib CAH Lu AG13909 (anti-ACTH mAb) Neuro-hormonal dysfunctions Read-out Q2 2025 Phase Ib
Slide 18: Financial results and outlook
Financial results and outlook Joerg Hornstein, Chief Financial Officer 18 FY 2024 – February 5, 2025
Slide 19: Accelerating growth of strategic brands (+21% in CER)
Accelerating growth of strategic brands (+21% in CER) Continued strong growth momentum driven by strategic brands constituting 75% of sales Key figures Comments DKKm • Revenue: continued strong performance across all FY 2024 FY 2023 Change (CER) 1 Change (DKK) strategic brands Revenue 22,004 19,912
Slide 20: Adjusted EPS growth in line with underlying performance
Adjusted EPS growth in line with underlying performance Solid improvement in the financials Net profit & EPS Comments DKKm • EBIT: reflects the strong growth partially offset FY 2024 FY 2023 Change (DKK) by higher OPEX as well as the effect of the impairment loss and transaction and integration EBIT
Slide 21: Net cash position impacted by Longboard acquisition
Net cash position impacted by Longboard acquisition Strong operating cash flow supports fast deleveraging Cash flow Comments DKKm • Cash inflow from operating activities: FY 2024 FY 2023 impacted mainly by settlement of liabilities EBIT 3,270 3,195 related to Longboard's incentive program, higher re
Slide 22: Continued momentum for strategic brands
Continued momentum for strategic brands Guidance partially impacted by first generics entry towards the end of the year 2024 result Strong contribution from Rexulti and 2025 guidance Vyepti growth Revenue Revenue growth 22,004m 22,004m 14% growth +14% 7% 10% Revenue Strategic Trintellix Generic Matu
Slide 23: Disciplined capital allocation reflected in our 2025 guidance
Disciplined capital allocation reflected in our 2025 guidance Safeguarding adjusted EBITDA margins while elevating R&D investment levels 2024 result Focused Innovator strategy enabling 2025 guidance investments in future growth Adj. EBITDA Adj. EBITDA growth 6,347m 6,347m 20% growth +20% 5% 11% Marg
Slide 24: Conclusion
Conclusion Charl van Zyl, President & Chief Executive Officer 24 FY 2024 – February 5, 2025
Slide 25: On track to deliver long-term sustainable growth
On track to deliver long-term sustainable growth Accelerating pipeline momentum combined with disciplined investment to secure future success Growth Innovation Funding • Strategic brand growth • Phase III programs • 2024 performance and accelerating in 2024 ongoing with amlenetug 2025 guidance and b
Slide 26: Q&A
Q&A 26 FY 2024 – February 5, 2025
Slide 27: Appendix
Appendix 27 FY 2024 – February 5, 2025
Slide 28: 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 % points higher than at CER Adjusted EBITDA growth1 12% Around 2 % points lower than at CER Adjusted gross margin2 88.4% 88%
Slide 29: Building a robust, focused, and de-risked pipeline
Building a robust, focused, and de-risked pipeline A substantial transformation Biology Project Area Phase I Phase II Phase III Filing/Launch Hormonal / Eptinezumab (anti-CGRP mAb) 1 Migraine prevention SUN-studies SUN-studies 2 PROMISE 1 & 2 neuropeptide signaling Lu AG09222 (anti-PACAP mAb) 3 Migr
Slide 30: 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 31: 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 32: 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 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: PACAP clearly differentiates from CGRP
PACAP clearly differentiates from CGRP There is a need for additional treatment option Different signaling pathways – Different mode of action Despite the favorable benefit-risk ratio of anti-CGRPs, about 40% of patients do not achieve adequate response Compared to CGRP, experimentally introduced CG
Slide 35: 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 36: 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 37: 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 38: Bexicaserin - differentiated by design
Bexicaserin - differentiated by design Bexicaserin harbors 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 39: 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 40: 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 41: Lu AF82422 - inhibiting the spread to other cells
Lu AF82422 - inhibiting the spread to other cells Lu AF82422 potential first disease-modifying therapy in MSA Released α-syn aggregates 1 are bound by Lu AF82422 Lu AF82422 Neuron Lu AF82422 increases α-syn • Lu AF82422 is a human IgG1 mAb that 2 clearance by microglia recognizes and binds to all ma
Slide 42: 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 43: 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 44: 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 45: Addressing major unmet need in PD
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 normal condi
Slide 46: 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 47: Revenue overview FY 2024
Revenue overview FY 2024 Reported geographic revenue split & YoY growth1 Reported product revenue split & YoY growth1 2024, DKKm 2024, DKKm 22,000 +14% 22,000 +14% 20,000 20,000 18,000 18,000 16,000 16,000 14,000 +21% 14,000 12,000 +16% 12,000 10,000 10,000 8,000 8,000 6,000 +13% +10% 6,000 +16% +14
Slide 48: Revenue overview Q4 2024
Revenue overview Q4 2024 Reported geographic revenue split & YoY growth1 Reported product revenue split & YoY growth1 Q4 2024, DKKm Q4 2024, DKKm 6,000 +16% 6,000 +16% 4,000 4,000 +21% +21% 2,000 2,000 +24% +14% +14% +17% +16% +5% + 10% +62% +18% +16% 0 0 Total United States Europe International Tot
Slide 49: Product distribution of revenue & YoY growth
Product distribution of revenue & YoY growth % of total FY % of total Q4 DKKm FY 2024 FY 2023 Growth (CER) Growth (DKK) Q4 2024 Q4 2023 Growth (CER) Growth (DKK) 2024 2024 Rexulti® 5,202 4,525 16% 15% 24% 1,396 1,216 17% 15% 25% Brintellix®/Trintellix® 4,847 4,324 14% 12% 22% 1,271 1,117 16% 14% 23%
Slide 50: Strategic brands
Strategic brands FY reported revenue Quarterly reported revenue Comments DKKm +21% CER DKKm +21% CER Continued strong performance across the 16,500 4,500 strategic brands reaching DKK 16.5bn in 15,000 2024 and DKK 4.4bn in Q4 2024 , representing a growth of 21% (+20% DKK) 13,500 and 21% (+19% DKK) r
Slide 51: Rexulti
Rexulti FY reported revenue Quarterly reported revenue Comments DKKm DKKm +16% CER • Grew by 16% (+15% DKK) and reached +17% CER DKK 5.2bn in 2024 5,500 1,600 5,000 • Grew by 17% (+15% DKK) and reached 1,400 4,500 DKK 1.4bn in Q4 2024 4,000 1,200 3,500 1,000 • Continued demand growth in the U.S. 3,0
Slide 52: Brintellix/Trintellix
Brintellix/Trintellix FY reported revenue Quarterly reported revenue Comments DKKm DKKm +14% CER • Grew by 14% (+12% DKK) and reached +16% CER DKK 4.9bn in 2024 5,000 1,400 4,500 • Grew by 16% (+14% DKK) and reached 1,200 4,000 DKK 1.3bn in Q4 2024 3,500 1,000 • Strong performance in most markets 3,
Slide 53: Abilify LAI franchise
Abilify LAI franchise FY reported revenue Quarterly reported revenue Comments DKKm DKKm • Grew by 10% (+10% DKK) and reached +10% CER +10% CER DKK 3.5bn in 2024 4,000 1,000 3,500 • Grew by 10% (+9% DKK) and reached 800 DKK 0.9bn in Q4 2024 3,000 • In April 2023, Abilify Asimtufii got FDA 2,500 600 a
Slide 54: Vyepti
Vyepti FY reported revenue Quarterly reported revenue Comments DKKm DKKm +72% CER +62% CER • Grew by 72% (+71% DKK) and reached 3,000 800 DKK 2.9bn in 2024 700 • Grew by 62% (+60% DKK) and reached 2,500 DKK 0.8bn in Q4 2024 600 2,000 • In the U.S., Vyepti had >10% of the 500 prevention market by lat
Slide 55: Cipralex / Lexapro
Cipralex / Lexapro FY reported revenue Quarterly reported revenue Comments DKKm DKKm • Grew by 2% (-4% DKK) and reached DKK 2.500 800 2.0bn in 2024 +2% CER +3% CER • Grew by 3% (-3% DKK) and reached DKK 2.000 0.4bn in Q4 2024 600 • The biggest markets are China, Italy, 1.500 South Korea and Brazil i
Slide 56: Other pharmaceuticals
Other pharmaceuticals1 FY reported revenue Quarterly reported revenue Comments DKKm DKKm • Down by 9% (-11% DKK) and reached 4.500 1.600 DKK 3.2bn in 2024 -9% CER 4.000 • Up by 6% (4% DKK) and reached DKK 0.7bn in Q4 2024 3.500 1.200 3.000 • Around 15 mature products included 6% CER 2.500 • Biggest
Slide 57: Other revenue
Other revenue FY reported revenue Quarterly reported revenue Comments DKKm DKKm • Grew by 12% (+12% DKK) and reached 500 150 DKK 0.4bn in 2024 -41% CER +12% CER • Down by -41% (-41% DKK) and reached DKK 0.1bn in Q4 2024 100 • Mostly contract manufacturing to third- party 250 50 0 0 FY 2021 FY 2022 F
Slide 58: 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 59: Q4 2024: EBIT & Adjusted EBITDA
Q4 2024: EBIT & Adjusted EBITDA DKKm Q4 2024 Q4 2023 Change (CER)1 Change (DKK) Revenue 5,541 4,978 16% 11% Gross profit 4,470 3,770 24% 19% thereof depreciation/amortization 420 467 (9%) (10%) Sales and distribution costs 2,400 2,185 11% 10% thereof adjustments 79 48 65% 65% thereof depreciation/am
Slide 60: 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 61: FY 2023: Overall Adjusted EBITDA reconciliation
FY 2023: Overall Adjusted EBITDA reconciliation DKKm FY 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Profit from operations (EBIT) 3,195 1,233 840 891 231 Amortization of product rights 1,559 404 385 384 386 Depreciation and amortization 453 107 109 110 127 EBITDA 5,207 1,744 1,334 1,385 744 Restructuring e
Slide 62: Full year figures: Revenue & Adjusted EBITDA at CER
Full year 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 1
Slide 63: Increased volatility in key currencies in H2 2024
Increased volatility in key currencies in H2 2024 Sales by currency Main currencies2 Comments FY 2024 December 29, 2023 = index 100 • ~82% of sales in non-EUR currencies 110 • USD directly represents ~53% of sales CNY CAD FY 2024 105 5% 5% EUR 100 • Three main currencies make up ~60% of 18% net expo
Slide 64: Lundbeck is well-positioned through its strong balance sheet
Lundbeck is well-positioned through its strong balance sheet Assets Liabilities Comments DKKbn DKKbn • Inventories driven by Vyepti and Xenazine 57.0 57.0 • Intangible assets increase driven mainly by the acquisition of Longboard • ROIC decreased from 11.0% (FY 2023) to 37.4 37.4 9.4% (FY 2024) Inve
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 31.12.2024 31.12.2023 2024, corresponding to a pay-out ratio of ~30% Intangible assets 40,167 20,692 • A total of DKK 946 million and a yield of 2.3%1 Other non-current assets
Slide 66: FY 2024: Cash generation
FY 2024: Cash generation DKKm FY 2024 FY 2023 FY 2022 FY 2021 Cash flows from operating activities 3,326 4,080 3,519 2,272 Cash flows from investing activities (15,286) (498) (1,892) (610) Cash flows from operating and (11,960) 3,582 1,627 1,662 investing activities (free cash flow) Cash flows from
Slide 67: Q4 2024: Cash generation
Q4 2024: Cash generation DKKm Q4 2024 Q4 2023 Cash flows from operating activities (1,154) 941 Cash flows from investing activities (14,940) (136) Cash flows from operating and investing activities (free cash flow) (16,094) 805 Cash flows from financing activities 12,437 (21) Net cash flow for the p
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 June 18, 1999 Total 995,741,110 IR contacts Treasury A shares 348,816 Jens Høyer For additional company information, Vice President, Hea
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