H. Lundbeck A/s Class A · OMXCOP:HLUN_A
H. Lundbeck A/s Class A — H Lundbeck A/S B — FY 2025 Earnings Presentation
69 slides from H. Lundbeck A/s Class A's earnings presentation, Feb 4, 2026
Slide 1: Business update & financial results FY 2025
Business update & financial results FY 2025 Martha, Living with depression
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: Two years of progress with our Focused Innovator Strategy
Two years of progress with our Focused Innovator Strategy 2024 - 2026 2024 to 2025 2026 Outlook Position of strength Focus Delivered strong double-digit Sustained growth revenue growth above momentum balanced by Significantly extended expectations and sharpened increased brand and our growth outlook
Slide 4: Ending the year with strong momentum
Ending the year with strong momentum End of year execution reinforces the confidence in a strong 2026 outlook Strong operational momentum Targeted commercial focus Strategic brands +19% in 2025 Sharpened commercial model active from Growth Exceptional growth of Vyepti (+59%) and Rexulti (+23%) Dec 1
Slide 5: 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 6: Vyepti delivers sustained, market-leading growth
Vyepti delivers sustained, market-leading growth Disciplined investments continue to drive outperformance across key markets Global reported revenue Vyepti demand in the U.S. Re-allocated investmentsdeliver Reallocated investments deliver DKKm Vials volume uptake since launch1 accelerated growth +59
Slide 7: Rexulti AADAD momentum delivers +23% CER growth
Rexulti AADAD momentum delivers +23% CER growth Strong double-digit TRx growth and expanding AADAD contribution support continued performance Global reported revenue Claims volume by indication Continued U.S. growth momentum DKKm AADAD volume’000 uptake since launch1 +23% CER • U.S. TRx share reache
Slide 8: Strong conversion drives franchise growth
Strong conversion drives franchise growth Growing conversion rates across E&IO strengthen the franchise ahead of generic entry in 2026 Global reported revenue Conversion status Strong execution focused on DKKm % (LTM monthly rates) +10% CER accelerating conversion rates U.S.: DKK 3,776m 20 • Abilify
Slide 9: 2026: Gx headwinds outperformed by Vyepti and Rexulti
2026: Gx headwinds outperformed by Vyepti and Rexulti Expecting 5% to 8% CER revenue growth in 2026 with even stronger underlying performance DKKbn CER revenue growth outlook 5% to 8% Strategic brand growth to outperform Underlying growth 6% to 9% pressure from increased competition ~0.5 Focused exe
Slide 10: Portfolio update
Portfolio update Johan Luthman, Executive Vice President, Head of Research & Development Maria Alfaiate, Executive Vice President, Corporate, Portfolio & Product Strategy 10 FY 2025 – 4 February 2026
Slide 11: Strong 2025 pipeline progression
Strong 2025 pipeline progression Pivoting into late-stage programs with differentiated and novel mechanisms Strong progression in the early pipeline of Bexicaserin (DEEs) progressing: DEEp Ph several highly innovative programs III recruitment, China BTD for DEE & 2yr Ph II durability data Contera re
Slide 12: Scientific momentum in 2025 expands into 2026
Scientific momentum in 2025 expands into 2026 Broad and growing engagement across key scientific and medical forums 2025 2026 33 Medical conferences planned 23 Medical conferences AD/PD AAN March 17-21, Copenhagen April 18-22, Chicago 114 • Lu AF28996 preliminary • Vyepti INFUSE Scientific Ph Ib dat
Slide 13: A potential first-in-class antibody for ACTH-driven diseases
A potential first-in-class antibody for ACTH-driven diseases Asedebart, targeting two rare diseases: ACTH-driven Cushing Syndrome (aCS) and Congenital Adrenal Hyperplasia (CAH) Redefining treatment for >80K patients worldwide1 Blockbuster potential across multiple indications Differentiated MoA Addr
Slide 14: Early CAH data show robust biomarker suppression
Early CAH data show robust biomarker suppression Preliminary phase Ib1 data from 11 patients support disease-modifying potential for asedebart (Lu AG13909) Clear mechanistic rationale Reason to believe Estimated median relative reduction from baseline to 24 hours after infusion 2 3 Reduction: 90.5–9
Slide 15: Accelerated pipeline progression in 2026
Accelerated pipeline progression in 2026 Poised to progress to 5 to 6 mid/late-stage assets with clinically validated biology: HLR for Lu AG09222 the next key catalyst Phase I Phase II Phase III Near-term catalyst & pipeline momentum Amlenetug Anti α-synuclein mAb (MSA) Lu AG09222 (Anti-PACAP) Bexic
Slide 16: Financial results and outlook
Financial results and outlook Joerg Hornstein, Chief Financial Officer 16 FY 2025 – 4 February 2026
Slide 17: Strong revenue growth of +13% CER
Strong revenue growth of +13% CER Continued robust growth momentum driven by strategic brands constituting 77% of sales • Revenue: Continued strong performance driven Key figures predominantly by accelerated growth for strategic DKKm brands such as Vyepti and Rexulti FY 2025 FY 2024 Change (CER)1 Ch
Slide 18: Adjusted EPS growth in line with underlying performance
Adjusted EPS growth in line with underlying performance Solid improvement in the financials • EBIT: Strong sales and gross profit, supported by the Net profit & EPS Vyepti provision reversal, partly offset by higher R&D investments, commercial model optimization and the DKKm impairment loss from the
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 with Cash flow EBIT performance and working-capital improvement DKKm versus last year, with 2024 impacted by acquisition- related settlements/tra
Slide 20: Continued acceleration of capital reallocation program
Continued acceleration of capital reallocation program Planned production model optimization to streamline manufacturing footprint and reduce complexity Capital reallocation program supporting active pipeline build Q4 update Impact raised to approx. DKK 1.3-1.5bn by 2027 Production model optimizatio
Slide 21: 2026 Outlook: Unlocking another year of profitable growth
2026 Outlook: Unlocking another year of profitable growth Strong underlying growth secures increased investments in expanding pipeline with no compromise on margin 2025 Results Main drivers for 2026 2026 Guidance Revenue DKKm Revenue growth 24,630 +13% CER 2025 Partner commission fee Underlying grow
Slide 22: Conclusion
Conclusion Charl van Zyl, President & Chief Executive Officer 22 FY 2025 – 4 February 2026
Slide 23: Clear priorities for 2026
Clear priorities for 2026 Well-positioned for sustained profitability, innovation-led growth, and long-term value creation Growth Innovation Funding • Keep investing for growth • Execute key late-stage • Continue to re-allocate on Vyepti and Rexulti via programs for bexicaserin capital with high dis
Slide 24: Q&A
Q&A 24 FY 2025 – 4 February 2026
Slide 25: Appendix
Appendix 25 FY 2025 – 4 February 2026
Slide 26: Soft guidance
Soft guidance Other relevant financial information 2025 result 2026 soft guidance Total revenue (IFRS) growth1 12% (13% CER) Around 4% points lower than at CER (5-8%) Adjusted EBITDA growth1 24% (24% CER) Around 9% points lower than at CER (4-12%) Adjusted gross margin2 87.5% Around 88% R&D costs DK
Slide 27: Pipeline
Pipeline Phase Ib Phase II Phase III Filing Eptinezumab Migraine prevention2 Late Development anti-CGRP mAb1 Asia Bexicaserin Developmental and Epileptic Encephalopathies 5HT2C agonist Amlenetug Multiple System Atrophy anti α-synuclein mAb Lu AG09222 Migraine prevention anti-PACAP mAb3 Lu AF28996 Pa
Slide 28: 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 29: 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 30: 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 31: 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 32: 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 33: 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 34: 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 35: Promising efficacy across multiple DEE sub-populations
Promising efficacy across multiple DEE sub-populations Phase II study showed best-in-class potential Bexicaserin reduced median countable motor seizures Clinical evidence from DEE sub-populations Median percent change from baseline Reduction in median countable motor seizures in full data set (n=52)
Slide 36: 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 37: 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 38: 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 39: Potential first disease-modifying therapy in MSA
Potential first disease-modifying therapy in MSA Amlenetug (Lu AF82422) – Innovative program within rare disease progressing towards phase III pivotal headline results Progressing towards phase III pivotal headline results Market potential Potential first-in-class antibody with superior • AMULET pha
Slide 40: 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 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
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: Fueling the future: Momentum building mid-stage pipeline
Fueling the future: Momentum building mid-stage pipeline Lu AF28996: First-in-class oral D1/D2 agonist in Parkinson´s Disease (PD) “Let the molecule speak” delivering Commercial edge & strategic fit Excellent understanding of PD pathophysiology Large, underserved patient population • Dopamine neurod
Slide 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 FY 2025
Revenue overview FY 2025 Reported geographic revenue split & YoY growth1 Reported product revenue split & YoY growth1 FY 2025, DKKm FY 2025, DKKm +13% +13% 24,000 24,000 22,000 22,000 20,000 20,000 18,000 18,000 16,000 16,000 14,000 +19% +21% 14,000 12,000 12,000 10,000 10,000 8,000 8,000 +24% +13%
Slide 47: Revenue overview Q4 2025
Revenue overview Q4 2025 Reported geographic revenue split & YoY growth1 Reported product revenue split & YoY growth1 Q4 2025, DKKm Q4 2025, DKKm 6,000 +12% 6,000 +12% 4,000 4,000 +19% +15% 2,000 2,000 +19% +14% +15% -10% +64% -10% +7% -2% +12% -4% 0 0 Total United States Europe International Total
Slide 48: Product distribution of revenue & YoY growth
Product distribution of revenue & YoY growth % of total % of total DKKm FY 2025 FY 2024 Growth (CER) Growth (DKK) Q4 2025 Q4 2024 Growth (CER) Growth (DKK) FY 2025 Q4 2025 Rexulti® 6,205 5,202 23% 19% 25% 1,510 1,396 15% 8% 25% Brintellix®/Trintellix® 4,554 4,847 (4%) (6%) 19% 1,101 1,271 (10%) (13%
Slide 49: Strategic brands
Strategic brands FY reported revenue Quarterly reported revenue Comments DKKm DKKm Continued strong performance across the +19% CER 20,000 6,000 strategic brands reaching DKK 19bn in FY 2025 and DKK 4.8bn in Q4 2025, representing a 18,000 +15% CER growth of 19% (+15% DKK) and 15% (+9% DKK) 16,000 re
Slide 50: Rexulti
Rexulti FY reported revenue Quarterly reported revenue Comments DKKm DKKm • Grew by 23% (+19% DKK) and reached DKK +23% CER 6.2bn in FY 2025 6,500 1,800 +15% CER 6,000 • Grew by 15% (+8% DKK) and reached DKK 1,600 5,500 1.5bn in Q4 2025 5,000 1,400 4,500 • In the U.S., revenue continues to benefit 1
Slide 51: Brintellix/Trintellix
Brintellix/Trintellix FY reported revenue Quarterly reported revenue Comments DKKm DKKm • Declined by -4% (-6% DKK) and reached DKK -4% CER 4.6bn in FY 2025 5,000 1,400 -10% CER 4,500 • Declined by -10% (-13% DKK) and reached 1,200 DKK 1.1bn in Q4 2025 4,000 3,500 1,000 • In the U.S., the revenue de
Slide 52: Vyepti
Vyepti FY reported revenue Quarterly reported revenue Comments DKKm DKKm +59% CER • Grew by 59% (+54% DKK) and reached DKK +64% CER 4.5bn in FY 2025 4,500 1,300 1,200 • Grew by 64% (+54% DKK) and reached DKK 4,000 1,100 1.2bn in Q4 2025 3,500 1,000 900 • Vyepti sustained its strong momentum in FY 3,
Slide 53: Abilify LAI franchise
Abilify LAI franchise FY reported revenue Quarterly reported revenue Comments DKKm DKKm • Grew by 10% (+8% DKK) and reached DKK +10% CER 3.8bn in FY 2025 4,000 1,200 +7% CER • Grew by 7% (+4% DKK) and reached DKK 3,500 1,000 0.9bn in Q4 2025 3,000 • The franchise delivered solid growth in 800 2,500
Slide 54: Abilify Maintena & Abilify Asimtufii
Abilify Maintena & Abilify Asimtufii FY reported revenue Quarterly reported revenue Comments DKKm DKKm Abilify Maintena +10% CER 4,000 1,200 • Grew by 1% (-1% DKK) and reached DKK 3.3bn +7% CER in FY 2025 3,500 489 191 1,000 • Declined by -2% (-5% DKK) and reached DKK 98 48 3,000 0.8bn in Q4 2025 13
Slide 55: Cipralex/Lexapro
Cipralex/Lexapro FY reported revenue Quarterly reported revenue Comments DKKm DKKm • Declined by -2% (-5% DKK) and reached DKK 2bn in FY 2025 2,400 800 -2% CER -7% CER • Declined by -7% (-9% DKK) and reached DKK 2,100 0.4bn in Q4 2025 1,800 600 • The largest markets are China, South Korea, 1,500 Ita
Slide 56: Other pharmaceuticals
Other pharmaceuticals1 FY reported revenue Quarterly reported revenue Comments DKKm DKKm • Declined by -3% (-6% DKK) and reached DKK 3bn in FY 2025 4.500 1.200 • Grew by 1% (-4% DKK) and reached DKK 4.000 0.7bn in Q4 2025 -3% CER 3.500 +1% CER • Decline due to lower sales of mature 3.000 800 product
Slide 57: Other revenue
Other revenue FY reported revenue Quarterly reported revenue Comments DKKm DKKm • Grew by 6% (6% DKK) and reached DKK 387m in FY 2025 500 200 • Grew by 29% (+29% DKK) and reached DKK +6% CER +29% CER 102m in Q4 2025 150 • Mostly contract manufacturing to third- party 250 100 50 0 0 FY 2022 FY 2023 F
Slide 58: FY 2025: EBIT & Adjusted EBITDA
FY 2025: EBIT & Adjusted EBITDA DKKm FY 2025 FY 2024 Change (CER)1 Change (DKK) Revenue 24,630 22,004 13% 12% Gross profit 20,365 17,774 16% 15% thereof adjustments (336) (2) - - thereof depreciation/amortization 1,532 1,681 (8%) (9%) Sales and distribution costs 7,743 8,146 (2%) (5%) thereof adjust
Slide 59: Q4 2025: EBIT & Adjusted EBITDA
Q4 2025: EBIT & Adjusted EBITDA DKKm Q4 2025 Q4 2024 Change (CER) Change Revenue 6,093 5,541 12% 10% Gross profit 4,849 4,470 10% 8% thereof adjustments 53 - - - thereof depreciation/amortization 379 420 (7%) (10%) Sales and distribution costs 2,029 2,400 (11%) (15%) thereof adjustments 4 79 (95%) (
Slide 60: FY 2025: Overall Adjusted EBITDA reconciliation
FY 2025: Overall Adjusted EBITDA reconciliation DKKm FY 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Profit from operations (EBIT) 5,275 1,698 1,571 1,631 475 Amortization of product rights 1,294 336 324 317 317 Depreciation and amortization 571 110 111 109 141 EBITDA 7,140 2,144 2,006 2,057 933 Restructuri
Slide 61: YTD and FY figures: Revenue & Adjusted EBITDA at CER
YTD and FY figures: Revenue & Adjusted EBITDA at CER DKKm FY 2025 FY 2024 Total revenue (IFRS) 24,630 22,004 Effects from hedging 279 (52) Total revenue (IFRS) before hedging 24,351 22,056 Effects from exchange rate (671) (396) Total revenue at CER 25,022 22,452 Increase/(Decrease) in Total revenue
Slide 62: Increased volatility in main currencies
Increased volatility in main currencies Sales by currency Main currencies2 Comments FY 2025 29 December 2023 = index 100 • ~82% of sales in non-EUR currencies 110 • USD directly represents ~56% of sales in FY CAD 105 2025 CNY 100 4% 5% 95 • Three main currencies make up ~60% of net 90 exposure Other
Slide 63: 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 is primarily driven by intangible asset amortization, currency translation effects, and reduced cash levels 57.7 57.7 following Revolving Credit Facility Inventories r
Slide 64: Financial position and dividend
Financial position and dividend Financial position Dividend, DKK DKKm • Proposed dividend pay-out of DKK 1.15 per share for 2025, 31.12.2025 31.12.2024 corresponding to a pay-out ratio of ~36%1 • A total of DKK 1,145 million and a yield of 2.7%2 Intangible assets 35,780 41,028 Other non-current asse
Slide 65: FY 2025: Cash generation
FY 2025: Cash generation DKKm FY 2025 FY 2024 FY 2023 FY 2022 Cash flows from operating activities 5,481 3,326 4,080 3,519 Cash flows from investing activities (611) (15,286) (498) (1,892) Cash flows from operating and 4,870 (11,960) 3,582 1,627 investing activities (free cash flow) Cash flows from
Slide 66: Q4 2025: Cash generation
Q4 2025: Cash generation DKKm Q4 2025 Q4 2024 Cash flows from operating activities 921 (1,154) Cash flows from investing activities (202) (14,940) Cash flows from operating and investing activities (free cash flow) 719 (16,094) Cash flows from financing activities (765) 12,437 Net cash flow for the
Slide 67: Strong cash flow leading to continuous deleveraging
Strong cash flow leading to continuous deleveraging RCF repayments and disciplined cash management strengthened the balance sheet despite higher dividend and CAPEX Net cash, Net debt and Net debt/EBITDA Comments DKKm • FY 2025: Cash flow negatively Net cash/(net debt) Net debt/EBITDA impacted by 5,0
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 Jens Høyer Treasury A shares 127,465 For additional company information, Vice President, Head
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