H. Lundbeck A/s Class A · OMXCOP:HLUN_A
H. Lundbeck A/s Class A — Shareholder Meeting (March 2026)
44 slides from H. Lundbeck A/s Class A's shareholder meeting presentation, Mar 18, 2026
Slide 1: H. Lundbeck A/S Annual General Meeting
H. Lundbeck A/S Annual General Meeting 18 March 2026 Ann and her family. Ann is living with multiple system atrophy (MSA)
Slide 2: Safe Harbor/Forward-Looking Statements
Safe Harbor/Forward-Looking Statements This presentation contains forward-looking statements that affect future results include, among others, interest rate and provide our expectations or forecasts of future events such as new currency exchange rate fluctuations, delay or failure of product introdu
Slide 3: Welcome
Welcome Dorothea Wenzel Chair of the Board of Directors 3
Slide 4: Board of Directors 2025
Board of Directors 2025 Dorothea Wenzel Lene Skole-Sørensen Santiago Arroyo Jeffrey Berkowitz Lars Green Chair Deputy Chair Jakob Riis Lars Erik Holmqvist Dorte Clausen Lasse Skibsbye Camilla Gram Hossein Armandi Andersson Elected by the employees for the period 2022-2026 4
Slide 5: Our Executive Leadership Team
Our Executive Leadership Team Charl van Zyl Maria Alfaiate Lars Bang Michala Fischer-Hansen Thomas Gibbs President and CEO Executive Vice President, Executive Vice President, Executive Vice President, Executive Vice President, Corporate Portfolio & Product Development & Europe & International Lundbe
Slide 6: Annual General Meeting
Annual General Meeting Jørgen Kjergaard Madsen
Slide 7: Agenda
Agenda In accordance with Article 8.1 of the Articles of Association 01 Report from the Board of Directors 07 Election of state-authorized public accountants 02 Approval of the Annual Report 08 Proposals from shareholders or the 03 Resolution on the appropriation of Board of Directors: profit or los
Slide 8: 01: Report from the Board of Directors
01: Report from the Board of Directors Dorothea Wenzel
Slide 9: In 2025, we reached 27.8 million patients
In 2025, we reached 27.8 million patients. People living with brain diseases are at the center of everything we do. 9
Slide 10: Positioned for growth in an expanding neuroscience market
Positioned for growth in an expanding neuroscience market The neuroscience market is expected to reach $160bn by 20301 Grow our Expand on Build strategic neuro-speciality neuro-rare brands position franchise (1) Evaluate Pharma Report 2025. 10
Slide 11: Strong 2025 positions Lundbeck for further growth in 2026
Strong 2025 positions Lundbeck for further growth in 2026 Truly transforming our pipeline – shaping our future Strong operational momentum Targeted commercial focus Exceptional double-digit growth of strategic Strategic decision to focus on largest Growth brands in 2025 driven by Vyepti and Rexulti
Slide 12: Lundbeck share price development since January 2025
Lundbeck share price development since January 2025 Index Traded volume 140 4,000,000 New Share price: commercial Strong DKK 43.16 3,500,000 120 partnerships geopolitical headwinds 3,000,000 100 Q3 2025 + 2,500,000 upgrade 80 Q2 2025 + Share price: upgrade DKK 41.32 2,000,000 Q1 2025 + 60 upgrade 1,
Slide 13: Strong revenue and profit growth
Strong revenue and profit growth Key figures DKKm Change Change FY 2025 FY 2024 (CER)1 (DKK) Revenue 24,630 22,004 13% 12% Gross margin 82.7% 80.8% +1.9pp Adjusted gross margin 87.5% 88.4% Sales and distribution (S&D) 7,743 8,146 (2%) (5%) Administrative expenses 1,483 1,437 4% 3% Research and devel
Slide 14: 2025 dividend payout of DKK 1.15 per share
2025 dividend payout of DKK 1.15 per share Dividend payout Growing dividend per share DKKm DKK +21% 1,2 DKK 1.15 1,1 2025 2024 Share1 1,0 DKK 0.95 Net profit for the year 3,192 3,143 0,9 Proposed dividends for the year 1,145 946 36% 0,8 DKK 0.70 0,7 Carried forward as retained earnings 2,047 2,197 6
Slide 15: Financial guidance for 2026
Financial guidance for 2026 2026 Revenue Growth (CER) 2026 Adj. EBITDA Growth (CER) +5% to +8% +4% to +12% Main drivers Strong Growth Momentum Gross Profit Disciplined Capital Reallocation Increased R&D Investment CER: Constant Exchange Rates 15
Slide 16: Our sustainability key figures
Our sustainability key figures Patients reached Access coverage Climate action 27.8 million 77% 47% 8% Our portfolio of products reached Reflecting broader patient access to our medicines Reduction in scope 1 & Increase in scope 3 27.8 million patients in 20251 than in 20242 2 greenhouse gas greenho
Slide 17: Update from the CEO
Update from the CEO Charl van Zyl President and CEO 17
Slide 18: Our people are Lundbeck's most important assets
Our people are Lundbeck’s most important assets 18
Slide 19: Lundbeck's Focused Innovator strategy
Lundbeck's Focused Innovator strategy Advancing brain health and transforming lives 2024 – 2026 2027 – 2029 2030 – 2033 Focus Scale Accelerate Unmet • Grow strategic brands • Build franchise in migraine • Pipeline delivering Secure needs • Disciplined capital and neuro-rare breakthrough products mid
Slide 20: 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 our expectations and sharpened increased brand and growth outlook
Slide 21: Sharpening our commercial focus
Sharpening our commercial focus 80% of the market potential covered by key markets in neuro-specialty and neuro-rare1 Key markets represent Transition executed ~80% of value successfully Focused footprint aligned with highest-value Transition to partnership model in 27 opportunities markets complete
Slide 22: Pipeline stronger than ever
Pipeline stronger than ever Poised to progress to 5 to 6 mid/late-stage assets with clinically validated biology Phase I Phase II Phase III Amlenetug An α-synuclein mAb (MSA) Bexicaserin6 5HT2C on s ( EE’s) Bocunebart5 Positive phase IIb headline results Anti-PACAP mAb (Migraine prevention) Asedebar
Slide 23: Towards a bionic Lundbeck
Towards a bionic Lundbeck Becoming bionic requires excellence across three dimensions, with value increasing as we move towards Enterprise Transformation Personal Operational Enterprise Productivity Excellence Transformation AI supporting the daily Advancing existing Re-imagining how we create tasks
Slide 24: 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 on • Execute key late-stage • Continue to re-allocate capital Vyepti and Rexulti via programs for bexicaserin and with high
Slide 25: 02: Approval of the Annual Report
02: Approval of the Annual Report
Slide 26: 03: Resolution on the appropriation of profit or loss
03: Resolution on the appropriation of profit or loss
Slide 27: 03: Resolution on distribution of profit or loss
03: Resolution on distribution of profit or loss Dividend payout DKKm 2025 Share1 Net profit for the year 3,192 Proposed dividends for the year 1,145 36% Carried forward as retained earnings 2,047 64% Proposed dividend per share (DKK) 1.15 (1) The proposed dividends correspond to approximately 36% o
Slide 28: 04: Presentation of and advisory vote on the Remuneration Report
04: Presentation of and advisory vote on the Remuneration Report
Slide 29: 04: Presentation of and advisory vote on the Remuneration Report
04: Presentation of and advisory vote on the Remuneration Report The Board of Directors recommends the report to be approved. 29
Slide 30: 05: Election of members to the Board of Directors
05: Election of members to the Board of Directors
Slide 31: 05: Members of the Board of Directors elected at the 2025 AGM
05: Members of the Board of Directors - elected at the 2025 Annual General Meeting Remuneration & Nomination Scientific Members Independent Committee Audit Committee Committee 1. Dorothea Wenzel, Chair Yes Chair 2. Lene Skole-Sørensen, Deputy Chair No 3. Santiago Arroyo Yes Chair 4. Jeffrey Berkowit
Slide 32: 05: Election of members to the Board of Directors 2026
05: Election of members to the Board of Directors 2026 Proposal to strengthen the Board of Directors with a new member • Accomplished and recognized leader in the neuroscience/rare disease areas with deep R&D knowledge. • CEO of Muna Therapeutics, a clinical-stage biotech company, focused on discove
Slide 33: 05: Election of members to the Board of Directors 2026
05: Election of members to the Board of Directors 2026 Dorothea Wenzel Lene Skole-Sørensen Santiago Arroyo Jeffrey Berkowitz Lars Green Lars Erik Holmqvist Jakob Riis Rita Balice-Gordon 33
Slide 34: Board of Directors 2026
Board of Directors 2026 Dorothea Wenzel Lene Skole-Sørensen Santiago Arroyo Jeffrey Berkowitz Lars Green Jakob Riis Chair Deputy Chair Lars Erik Holmqvist Rita Balice-Gordon Kjartan Frisch Hossein Armandi Lasse Skibsbye Camilla Gram Herrik Andersson Elected by the employees for the period 2026-2029
Slide 35: 06: Approval of remuneration for the Board of Directors
06: Approval of remuneration for the Board of Directors for the current financial year
Slide 36: 06: Approval of remuneration for the Board of Directors for the current financial year
06: Approval of remuneration for the Board of Directors for the current financial year Board of Directors DKK Current Proposal for 2026 Members of the Board 450,000 450,000 Supplement to members of the Board with permanent 400,000 400,000 residence outside of Europe Deputy Chair 900,000 900,000 Chai
Slide 37: 07: Election of state-authorized public accountants
07: Election of state- authorized public accountants
Slide 38: 07: Election of state authorized public accountants
07: Election of state authorized public accountants In accordance with the recommendation submitted to the Board of Directors by the Audit Committee, the Board of Directors proposes that PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab should be re-elected as auditor for the Company (
Slide 39: 08: Proposals from shareholders or the Board of Directors
08: Proposals from shareholders or the Board of Directors
Slide 40: 08: Proposal from the Board of Directors
08: Proposal from the Board of Directors 8.1. Proposal from the Board of Directors to authorize the Board of Directors to allow the Company to acquire treasury shares. The Board of Directors proposes to authorize the Board of Directors until the next annual general meeting to allow the Company to ac
Slide 41: 08: Proposal from the Board of Directors
08: Proposal from the Board of Directors 8.2. Proposal from the Board of Directors to adopt the amended Remuneration Policy for the Board of Directors and the Executive Management of H. Lundbeck A/S in its full wording. The amendment consists of an increase in maximum STI (short term incentives) pay
Slide 42: 08: Proposal from the Board of Directors
08: Proposal from the Board of Directors 8.3. Proposal from the Board of Directors to authorize the Chair of the meeting to file the resolutions passed at the Annual General Meeting for registration with the Danish Business Authority. The Board of Directors proposes to authorize the Chair of the Ann
Slide 43: 09: Any other business
09: Any other business
Slide 44: Thank you and goodbye
Thank you and goodbye Martha, Living with depression