H. Lundbeck A/s Class A · OMXCOP:HLUN_A
H. Lundbeck A/s Class A — H Lundbeck A/S B — Q1 2026 Earnings Presentation
64 slides from H. Lundbeck A/s Class A's earnings presentation, May 13, 2026
Slide 1: Business update & financial results Q1 2026
Business update & financial results Q1 2026 Ann, 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 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: Q1 2026: Strong momentum continues
Q1 2026: Strong momentum continues Strong revenue performance drives upgraded full-year guidance Continued commercial momentum Focused commercial model Strategic brands +21% CER in Q1 2026 Stronger than anticipated start in new Growth Vyepti (+47% CER) and Rexulti (+22% CER) lead growth partner mark
Slide 4: Enhancing our bionic capabilities
Enhancing our bionic capabilities Deliberately implementing AI as an enabler of the Focused Innovator strategy Becoming a bionic company. Definition: “Deliberately integrating our human capabilities with the latest technologies to achieve Markus Kede results that neither can deliver Chief AI Officer
Slide 5: Agenda for today
Agenda for today Overview and 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
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 delivermarket DKKm Vials volume uptake since launch1 accelerated grow
Slide 7: Rexulti AADAD momentum delivers +22% CER growth
Rexulti AADAD momentum delivers +22% CER growth Strong double-digit TRx growth and expanding 65+ contribution support continued performance Global reported revenue Claims volume by indication Continued U.S. growth momentum DKKm AADAD volume’000 uptake since launch1 +22% CER • +21.3% TRx growth R3M (
Slide 8: Strong Asimtufii performance drives growth
Strong Asimtufii performance drives growth Strong conversion rate and encouraging sourcing outside LAI franchise supports a sustainable growth profile Global reported revenue Conversion status Strong execution focused on DKKm % (LTM monthly rates) accelerating conversion rates -3% CER U.S.: +8% CER
Slide 9: Q1 impacted by partner inventory build and phasing
Q1 impacted by partner inventory build and phasing Adjusting for direct effects of partner model in Q1 2026, underlying growth is 13% CER Global revenue Three dynamics affect Q1 growth DKKbn One-off inventory build (DKK 470m) +21% CER ~0.5 Large initial shipments to partners - boosts revenue and EBI
Slide 10: Portfolio update
Portfolio update Johan Luthman, Executive Vice President, Head of Research & Development 10 Q1 2026 – 13 May 2026
Slide 11: Strong pipeline progression with external recognition
Strong pipeline progression with external recognition Significant progress across the portfolio, with peer-reviewed publications in Lancet Neurology and Neurology Bexicaserin • Phase III program: DEEp SEA (DS patients) and DEEp OCEAN (LSG/DEE patients) progressing as planned Amlenetug • MSA phase II
Slide 12: Bocunebart: New option in migraine prevention
Bocunebart: New option in migraine prevention Potential first-in-class preventive migraine biologic: PROCEED phase IIb high level results to be presented at AHS Upcoming catalyst Addressing Bocunebart unmet needs phase IIb PROCEED Continued disease burden Primary endpoint met 40–50% of patients on a
Slide 13: Reclaiming motor function in advanced Parkinson's
Reclaiming motor function in advanced Parkinson's Lu AF28996 Ph Ib open-label data provide further insights to the motor function impact and underpin a compelling commercial opportunity New data presented at AD/PD in March 2026 Commercial edge & strategic fit Marked improvement: +3.5 h Good ON-time
Slide 14: Expanding our pipeline with Orexin program
Expanding our pipeline with Orexin program Continued progression across the portfolio, now joined by new Orexin receptor agonists in early clinical development Phase I Phase II Phase III New catalyst for Amlenetug future growth Anti α-synuclein mAb (MSA) Bexicaserin1 5HT2C agonist (DEE) Orexin progr
Slide 15: Financial results and outlook
Financial results and outlook Joerg Hornstein, Chief Financial Officer 15 Q1 2026 – 13 May 2026
Slide 16: Strong Q1 with +21% CER growth (+13% CER underlying)
Strong Q1 with +21% CER growth (+13% CER underlying) Q1 revenue supported by inventory build and phasing; while Vyepti delivers strong growth and Rexulti performs according to plan Key figures DKKm Q1 2026 Q1 2025 Δ (CER)¹ Δ (DKK) Key takeaways Revenue 7,125 6,235 21% 14% Revenue and adjusted gross
Slide 17: Adjusted EPS growth in line with underlying performance
Adjusted EPS growth in line with underlying performance Strong EBIT growth and favorable net financials drives a 41% adjusted EPS growth Net profit & EPS DKKm Q1 2026 Q1 2025 Δ (DKK) Key takeaways EBIT 2,155 1,658 30% Operating performance (EBIT) • Strong EBIT growth driven by sales and gross profit
Slide 18: Strong cash generation drives rapid deleveraging
Strong cash generation drives rapid deleveraging Leverage halved year-on-year driven by disciplined cash generation Cash flow DKKm Q1 2026 Q1 2025 Key takeaways EBIT 2,155 1,658 Operating cash flow Adjustments for non-cash items 652 541 • Solid operating cash flow generation • Working capital outflo
Slide 19: Raising 2026 guidance on strong commercial performance
Raising 2026 guidance on strong commercial performance Raise driven by Vyepti growth, later-than-expected Abilify Maintena generic entry, and strong partner market contribution Guidance FY 2026 Other relevant financial information Revenue growth (CER) Total revenue (IFRS) growth1 around 4% points lo
Slide 20: Conclusion
Conclusion Charl van Zyl, President & Chief Executive Officer 20 Q1 2026 – 13 May 2026
Slide 21: Strong Q1: On track with 2026 priorities
Strong Q1: On track with 2026 priorities Delivering profitable growth, advancing the pipeline, and raising full-year guidance Growth Innovation Funding • High focus on execution of • Q1 impacted by phasing • Continue the growth bexicaserin and amlenetug dynamics and inventory momentum for Vyepti bui
Slide 22: Q&A
Q&A 22 Q1 2026 – 13 May 2026
Slide 23: Appendix
Appendix 23 Q1 2026 – 13 May 2026
Slide 24: 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 Bocunebart (Lu AG09222) Migraine Prevention anti-PACAP mAb3
Slide 25: 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 26: 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 27: 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 28: 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 29: 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 30: 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 31: 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 32: 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 33: 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 34: 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 35: 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 36: 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 37: 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 38: 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 39: 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 40: 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 41: 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 42: 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 43: Revenue overview Q1 2026
Revenue overview Q1 2026 Reported geographic revenue split & YoY growth1 Reported product revenue split & YoY growth1 Q1 2026, DKKm Q1 2026, DKKm 8,000 8,000 +21% +21% 6,000 6,000 +21% 4,000 +20% 4,000 +24% 2,000 +23% +13% 2,000 +22% 15% +8% +47% +21% +9% +8% 0 0 Total United States Europe Internati
Slide 44: Product distribution of revenue & YoY growth
Product distribution of revenue & YoY growth DKKm Q1 2026 Q1 2025 Growth (CER) Growth (DKK) % of total Q1 2026 Rexulti® 1,612 1,491 22% 8% 23% Vyepti® 1,364 1,042 47% 31% 19% Brintellix®/Trintellix® 1,296 1,254 8% 3% 18% Abilify LAI franchise 1,033 1,014 8% 2% 14% Abilify Maintena® 838 917 (3%) (9%)
Slide 45: Strategic brands
Strategic brands FY reported revenue Quarterly reported revenue Comments DKKm DKKm Continued strong performance across the +19% CER 20,000 6,000 +21% CER strategic brands reaching DKK 5.3bn in Q1 2026, representing a growth of 21% (+10% 18,000 DKK) 16,000 Q1 2026 14,000 • +23% (+9% DKK) in the Unite
Slide 46: Rexulti
Rexulti FY reported revenue Quarterly reported revenue Comments DKKm DKKm • Grew by 22% (+10% DKK) and reached DKK +23% CER 1.6bn in Q1 2026 6,500 1,800 +22% CER 6,000 • In the U.S., revenue continues to benefit 1,600 5,500 from a strong performance in both AADAD 5,000 1,400 and MDD segments 4,500 1
Slide 47: Vyepti
Vyepti FY reported revenue Quarterly reported revenue Comments DKKm DKKm +59% CER +47% CER • Grew by 47% (+31% DKK) and reached DKK 1.4bn in Q1 2026 4,500 1,400 1,300 • Vyepti sustained its strong momentum in 4,000 1,200 Q1 2026, maintaining its position as the 3,500 1,100 fastest-growing injectable
Slide 48: Brintellix/Trintellix
Brintellix/Trintellix FY reported revenue Quarterly reported revenue Comments DKKm DKKm • Increased by +8% (+3% DKK) and reached -4% CER +8% CER DKK 1.3bn in Q1 2026 5,000 1,400 4,500 • In the U.S., the revenue decline of -5% CER 1,200 (-18% DKK) in Q1 2026 reflects the transfer 4,000 of U.S. sales
Slide 49: Abilify LAI franchise
Abilify LAI franchise FY reported revenue Quarterly reported revenue Comments DKKm DKKm • Grew 8% (+2% DKK) and reached DKK 1bn +10% CER in Q1 2026 4,000 1,200 +8% CER • The franchise delivered solid growth in Q1 3,500 1,000 2026, strong uptake in total prescriptions 3,000 (TRx) for Abilify Asimtufi
Slide 50: 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 • Declined by -3% (-9% DKK) and reached DKK +8% CER 838m in Q1 2026 3,500 1,000 Abilify Asimtufii 3,000 • Grew by 111% (+101% DKK) and reached DKK 800 2,500 19
Slide 51: Cipralex/Lexapro
Cipralex/Lexapro FY reported revenue Quarterly reported revenue Comments DKKm DKKm • Grew by +27% (+21% DKK) and reached DKK +27% CER 752m in Q1 2026, mainly driven by Partner 2,400 800 Markets transition -2% CER 2,100 • Continued resilience in key markets (incl. 1,800 600 China), partly offset by o
Slide 52: Other pharmaceuticals
Other pharmaceuticals1 FY reported revenue Quarterly reported revenue Comments DKKm DKKm • Grew by +7% (+1% DKK) and reached DKK 840m in Q1 2026 4,500 1,100 1,000 • Growth was supported by strong 4,000 +7% CER contribution from Ebixa in China, as -3% CER 900 3,500 promotional efforts continue to lea
Slide 53: Other revenue
Other revenue FY reported revenue Quarterly reported revenue Comments DKKm DKKm • Grew by +160% (+156% DKK) and reached DKK 128m in Q1 2025 500 200 • Mostly contract manufacturing to third- +6% CER +160% CER party 150 250 100 50 0 0 FY 2022 FY 2023 FY 2024 FY 2025 Q1.23 Q1.24 Q1.25 Q1.26 Total Total
Slide 54: Q1 2026: EBIT & Adjusted EBITDA
Q1 2026: EBIT & Adjusted EBITDA DKKm Q1 2026 Q1 2025 Change (CER)1 Change (DKK) Revenue 7,125 6,235 21% 14% Gross profit 5,824 5,151 19% 13% thereof depreciation/amortization 374 395 0% (5%) Sales and distribution costs 1,779 1,872 5% (5%) thereof adjustments - (2) - - thereof depreciation/amortizat
Slide 55: Q1 2026: Overall Adjusted EBITDA reconciliation
Q1 2026: Overall Adjusted EBITDA reconciliation DKKm Q1 2026 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Profit from operations (EBIT) 2,155 1,658 1,541 1,601 475 Amortization of product rights 315 336 324 317 317 Depreciation and amortization 161 150 141 139 141 EBITDA 2,631 2,144 2,006 2,057 933 Restructuring
Slide 56: YTD and FY figures: Revenue & Adjusted EBITDA at CER
YTD and FY figures: Revenue & Adjusted EBITDA at CER DKKm Q1 2026 FY 2025 Total revenue (IFRS) 7,125 24,630 Effects from hedging 100 279 Total revenue (IFRS) before hedging 7,025 24,351 Effects from exchange rate (575) (671) Total revenue at CER 7,600 25,022 Increase/(Decrease) in Total revenue 14%
Slide 57: Increased volatility in main currencies
Increased volatility in main currencies Sales by currency Main currencies2 Comments Q1 2026 29 December 2023 = index 100 • ~78% of sales in non-EUR currencies 110 • USD directly represents ~53% of sales in Q1 CAD CNY 105 2026 3% 100 5% • Three main currencies make up ~70% of net 95 Other1 90 exposur
Slide 58: 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 • Increase in assets mainly driven by FX translation effects on intangible assets, standard price increases affecting Xenazine 52.1 52.3 52.1 52.3 inventory values, and commercial/timing I
Slide 59: 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, 31.03.2026 31.12.2025 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 36,122 35,780 Other non-current asse
Slide 60: Q1 2026: Cash generation
Q1 2026: Cash generation DKKm Q1 2026 Q1 2025 Cash flows from operating activities 599 632 Cash flows from investing activities (116) (111) Cash flows from operating and investing activities (free cash flow) 483 521 Cash flows from financing activities (1,975) (2,480) Net cash flow for the period (1
Slide 61: 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 62: 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 • Q1 2026: Cash flow negatively Net cash/(net debt) Net debt/EBITDA impacted by 5,0
Slide 63: 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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