H. Lundbeck A/s Class A · OMXCOP:HLUN_A
H. Lundbeck A/s Class A — Q1 2022 Earnings Presentation
69 slides from H. Lundbeck A/s Class A's earnings presentation, May 11, 2022
Slide 1: Financial results & business update Q1 2022
Financial results & business update Q1 2022 11 MAY, 2022
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. Forward looking statements include, without limitation, any statement that may predict,
Slide 3: Q1 2022 has been strong driven by strategic brands
Q1 2022: HIGHLIGHTS Q1 2022 has been strong driven by strategic brands • Revenue: DKK 4.4 billion – up 2% (+9% when adjusted for Northera) • Continued strong momentum of strategic brands: Up 25% and constituting 61% of total revenue • Vyepti reached DKK 170 million • Some benefit from exchange rates
Slide 4: Strategic brands are major revenue contributors, continuing double-digit growth
Q1 2022: PRODUCT PERFORMANCE Strategic brands are major revenue contributors, continuing double-digit growth Strategic brands* revenue +25% Strategic brands sales growth (+18% in (Quarterly - DKKm) L.C.) DKKm 3,500 Europe International Markets United States Global Lundbeck sales in Q1 2022 (61% of 3
Slide 5: Vyepti growth continues; several new markets to launch during 2022
Q1 2022: PRODUCT PERFORMANCE Vyepti growth continues; several new markets to launch during 2022 +124% Vyepti sales growth (+105% in L.C.) Vyepti (Quarterly - DKKm) 200 DKK 170m Global Lundbeck sales in Q1 2022 +124% 150 Strengthening the brand • U.S. commercial engagement normalizing • Q1 impacted b
Slide 6: Brintellix/Trintellix shows solid double-digit growth benefitting from solid demand
Q1 2022: PRODUCT PERFORMANCE Brintellix/Trintellix shows solid double-digit growth benefitting from solid demand +23% Brintellix/Trintellix sales growth (+17% in Brintellix/Trintellix (Quarterly - DKKm) L.C.) 1,500 Europe International Markets United States DKK 990m Global Lundbeck sales in Q1 2022
Slide 7: Rexulti continues to benefit from strong product profile
Q1 2022: PRODUCT PERFORMANCE Rexulti continues to benefit from strong product profile +24% Rexulti sales growth (+14% in L.C.) Rexulti/Rxulti (Quarterly - DKKm) 1,500 RoW United States DKK 831m Global Lundbeck sales in Q1 2022 Strengthening the brand 1,000 +24% • Strong uptake following recent launc
Slide 8: Abilify Maintena benefits from solid market growth and market share increases
Q1 2022: PRODUCT PERFORMANCE Abilify Maintena benefits from solid market growth and market share increases +16% Abilify Maintena sales growth (+11% in Abilify Maintena (Quarterly - DKKm) L.C.) 1,000 Europe International Markets United States DKK 677m Global Lundbeck sales in Q1 2022 +16% Strengtheni
Slide 9: Steady progress in R&D
Q1 2022: RESEARCH & DEVELOPMENT UPDATE Steady progress in R&D Rexulti • Agitation in Alzheimer’s Disease: All patients enrolled, on track for HLR mid-2022 • PTSD: Type C meeting with FDA for program design held Vyepti • Pivotal program for Asia (SUNLIGHT, SUNRISE, SUNSET) well on track; SUNLIGHT fin
Slide 10: Agitation affects some 50% of patients with dementia
Q1 2022: RESEARCH & DEVELOPMENT UPDATE Agitation affects some 50% of patients with dementia and current standard of care relies on heavily sedating agents • A common occurrence in Alzheimer’s Disease AAD patients across key settings of • High burden on family and healthcare system care1 • Increased
Slide 11: Agitation in Alzheimer's Disease offers an exciting opportunity for brexpiprazole
Q1 2022: RESEARCH & DEVELOPMENT UPDATE Agitation in Alzheimer’s Disease offers an exciting opportunity for brexpiprazole Data from two Weeks Weeks previous studies suggest that Rexulti 2 mg/day has the potential to CMAI CMAI be an efficacious, safe and well- tolerated treatment for AAD * p<0.05 and
Slide 12: Large phase IV program with vortioxetine is coming to the end
Q1 2022: RESEARCH & DEVELOPMENT UPDATE Large phase IV program with vortioxetine is coming to the end MEMORY MDD COMPLETE VIVRE RECONNECT Vortioxetine improved emotional blunting, overall Vortioxetine improves daily and social functioning compared to Vortioxetine helps patients with MDD and functioni
Slide 13: VIVRE Study: Brintellix/Trintellix vs. desvenlafaxine head-to-head
Q1 2022: RESEARCH & DEVELOPMENT UPDATE VIVRE Study: Brintellix/Trintellix improves daily and social functioning vs. desvenlafaxine in head-to-head study in MDD patients with partial response to SSRI therapy FAST scores: Total, Autonomy and Interpersonal Relationships (LS mean SE) 0 Vortioxetine vs.
Slide 14: Lu AG22515 – First Neuroimmunology program moving into clinical development
Q1 2022: RESEARCH & DEVELOPMENT UPDATE Lu AG22515 – First Neuroimmunology program moving into clinical development Medical condition: Immune-mediated nervous system disorders Molecular structure • (scFv)2-Fab fusion Product: • Molecular weight 100 kDA Lu AG22515: Differentiated anti-CD40L antibody
Slide 15: Great progress in the pipeline across the portfolio
Q1 2022: RESEARCH & DEVELOPMENT UPDATE Great progress in the pipeline across the portfolio Project Biology Area Phase I Phase II Phase III Filing/launch Eptinezumab (anti-CGRP mAb)1 Migraine prevention SUN-studies PROMISE 1 & 2 Eptinezumab (anti-CGRP mAb)1 Hormonal / neuropeptide Episodic cluster he
Slide 16: Solid financial performance in Q1 22 benefitting from strategic brand growth
Q1 2022: FINANCIAL PERFORMANCE Solid financial performance in Q1 2022 benefitting from strategic brand growth Revenue DKKm Q1 2022 Δ% y/y FY 2021 • Strong performance from strategic brands – up Revenue 4,372 +2% 16,299 25% in Q1 2022 vs. Q1 2021 Gross margin 80.7% +2.8pp 77.6% • Revenue up by 2% in
Slide 17: 2022 financial guidance maintained
Q1 2022: FINANCIAL PERFORMANCE 2022 financial guidance maintained - return to growth on revenue, EBITDA and Core EBIT FY 2022 financial guidance FY 2022 considerations Revenue DKKm FY 2021 Actual 2022 Guidance • Continued solid growth of Abilify Maintena, Brintellix/Trintellix and Rexulti Revenue 16
Slide 18: Lundbeck has significant growth opportunities
Q1 2022: SUM-UP Lundbeck has significant growth opportunities Event H1 2022 H2 2022 2023 EGM on dual share structure First half of June 2022 Aripiprazole 2-month LAI formulation to Mid-2022 be submitted Rexulti (AAD): HLR from third phase III Mid-2022 study Vyepti (Asia program): Phase III HLR Q3 20
Slide 19: Q&A
Q&A
Slide 20: We condemn the war against Ukraine, but remain guided by our purpose
Q1 2022: APPENDIX – ESG UPDATE We condemn the war against Ukraine,… …but remain guided by our purpose Ukraine Support Russia Operations • Support and protect our employees to the best of our ability • Continue limited operations in order to safely supply medicines to patients in Russia, while observ
Slide 21: Lundbeck has through its history generated solid growth
Q1 2022: APPENDIX – CORPORATE STRATEGY Lundbeck has through its history generated solid growth via both organic and external opportunities 21 Lundbeck
Slide 22: Our strength today is founded on prudent capital allocation
Q1 2022: APPENDIX – CORPORATE STRATEGY Our strength today is founded on prudent capital allocation into internal R&D and business development Internally developed In-licensed Acquired 2021 revenue 38% 15% 47% contribution Strategic products and - Rexulti, - Brintellix/Trintellix - Vyepti growth driv
Slide 23: Achieving our long-term ambition to be #1 in Brain Health
Q1 2022: APPENDIX – CORPORATE STRATEGY Achieving our long-term ambition to be ”#1 in Brain Health”: Requires both internal and external innovation within our refined operating space • Internal innovation focused on four clusters of promising biologies • Business development priorities: • Late-stage
Slide 24: Migraine prevention represents a large and under served market
Q1 2022: APPENDIX – 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 countries) ~135m – Migraine prevalence 1-14 headache days
Slide 25: Vyepti: DELIVER phase IIIb study, headline results
Q1 2022: APPENDIX – VYEPTI (EPTINEZUMAB) Vyepti: DELIVER phase IIIb study, headline results New hope also for patients suffering from migraine with prior preventive treatment failures Study details: • Efficacy and safety of Vyepti for the prevention of migraine in patients with unsuccessful prior pr
Slide 26: Vyepti: Positive headline results from the RELIEF study
Q1 2022: APPENDIX – VYEPTI (EPTINEZUMAB) Vyepti: Positive headline results from the RELIEF study* Vyepti demonstrated… • statistical significance on the co-primary endpoints • all secondary endpoints were also statistically significant, including: • proportion of patients with pain freedom, and… • p
Slide 27: Real world effectiveness of Vyepti in participants with migraine (EVEC)
Q1 2022: APPENDIX – VYEPTI (EPTINEZUMAB) Real world effectiveness of Vyepti in participants with migraine (EVEC) Intervention Pragmatic phase IV study objective1 Exploratory study to examine how Vyepti Open label phase IV cohort study compares to other advanced preventive Participants will, dependin
Slide 28: Vyepti: Phase III study for treatment of cluster headache
Q1 2022: APPENDIX – VYEPTI (EPTINEZUMAB) Vyepti: Phase III study for treatment of cluster headache, a crippling pain with few effective medications currently available Cluster headache affects approximately one in 1,000 ALLEVIATE phase III study to evaluate Vyepti in people across the world episodic
Slide 29: Aripiprazole 2-Month formulation to be submitted mid-2022
Q1 2022: APPENDIX – RESEARCH & DEVELOPMENT Aripiprazole 2-Month formulation to be submitted mid-2022: Potential to further maximize the franchise Aripiprazole 2-Month formulation: • PK-based bridging approach to establish similar exposure between aripiprazole 2- Month Ready to Use (RTU) formulation
Slide 30: Two studies in Rexulti pivotal program in PTSD ongoing
Q1 2022: APPENDIX – RESEARCH & DEVELOPMENT Two studies in Rexulti pivotal program 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 combination To evaluate the efficacy, safety, and with sertraline tolera
Slide 31: Lu AG09222: Potential to build a migraine franchise with PACAP inhibitor
Q1 2022: APPENDIX – RESEARCH & DEVELOPMENT Lu AG09222: Potential to build a migraine franchise in the future with PACAP inhibitor mAb A differentiated approach to migraine prevention • A differentiated approach to migraine prevention • Selective PACAP1) binding humanized antibody • Pre-clinical data
Slide 32: Lu AG09222: anti-PACAP mAb progressed to phase II
Q1 2022: APPENDIX – RESEARCH & DEVELOPMENT Lu AG09222: anti-PACAP mAb progressed to phase II Phase II study (HOPE)1): • PoC study in adults with migraine who have not been helped by prior preventive treatments • Commenced November 2021 • Primary endpoint: Change from baseline in the number of monthl
Slide 33: Lu AF82422 in phase II for Multiple System Atrophy (MSA)
Q1 2022: APPENDIX – RESEARCH & DEVELOPMENT Lu AF82422 (anti alpha-synuclein mAb) in phase II for the devastating disease Multiple System Atrophy (MSA) MSA – a rare, aggressive, disease Mechanism of Action with a high unmet medical need1 • Synucleinopathy; classified as an “atypical parkinsonism” dis
Slide 34: Lu AF82422: Innovative and adaptive development program
Q1 2022: APPENDIX – RESEARCH & DEVELOPMENT Lu AF82422: Innovative and adaptive development program Phase II study (AMULET)1): • Phase II PoC study to find out the effect of Lu AF82422 on disease progression in participants with multiple system atrophy • Biomarker supported study with 2:1 randomizati
Slide 35: Broad MAGLipase program ongoing
Q1 2022: APPENDIX – RESEARCH & DEVELOPMENT Broad MAGLipase program ongoing Lu AG06466 Lu AG06474 • Inhibitor of the monoacylglycerol lipase • Peripherally restricted (MAGL) and selective modulator of the endocannabinoid system • Phase I study initiated in August 20214) • CNS penetrant Ongoing phase
Slide 36: Lu AF28996: A potentially new oral treatment for Parkinson's patients
Q1 2022: APPENDIX – RESEARCH & DEVELOPMENT 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
Slide 37: Focus on promising biology
Q1 2022: APPENDIX – RESEARCH & DEVELOPMENT Focus on promising biology Selected four biology clusters feeding into our strategy • Scientifically well-described areas still rich in targets with untapped potential • High feasibility for early de-risking and maintaining a competitive edge Circuitry / ne
Slide 38: Strategic expansion in our R&D activities
Q1 2022: APPENDIX – RESEARCH & DEVELOPMENT Strategic expansion in our R&D activities Increased R&D productivity R&D transformation • Strategic focus in four most promising biology clusters • Drug modality agnostic - Biotherapeutics competences across R&D 38 new clinical trials initiated since 2019 •
Slide 39: Sustainability quarterly status
Q1 2022: APPENDIX – ESG UPDATE Sustainability quarterly status Q1 2022 KPIs Sustainability Key Performance Indicators ▪ Energy consumption increased due to cold Category Q1 2022 Q1 2021 Change (%) weather and the new RTO in Lumsås Number of employees (FTE) 5,353 5,551 (3.6%) ▪ Scope 1&2 GHGs decreas
Slide 40: The four strategic brands grew 25% in Q1 2022 and constitute 61% of revenue
Q1 2022: APPENDIX – PRODUCT PERFORMANCE The four strategic brands grew 25% in Q1 2022 and constitute 61% of revenue • Strategic brands*: Up 18% in L.C. to Key brand revenue Lundbeck product diversity DKK 2.7bn (up 25% reported) (Q1 2022 – DKKm and L.C. growth) Sales by product (Q1 2022) • Brintellix
Slide 41: Robust performance across all three regions
Q1 2022: APPENDIX – REGIONAL PERFORMANCE Robust performance across all three regions United States revenue International Markets revenue Europe revenue (Q1 - DKKm) (Q1 - DKKm) (Q1 - DKKm) -1% 2,000 2,000 2,000 Other products +16% 24% +11% 1,000 1,000 Other 1,000 products Other products 18% 38% 0 0 0
Slide 42: Product distribution of revenue – Q1 2022 and FY 2021
Q1 2022: APPENDIX – PRODUCT PERFORMANCE Product distribution of revenue – Q1 2022 and FY 2021 DKKm FY 2021 FY 2020 Q1 2022 Q1 2021 Growth Growth in local % of total currencies TOTAL: Brintellix/Trintellix 3,526 3,102 990 804 23% 17% 23% Rexulti/Rxulti 2,849 2,620 831 672 24% 14% 19% Abilify Maintena
Slide 43: Volume growth in the U.S. impacted by the pandemic (TRx Count)
Q1 2022: APPENDIX – PRODUCT PERFORMANCE Volume growth in the U.S. impacted by the pandemic (TRx Count) +13% 125,000 800,000 +19% +2% +16% -8% +3% 100,000 600,000 75,000 400,000 50,000 200,000 25,000 0 0 Q1.18 Q1.19 Q1.20 Q1.21 Q1.22 Q1.18 Q1.19 Q1.20 Q1.21 Q1.22 300,000 +12% +98% +21% -1% 540 480 42
Slide 44: Volume growth in the U.S. impacted by the pandemic (NRx Count)
Q1 2022: APPENDIX – PRODUCT PERFORMANCE Volume growth in the U.S. impacted by the pandemic (NRx Count) +14% 50,000 400,000 +22% -1% +12% +4% -6% 25,000 200,000 0 0 Q1.18 Q1.19 Q1.20 Q1.21 Q1.22 Q1.18 Q1.19 Q1.20 Q1.21 Q1.22 200,000 360 +13% +83% +20% 0% 300 240 100,000 180 120 60 0 0 Q1.18 Q1.19 Q1.
Slide 45: Total molecule sales (gross) - USDm
Q1 2022: APPENDIX – PRODUCT PERFORMANCE Total molecule sales (gross) - USDm 1.250 1.600 +32% 1.000 1.200 +49% 750 800 500 250 400 0 0 2014 2015 2016 2017 2018 2019 2020 2021 2014 2015 2016 2017 2018 2019 2020 2021 • Abilify Maintena: U.S. approval (Feb. 2013); EU approval (Nov. 1.600 2013) 1.200 • B
Slide 46: Europe – limited impact from COVID-19
Q1 2022: APPENDIX – PRODUCT PERFORMANCE Europe – limited impact from COVID-19 Abilify Maintena Brintellix Rexulti (Monthly - Volume) (Monthly - volume) (Monthly - Volume) 1,800,000 20,000,000 110,000 1,750,000 19,000,000 100,000 1,700,000 18,000,000 90,000 1,650,000 17,000,000 80,000 1,600,000 1,550
Slide 47: International Markets – Strong growth for Abilify Maintena and Rexulti
Q1 2022: APPENDIX – PRODUCT PERFORMANCE International Markets – Strong growth for Abilify Maintena and Rexulti Abilify Maintena Brintellix/Trintellix Rexulti (Monthly - Volume) (Monthly - volume) (Monthly - Volume) 1,700,000 13,000,000 3,000,000 1,600,000 12,000,000 11,000,000 2,500,000 1,500,000 1,
Slide 48: Vyepti: Robust uptake continues
Q1 2022: APPENDIX – PRODUCT PERFORMANCE Vyepti: Robust uptake continues • Grew 124% (105% in L.C.) to Vyepti sales Vyepti sales (Quarterly - DKKm) (FY – DKKm) DKK 170m in Q1 2022 • Launched in the U.S., Australia, 200 700 +124% Kuwait, Singapore, Switzerland and UAE +429% • Around 10 launched planne
Slide 49: Brintellix/Trintellix: Solid underlying performance driven by strong clinical profile
Q1 2022: APPENDIX – PRODUCT PERFORMANCE Brintellix/Trintellix: Solid underlying performance driven by strong clinical profile • Grew 17% (L.C.) to DKK 990m Brintellix/Trintellix sales per region Brintellix/Trintellix (Quarterly - DKKm) (FY – DKKm) in Q1 2022 • Volume share sustained or increased in
Slide 50: Rexulti: Growing 24% – an effective drug that is meeting patient needs
Q1 2022: APPENDIX – PRODUCT PERFORMANCE Rexulti: Growing 24% – an effective drug that is meeting patient needs Rexulti sales per region** Rexulti sales** • Grew 14% in L.C. to DKK 831m (Quarterly - DKKm) (FY - DKKm) in Q1 2022 • Continued solid traction in market 1,000 3,200 shares Other regions Oth
Slide 51: Abilify Maintena: Growing 16%
Q1 2022: APPENDIX – PRODUCT PERFORMANCE Abilify Maintena: Growing 16% • Grew 11% (L.C.) to DKK 677m in Q1 Abilify Maintena sales per region** Abilify Maintena 2022 (Quarterly - DKKm) (FY – DKKm) • Global LAI market up 6% to USD 1.5bn (Q1 2022)* 900 3,500 • Continued robust traction in value Europe U
Slide 52: Cipralex/Lexapro: Adjusted for FX, sales grew 1%
Q1 2022: APPENDIX – PRODUCT PERFORMANCE Cipralex/Lexapro: Adjusted for FX, sales grew 1% • Grew 2% (up 1% in L.C.) to DKK Cipralex/Lexapro Cipralex/Lexapro 682 million in Q1 2022 (Quarterly - DKKm) (FY – DKKm) • The biggest markets are Japan, 900 3,000 China, Brazil, South Korea and Europe Internati
Slide 53: Sabril: Sales impacted by generic erosion from Q3 2017
Q1 2022: APPENDIX – PRODUCT PERFORMANCE Sabril: Sales impacted by generic erosion from Q3 2017 • Declined 9% (16% in L.C.) to Sabril sales Sabril sales (Quarterly - DKKm) (FY – DKKm) DKK 152m in Q1 2022 • Declined 15% (11% in L.C.) to 300 1,000 DKK 657m in FY 2021 -15% -9% 150 500 0 0 Q1.20 Q1.21 Q1
Slide 54: Northera: Sales impacted by generic erosion from February 2021
Q1 2022: APPENDIX – PRODUCT PERFORMANCE Northera: Sales impacted by generic erosion from February 2021 • Declined 68% to DKK 111m in Northera sales Northera sales (Quarterly - DKKm) (FY – DKKm) Q1 2022 • Declined 74% (72% in L.C.) to 900 3,000 -74% DKK 665m in FY 2021 2,500 600 2,000 1,500 -68% 300
Slide 55: Onfi: Sales impacted by generic erosion from October 2018
Q1.2022: APPENDIX – PRODUCT PERFORMANCE Onfi: Sales impacted by generic erosion from October 2018 • Declined 44% (49% in L.C.) to Onfi sales Onfi sales (Quarterly - DKKm) (FY – DKKm) DKK 82m in Q1 2022 • Declined 21% (17% in L.C.) to 200 1,500 DKK 505m in FY 2021 -44% 1,000 100 -21% 500 0 0 Q1.20 Q1
Slide 56: Other pharmaceuticals
Q1 2022: APPENDIX – PRODUCT PERFORMANCE Other pharmaceuticals • Declined 20% (24% in L.C.) to DKK Other pharmaceuticals Other pharmaceuticals 812m in Q1 2022 (Quarterly - DKKm) (FY – DKKm) • Declined 11% (10 % in L.C.) to 1,500 6,300 DKK 2,439m in FY 2021 5,400 -41% • Around 15 mature products inclu
Slide 57: Other revenue
Q1 2022: APPENDIX – PRODUCT PERFORMANCE Other revenue • Declined 20% (21% in L.C.) to Other revenue Other revenue (Quarterly - DKKm) (FY – DKKm) DKK 65m in Q1 2022 • Declined 29% (28% in L.C.) to 150 750 DKK 349m in FY 2021 -20% • Mostly contract manufacturing -29% 500 to third-party 250 0 0 Q1.20 Q
Slide 58: Regional performance benefitting from FX tailwind offsetting generic erosion
Q1 2022: APPENDIX – REGIONAL PERFORMANCE Regional performance benefitting from FX tailwind offsetting generic erosion Regional growth Sales by region* • United States still impacted by generic erosion, positive impact (Q1 2022 – DKKm and in L.C. %) (Q1 2022) from FX • International Markets shows Uni
Slide 59: Core operating profit maintained at robust level
Q1 2022: APPENDIX – FINANCIAL PERFORMANCE Core operating profit maintained at robust level Q1 2022 Q1 2022 core EBIT reconciliation (DKKm) 1,184 0 0 • Core EBIT reached DKK 1.184 million in Q1 309 875 2022 • Amortizations decreased from DKK 371 million in Q1 2021 to DKK 309 million due to Northera R
Slide 60: Solid financial foundation from which to execute on our strategy
Q1 2022: APPENDIX – FINANCIAL PERFORMANCE Solid financial foundation from which to execute on our strategy Net debt and Net debt/EBITDA* (FY - DKKm) 8,000 1.2 • FY 2022: Cash flow negatively impacted by: 6,635 6,000 • Significant milestone payment for EMA 0.8 approval of Vyepti 4,000 3,677 Net debt
Slide 61: Cash position, funding and debt maturity
Q1 2022: APPENDIX – FINANCIAL PERFORMANCE Cash position, funding and debt maturity • A diversified and long term balanced debt portfolio is a priority to Debt maturity profile Lundbeck (EURm equivalent) • This includes access to various funding sources as well as a 1,500 balanced maturity profile to
Slide 62: Q1 2022 impacted by appreciation of main currencies
Q1 2022: APPENDIX – FINANCIAL PERFORMANCE Q1 2022 impacted by appreciation of main currencies FY 2021 sales by currency Main currencies** Spot Lundbeck’s Avg. Avg. Avg. Avg. (January 1, 2020 = index 100) Apr. 28, hedging rate H1 2021 H2 2021 Q1 2022 Q2 2022 EUR 113 2022 Other* 17% 109 USD 709,.0 636
Slide 63: Cash generation
Q1 2022: APPENDIX – FINANCIAL PERFORMANCEE Cash generation DKKm Q1 2022 Q1 2021 FY 2021 FY 2020 FY 2019 Cash flows from operating activities (205) 108 2,272 3,837 2,609 Cash flows from investing activities (1,163) (84) (610) (467) (7,755) Cash flows from operating and investing (1,368) 24 1,662 3,37
Slide 64: Financial position and dividend
Q1 2022: APPENDIX – FINANCIAL PERFORMANCE Financial position and dividend Dividend (DKK) 15 5% Dividend DKKm 31.03.2022 31.12.2021 12 4% Yield (r.h.s.) Intangible assets 22,714 22,750 9 3% Other non-current assets 3,313 3,291 Current assets 9,044 8,612 6 2% Assets 35,071 34,653 3 1% Equity 18,446 18
Slide 65: Costs – Full year figures
Q1 2022: APPENDIX – FINANCIAL PERFORMANCE Costs – Full year figures DKKm 2021 2020 2019 2021 (∆%) 2020 (∆%) Revenue 16,299 17,672 17,036 (8%) 4% Cost of sales 3,648 4,166 3,840 (12%) 8% Sales & Distribution costs 5,885 5,946 5,514 (1%) 8% Administrative expenses 933 966 899 (3%) 7% R&D costs 3,823 4
Slide 66: New share structure provides increased financial flexibility to pursue strategy
Q1 2022: APPENDIX - CHANGE IN SHARE STRUCTURE New share structure provides increased financial flexibility to pursue Lundbeck’s strategy The new share structure “Expand and Invest to Grow Strategy” • B-shares as a new long term funding source • Increased flexibility to pursue inorganic growth • Redu
Slide 67: Proposed evolution of Lundbeck's share structure
Q1 2022: APPENDIX - CHANGE IN SHARE STRUCTURE Proposed evolution of Lundbeck’s share structure - No impact on voting rights or economic ownership for existing shareholders Key terms Today: Proposed Share One share Split • Each existing ordinary share to be replaced by 1 A-share and 4 B-shares Econom
Slide 68: Lundbeck: Focused on delivering growth today and tomorrow
Q1 2022: CLOSING REMARKS Lundbeck: Focused on delivering growth today and tomorrow Maximizing current Good growth visibility growth drivers the coming years Vyepti: Global roll-out Transformation of R&D offers substantial progressing well growth opportunities Rexulti: Substantial Financial strength
Slide 69: For more information, please contact Investor Relations
INVESTOR RELATIONS For more information, please contact Investor Relations IR contact • Listed on the Copenhagen Stock Number of shares1 199,148,222 Exchange since June 18, 1999 Treasury shares1 502,115 (0.25%) Palle Holm Olesen Insider holdings1 156,348 (0.08%) VP; Head of Investor Relations • For