XCSE:HLUN-A ESEF Annual Report
H. LUNDBECK A/S (XCSE:HLUN-A)
ESEF Annual Report
2026-06-11
For: 2026-03-31
View Original
Added on
September 22, 2026
COMPANY ANNOUNCEMENT
12 MAY 2026
Company announcement No 791/2026
Phone: +45 3630 1311
CVR-no.: 56759913
Page 1
Financial report for the period 1 January to 31 March 2026
Strong start to 2026: +21% CER revenue growth (+13% CER
underlying)
Key highlights
Lundbeck’s total revenue grew by +21% CER
1
(+14% DKK) to DKK 7,125 million in the first quarter of 2026, with all
regions contributing double-digit growth. As planned, Lundbeck made progress sharpening its commercial model by
establishing 27 partner markets
2
. Adjusting for the planned one-time DKK 470 million inventory build in these markets, total
revenue grew by +13% CER
• United States: DKK 3,482 million (+20% CER; +6% DKK)
• Europe: DKK 1,799 million (+24% CER; +25% DKK)
• International Operations: DKK 1,616 million (+13% CER; +6% DKK)
• Adjusting for the inventory build in Europe and International Operations, revenue grew by +6% CER in Europe and
declined by -1% CER in International Operations
The revenue of Lundbeck’s strategic brands increased by +21% CER (+10% DKK), reaching DKK 5,305 million, representing 74%
of total revenue
• Rexulti
®
: DKK 1,612 million (+22% CER; +8% DKK)
• Vyepti
®
: DKK 1,364 million (+47% CER; +31% DKK)
• Brintellix
®
/Trintellix
®
: DKK 1,296 million (+8% CER; +3% DKK)
• Abilify LAI franchise
3
: DKK 1,033 million (+8% CER; +2% DKK)
• Adjusting for inventory build, CER growth rates were +20% for Rexulti
®
, +45% for Vyepti
®
, -3% for Brintellix
®
/Trintellix
®
and +2% for the Abilify LAI franchise
EBITDA increased to DKK 2,631 million, representing growth of +26% CER (+23% DKK), while adjusted EBITDA reached DKK
2,783 million, increasing by +31% CER (+28% DKK). EBITDA growth includes the one-time gross profit impact from the initial
inventory build, supporting the transition to a new commercial model and future market operations. Excluding this, EBITDA
increased to DKK 2,217 million, representing growth of +7% CER (+3% DKK), while adjusted EBITDA increased to DKK 2,369
million, representing growth of +13% CER (+9% DKK). This was mainly driven by strong performance from Vyepti
®
and Rexulti
®
,
as well as disciplined capital reallocation and operating leverage, partially offset by higher cost of sales due to increased
production-related costs and higher R&D costs driven by advancing key pipeline assets.
EPS reached DKK 1.67, increasing by +48% DKK and adjusted EPS reached DKK 2.16, increasing by +41% DKK, reflecting the
strong EBIT performance and lower financial expenses, partially offset by higher income taxes.
Financial guidance 2026 raised
On 12 May 2026, Lundbeck raised its full-year guidance. Revenue is now expected to grow by 7% to 9% CER (previously 5% to
8%), and adjusted EBITDA growth is now expected to be 8% to 14% CER (previously 4% to 12%), both excluding hedging effects.
Further details are in section 2.7 Outlook.
Lundbeck President and CEO, Charl van Zyl said:
"Lundbeck delivered a very strong performance in the first quarter, continuing our growth trajectory into 2026. Solid momentum in
our strategic brands and continued progress in the execution of our strategy lead us to upgrade our full-year guidance. Across our
pipeline, assets are advancing well, strengthening our long-term growth potential. Supported by disciplined capital allocation, our
strong financial position provides flexibility to invest in future growth, progress our pipeline, and pursue external opportunities. This
positions us well to deliver sustainable long-term growth as we move towards the “Scale” phase of our strategy.”
Key figures
1
Change at CER (Constant Exchange Rates) does not include effects from hedging.
2
For further details see Lundbeck sharpens commercial focus in line with strategy, initiates partnering in 27 markets by end-2025
3
Abilify long-acting injectable (LAI) franchise comprises following products: Abilify Maintena
®
, Abilify Maintena
®
960 mg and Abilify Asimtufii
®
4
Comparatives were restated to reflect changes in the provisional purchase price allocation from business combination, for details see note 4.1 Basis of preparation.
DKK million
Q1 2026
Q1 2025
Change
(CER)
1
Change
(DKK)
Revenue
7,125
6,235
21%
14%
EBITDA
2,631
2,144
26%
23%
Adjusted EBITDA
2,783
2,173
31%
28%
EPS (DKK)
4
1.67
1.13
48%
Adjusted EPS (DKK)
2.16
1.53
41%
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 31 MARCH 2026
Company announcement No 791/2026
Page 2
Recent events
On 12 May 2026, Lundbeck communicated that the full-year revenue and adjusted EBITDA outlook at CER have been raised.
On 19 April 2026, Lundbeck presented 6-month real-world INFUSE data at American Academy of Neurology (AAN), highlighting
the broader burden of migraine beyond frequency. Patient-reported outcomes showed that cognitive symptoms, including
brain fog – often under-studied – improved following eptinezumab treatment, underscoring the importance of addressing
patient-relevant aspects of migraine burden.
On 16 March 2026, Lundbeck announced that new data from a phase Ib proof-of-mechanism trial of Lu AF28996, a novel
compound invented by Lundbeck with dopamine D1/D2 receptor agonist activity, were presented at the 2026 Alzheimer’s and
Parkinson’s Disease (AD/PD™) conference in Copenhagen, Denmark (17-21 March 2026).
On 10 March 2026, Lundbeck announced the appointment of Markus Kede as Senior Vice President, Chief AI Officer. He will
join the Executive Leadership Team by 1 July 2026. The appointment marks an important step in Lundbeck’s ambition to
become a bionic company. As a key pillar of Lundbeck’s Focused Innovator Strategy, AI plays a critical role in transforming how
the company operates, innovates, and scales its impact for patients.
On 9 March 2026, Lundbeck announced that the last patient has been randomized in MASCOT (NCT06706622), a global phase
III clinical trial evaluating amlenetug in people with multiple system atrophy (MSA), a rapidly progressing and fatal
neurodegenerative disease for which no approved treatments currently exist. Randomization was completed earlier than
anticipated, underscoring the broad engagement across the global MSA community and Lundbeck’s commitment to bringing
innovation to patients with high unmet medical need.
On 12 February 2026, Lundbeck reported positive phase IIb PROCEED results, meeting its primary endpoint. The trial evaluated
multiple IV doses of bocunebart for migraine prevention in patients with prior treatment failures. Bocunebart was well tolerated
with no new safety signals, supporting earlier positive HOPE phase IIa findings.
Conference call
Tomorrow at 13.00 CET, Lundbeck will be hosting a conference call for the financial community. You can find dial-ins and a link
for webcast online at www.lundbeck.com under the Investor section.
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 31 MARCH 2026
Company announcement No 791/2026
Page 3
Strategy update – Focused Innovator
Lundbeck enters the third and final year of the “Focus” phase, having delivered strong performance across its strategic
priorities and established solid foundations for the transition into the “Scale” phase of the strategy.
Delivering Scalable Growth Through Focused Commercial Execution
Lundbeck continues to deliver strong and scalable growth, with strategic brands growing by +21% CER in the first quarter of
2026 compared to the same period last year, reflecting sustained commercial momentum across key markets. Growth was led
by Vyepti
®
, which delivered +47% CER growth, and Rexulti
®
, which grew +22% CER, primarily driven by continued strong
demand in the U.S. Vyepti
®
also continued to see strong uptake in Europe, contributing meaningfully to overall brand growth
and highlighting its expanding global footprint. Together, these brands remain the company’s primary growth engines,
supported by focused commercial execution and disciplined prioritization of high-value opportunities. Performance was
further supported by the establishment of Partner Markets, which is progressing according to plan. The initial inventory build
of DKK 470 million in the first quarter of 2026 resulted in a one-time revenue contribution, reflecting the foundation being laid
for future commercial operations in these markets. Collectively, these drivers are enabling a more focused and scalable
portfolio, reinforcing Lundbeck’s trajectory toward sustainable profitability and supporting its 2027 mid-term ambitions within
the Focused Innovator Strategy.
Advancing Innovation Through a Strengthened Pipeline and AI Integration
Building on this commercial momentum, Lundbeck continues to advance its innovation agenda through strong pipeline
execution and the increasing integration of artificial intelligence across the value chain. In the quarter, key assets progressed
across core disease areas. In migraine, Vyepti
®
advanced its lifecycle with completion of enrolment in the phase IV THRIVE
study, while bocunebart (Lu AG09222, anti-PACAP) reported positive phase IIb data, supporting continued development to
phase III. In neuro-rare, amlenetug reached a key milestone with completion of patient randomization in the phase III MASCOT
study ahead of schedule, reinforcing its potential as a first disease-modifying treatment for multiple system atrophy, while
recent clinical data support asedebart progressing through phase II for congenital adrenal hyperplasia and Cushing’s disease
with a phase III decision expected by the end of 2026 or early 2027. Bexicaserin remains on track in development and continues
to build momentum globally, including Breakthrough Therapy Designation in China. In Parkinson’s disease, Lu AF28996
delivered encouraging phase Ib data supporting its novel mechanism. Lundbeck has also progressed an orexin 2 receptor
agonist program in phase Ib into patient studies. At the same time, Lundbeck is scaling the use of AI to enhance research,
decision-making, and commercial execution, supported by the appointment of a Chief AI Officer and strong external
partnerships. Together, these efforts reinforce Lundbeck’s ambition to deliver transformative treatments and position the
company for long-term innovation-led growth.
Financial Strength Enabling Strategic Business Development
Supporting both growth and innovation, Lundbeck maintains a strong focus on disciplined capital allocation to ensure long-
term value creation and strategic flexibility. Solid cash generation from its core brands enables continued reinvestment into
high-priority growth opportunities and pipeline advancement, while ongoing cost efficiency initiatives support optimal
resource allocation. Business development and M&A remain key enablers of the Focused Innovator Strategy, with Lundbeck
taking a proactive and focused approach to external opportunities across psychiatry, specialty neurology and rare diseases.
The company prioritizes high-quality, strategically aligned assets that complement and balance its pipeline across development
stages and offer attractive risk-reward profiles. At the same time, Lundbeck retains significant financial capacity and flexibility
to execute larger transactions where there is a compelling strategic fit and clear value creation potential, supported by its
strong balance sheet and long-term ownership structure. This balanced and disciplined approach strengthens Lundbeck’s
financial resilience and underpins its transition toward the “Scale” phase of the Focused Innovator Strategy.
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 31 MARCH 2026
Company announcement No 791/2026
Page 4
CONTENT
1 Financial highlights ................................................................................................................. 5
2 Business performance ............................................................................................................. 6
2.1 Revenue by product ................................................................................................................. 6
2.2 Revenue by geographical area ................................................................................................. 8
2.3 Gross profit ............................................................................................................................ 10
2.4 EBIT and adjusted EBITDA ...................................................................................................... 11
2.5 Net profit and adjusted EPS .................................................................................................... 12
2.6 Cash flow and balance sheet .................................................................................................. 13
2.7 Outlook................................................................................................................................... 13
2.8 Lundbeck’s development portfolio.......................................................................................... 16
2.9 Sustainability update .............................................................................................................. 18
2.10 General corporate matters ................................................................................................... 19
3 Condensed Financial Statements ........................................................................................... 21
4 Notes ...................................................................................................................................... 26
Statement of the Board of Directors and the Registered Executive Leadership Team ............ 28
Financial calendar 2026 ............................................................................................................. 29
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 31 MARCH 2026
Company announcement No 791/2026
Page 5
1 FINANCIAL HIGHLIGHTS
For the three months ended 31 March
DKK million
Q1 2026
Q1 2025
Change
(CER)
1
Change
(DKK)
Revenue
7,125
6,235
21%
14%
Gross profit
5,824
5,151
19%
13%
Gross margin
81.7%
82.6%
Adjusted gross profit
2
6,198
5,546
18%
12%
Adjusted gross margin
87.0%
88.9%
Sales and distribution costs
1,779
1,872
5%
(5%)
S&D ratio
25.0%
30.0%
Administrative expenses
355
359
3%
(1%)
Administrative expenses ratio
5.0%
5.8%
Research and development costs
3
1,383
1,262
15%
10%
R&D ratio
3
19.4%
20.2%
Other operating expenses, net
152
-
-
-
EBIT (profit from operations)
3
2,155
1,658
32%
30%
EBIT margin
3
30.2%
26.6%
EBITDA
4
2,631
2,144
26%
23%
EBITDA margin
36.9%
34.4%
Adjusted EBITDA
5
2,783
2,173
31%
28%
Adjusted EBITDA margin
39.1%
34.9%
Net financials, (income)/expenses
29
221
-
(87%)
Profit before tax
3
2,126
1,437
-
48%
Income taxes
3
468
317
-
48%
Effective tax rate (reported)
22.0%
22.0%
Net profit
3
1,658
1,120
-
48%
Adjusted net profit
6
2,148
1,522
-
41%
Other key numbers
Assets
3
52,305
54,835
-
(5%)
Equity
3
25,626
24,539
-
4%
Cash flows from operating and investing activities
(free cash flow)
483
521
-
(7%)
Net cash flow for the period
(1,492)
(1,959)
-
(24%)
Return on invested capital – rolling four quarters
3
11.5%
10.4%
Net debt/EBITDA – rolling four quarters
1.2
2.3
-
(48%)
Number of shares for the calculation of EPS (million)
992.4
991.9
-
0%
Earnings per share, basic (EPS) (DKK)
3
1.67
1.13
-
48%
Adjusted earnings per share, basic (DKK)
2.16
1.53
-
41%
1
Change at CER (Constant Exchange Rates) does not include effects from hedging.
2
Adjusted gross profit is the gross profit excluding depreciation and amortization and other adjustments linked to sales.
3
Comparatives were restated to reflect changes in the provisional purchase price allocation from business combination, for details see note 4.1 Basis of preparation.
4
EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization, including impairment losses.
5
Adjusted EBITDA is defined as EBITDA adjusted by certain items, for details see note 4.3 Adjusted EBITDA.
6
Adjusted net profit is the net profit excluding depreciation and amortization and other adjustments, net of taxes.
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 31 MARCH 2026
Company announcement No 791/2026
Page 6
2 BUSINESS PERFORMANCE
2.1 REVENUE BY PRODUCT
Revenue reached DKK 7,125 million, representing growth
of +21% CER (+14% DKK). All regions contributed to the
strong growth in strategic brands of +21% CER (+10%
DKK), reaching DKK 5,305 million, equivalent to 74% of
total revenue. In the first quarter of 2026, approximately
67% of strategic brands growth was attributable to the
strong performance of Vyepti
®
and Rexulti
®
in the U.S.
Vyepti
®
and Rexulti
®
sales in the U.S. grew +45% CER
(+28% DKK) and +20% CER (+6% DKK), respectively. In the
first quarter of 2026, Lundbeck recognized DKK 470
million of revenue from inventory build in the new 27
partner markets, in line with 2026 guidance. Adjusting for
this, revenue increased by +13% CER (+7% DKK). This
reflects a one-time revenue contribution during the
transition to the new commercial model. The largest
markets for the strategic brands were the U.S., Spain,
Canada, Italy and France.
DKK million
Q1 2026
Q1 2025
Growth (CER)
Growth (DKK)
Rexulti
®
1,612
1,491
22%
8%
Vyepti
®
1,364
1,042
47%
31%
Brintellix
®
/Trintellix
®
1,296
1,254
8%
3%
Abilify LAI franchise
1,033
1,014
8%
2%
Abilify Maintena
®
838
917
(3%)
(9%)
Abilify Asimtufii
®
/Abilify Maintena
®
960 mg
195
97
111%
101%
Strategic brands
5,305
4,801
21%
10%
Cipralex
®
/Lexapro
®
752
622
27%
21%
Other pharmaceuticals
840
833
7%
1%
Mature brands
1,592
1,455
15%
9%
Other revenue
128
50
160%
156%
Total revenue before hedging
7,025
6,306
21%
11%
Effects from hedging
100
(71)
Total revenue
7,125
6,235
21%
14%
Strategic brands
The Focused Innovator Strategy amplifies Lundbeck’s
strategic brands representing the company’s growth
engine, driving revenue expansion, margin improvement,
and sustainable long-term value creation.
Rexulti
®
(brexpiprazole) revenue reached DKK 1,612
million representing growth of +22% CER (+8% DKK). In
the U.S., continued strong demand growth in both
agitation associated with dementia due to Alzheimer’s
disease (AADAD) and major depressive disorder (MDD)
drove the revenue growth. Total prescriptions (TRx) grew
+18% year-over-year in the first quarter of 2026, achieving
a market share of 2.75% during March. In AADAD, Rexulti
®
TRx demand grew 43.4% and the 65+ segment accounted
for 35.8% of total U.S. Rexulti
®
prescriptions in February,
reflecting continued growth within the brand. In Europe
and International Operations, Rexulti
®
continued to grow
in the first quarter of 2026. Excluding one-time revenue
from inventory build, growth in Europe was +25% CER and
in International Operations +17% CER. Performance in
Europe was supported by growth in Italy (+2% treatment
days compared to the first quarter of 2025) and Spain
(+64% treatment days compared to the first quarter of
2025) in particular. In International Operations,
performance in Brazil remained resilient in the period and
maintained market share prior to the expected generic
entry on the back of loss of exclusivity in April 2026,
growing +11% in treatment days, while market shares
continued to expand in Canada reaching 6% (+0.6
percentage points compared to the first quarter of 2025).
The revenue distribution by region was 90%, 3% and 7% in
the U.S., Europe and International Operations,
respectively. The largest markets are the U.S., Brazil,
Canada, Mexico and Chile.
Vyepti
®
(eptinezumab) delivered strong growth in the first
quarter of 2026, with revenue reaching DKK 1,364 million,
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 31 MARCH 2026
Company announcement No 791/2026
Page 7
an increase of +47% CER (+31% DKK). Vyepti
®
maintained
its strong momentum across all regions. In the U.S.,
Vyepti
®
continued to grow in the first quarter of 2026,
maintaining its position as the fastest-growing anti-
calcitonin gene-related peptide (aCGRP) in the market,
reaching record-high 11.9% market share in February. The
growth was driven by an increase in new patient starts,
increased Vyepti Infusion Network enrolments,
prescription-to-fill conversion and high rates of
persistency with demand volume growing by +41.8% for
March 2026 year-to-date versus prior year. In Europe and
International Operations, Vyepti
®
maintained continued
growth momentum into the first quarter of 2026
delivering +55% CER growth compared to the same period
last year. Excluding the one-time revenue from inventory
build, growth in Europe was +44% CER and in International
Operations +45% CER. This was achieved through
continued strong demand growth across key markets,
with particularly strong momentum in France and Spain,
where Vyepti
®
demand (treatment days) outpaced
competitors, resulting in market shares of 68% (+6.5
percentage points compared to first quarter of 2025) in
France and 12% (+1.8 percentage points compared to the
first quarter of 2025) in Spain in February. The revenue
distribution by region was 86%, 10% and 4% in the U.S.,
Europe and International Operations, respectively. The
largest markets are the U.S., France, Canada, Spain and
Germany.
Brintellix
®
/Trintellix
®
(vortioxetine) revenue reached
DKK 1,296 million representing a growth of +8% CER (+3%
DKK). The one-time revenue from inventory build in
Partner Markets impacted the growth in the quarter.
Excluding this effect, the growth was -3% CER (-8% DKK).
Underlying growth in Europe continued with strong
double-digit growth, driven by France and Spain.
Performance remained pressured in International
Operations, and, in particular, in Canada following generic
entry in June 2025, and in China, where strong commercial
execution only partially offset post–volume-based
procurement (VBP) pressure. Selected markets showed
stronger momentum, notably Japan reaching 13% market
share (+1.0 percentage points compared to the first
quarter of 2025) in January. In Europe, Brintellix
®
continued to be an important growth brand. The slightly
softer momentum compared to previous quarters reflects
a combination of post-Q4 normalization following
relatively high prior-period sales, as well as lower
promotional intensity in the early part of the year,
specifically in Spain and Italy, both of which were timing
effects. Across key markets in Europe, the brand grew
+12% in treatment days compared to the first quarter of
2025. Excluding the one-time revenue from inventory
build, growth in Europe was +3% CER and in International
Operations -8% CER. In the U.S., Trintellix
®
reflects the
effect of the Takeda transition, effective 1 January 2025,
and is showing steady performance in line with
expectations for the transition. The revenue distribution
by region was 23%, 46% and 31% in the U.S., Europe and
International Operations, respectively. The largest
markets for this product are the U.S., Spain, Italy, Mexico
and France.
Abilify LAI franchise revenue reached DKK 1,033 million
and grew +8% CER (+2% DKK). The franchise delivered
solid growth in the first quarter of 2026. The Abilify LAI
franchise in the U.S. grew +8% CER in the first quarter of
2026, supported by +8.8% growth in demand volume
(rolling 3 months (R3M) February 2026 compared to prior
year). Strong growth in TRx volume for Abilify Asimtufii
®
(+39.2% R3M February 2026 compared to the same period
in 2025), and market share increased to 4.5% in February
as Lundbeck continues to source patients from oral
aripiprazole. Excluding the one-time revenue from
inventory build, revenue in Europe declined -1% CER while
revenue in International Operations grew +1% CER. The
year-on-year development in Europe was materially
distorted by prior-year gross-to-net comparator effects of
government-mandated rebates and paybacks in Italy
(AIFA) and the UK (VPAG). Adjusting for these effects,
underlying franchise development in Europe, excluding
revenue from inventory build, was +8% CER, in line with
previous quarters. This was supported by continued
uptake of Abilify Maintena
®
960 mg and encouraging
conversion from Abilify Maintena
®
, reaching 38% in Spain,
24% in France and 22% in Italy. Market research also
indicates that 25%-45% of patients are being switched
directly from oral atypical antipsychotics. Franchise growth
continued despite loss of exclusivity (LoE) as generic
competition has yet to enter the European markets. In
International Operations, Canada and Australia
experienced slightly accelerating growth despite LoE on
the back of expanding franchise market share leading to
37% market share in Australia (+1.3 percentage points
compared to the same period in 2025) and 39% market
share in Canada (+2.0 percentage points compared to the
same period in 2025) in February. Generally, the
conversion to Abilify Maintena
®
960 mg/Abilify Asimtufii
®
remains encouraging with sourcing from both other LAIs
and oral aripiprazole. The revenue distribution by region
was 34%, 50% and 16% in the U.S., Europe and
International Operations, respectively. The largest
markets are the U.S., Spain, Canada, Australia and Italy.
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 31 MARCH 2026
Company announcement No 791/2026
Page 8
Mature brands
Lundbeck’s mature brands comprise established
neuroscience treatments that provide stable cash
generation and a solid earnings base, supporting
continued investment in innovation and future growth
opportunities.
Cipralex
®
/Lexapro
®
(escitalopram) revenue reached DKK
752 million, an increase of +27% CER (+21% DKK). This
performance was mainly related to the Partner Markets
transition. The growth, excluding the one-time revenue
from inventory build in Partner Markets, was +3% CER (-3%
DKK). Regional revenue distribution was 67% and 33% in
International Operations and Europe, respectively.
Revenue from Other pharmaceuticals, which comprises
the remainder of Lundbeck’s products, reached DKK 840
million, representing an increase of +7% CER (+1% DKK).
Overall, growth was supported by strong contribution
from China, especially for Lexapro
®
and Ebixa
®
, as
promotional efforts continue to lead to resilience for the
brands. This was partially offset by continued erosion
across markets. The largest markets for Other
pharmaceuticals are the U.S., China, France, Greece and
South Korea.
2.2 REVENUE BY GEOGRAPHICAL AREA
DKK million
Q1 2026
Q1 2025
Growth (CER)
Growth (DKK)
United States
Rexulti
®
1,457
1,375
20%
6%
Vyepti
®
1,173
916
45%
28%
Abilify LAI franchise
353
373
8%
(5%)
Abilify Maintena
®
289
317
3%
(9%)
Abilify Asimtufii
®
64
56
30%
14%
Trintellix
®
291
353
(5%)
(18%)
Strategic brands
3,274
3,017
23%
9%
Mature brands
208
267
(12%)
(22%)
Revenue – United States
3,482
3,284
20%
6%
Europe
Brintellix
®
598
492
21%
22%
Abilify LAI franchise
511
464
10%
10%
Abilify Maintena
®
393
423
(7%)
(7%)
Abilify Maintena
®
960 mg
118
41
188%
188%
Vyepti
®
140
88
58%
59%
Rexulti
®
49
28
71%
75%
Strategic brands
1,298
1,072
21%
21%
Mature brands
501
372
33%
35%
Revenue – Europe
1,799
1,444
24%
25%
International Operations
Brintellix
®
/Trintellix
®
407
409
5%
0%
Abilify LAI franchise
169
177
1%
(5%)
Abilify Maintena
®
156
177
(7%)
(12%)
Abilify Asimtufii
®
/Abilify Maintena
®
960 mg
13
-
-
-
Rexulti
®
106
88
25%
20%
Vyepti
®
51
38
47%
34%
Strategic brands
733
712
9%
3%
Mature brands
883
816
16%
8%
Revenue – International Operations
1,616
1,528
13%
6%
Other revenue
128
50
160%
156%
Total revenue before hedging
7,025
6,306
21%
11%
Effects from hedging
100
(71)
Total revenue
7,125
6,235
21%
14%
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 31 MARCH 2026
Company announcement No 791/2026
Page 9
Lundbeck’s five largest markets are the U.S., China, Spain,
Italy and Canada, constituting 64% of the total revenue.
United States revenue reached DKK 3,482 million
representing growth of +20% CER (+6% DKK). The
strategic brands reached DKK 3,274 million, increasing by
+23% CER (+9% DKK) and representing 94% of the revenue
in this market. Vyepti
®
was the primary growth contributor
driven by a +41.8% increase in TRx (March 2026 year-to-
date). Demand was underpinned by new patient starts,
strong patient conversion, improved persistency and
increased 300 mg utilization. The strong performance was
reflected in the all-time-high market share of 11.9% during
February, underpinning the exceptional performance as
the fastest-growing aCGRP in the U.S. Rexulti
®
delivered
strong growth of +20% CER (+6% DKK), supported by
growth in both MDD and AADAD indications. TRx growth
reached +18%, during the first quarter of 2026 with
AADAD growing 43.4% (R3M February 2026 compared to
the same period last year) and the 65+ segment
accounting for over 35.8% of total prescriptions. The
Abilify LAI franchise growth in the first quarter of 2026 was
supported by continued TRx growth, primarily from Abilify
Asimtufii
®
, which grew +39.2% (R3M February 2026)
compared to the same period last year. Trintellix
®
reflects
the effect of the Takeda transition, effective 1 January
2025, where it is showing steady performance, continuing
to confirm the expectations of the transition. Mature
brands declined overall, with continued erosion for
Northera
®
and Sabril
®
, partly offset by positive gross-to-
net impact of Onfi
®
and Xenazine
®
.
Europe revenue reached DKK 1,799 million representing
a growth of +24% CER (+25% DKK). The strategic brands
reached DKK 1,298 million, increasing +21% CER (+21%
DKK) and representing 72% of revenue in this market.
Excluding the one-time revenue from inventory build,
growth in Europe of +6% CER was aided by continued
growth in Vyepti
®
, Rexulti
®
and Brintellix
®
, while reported
development in the Abilify LAI franchise was affected by
gross-to-net one-off effects last year. Vyepti
®
was the most
significant growth driver (+44% excluding the one-time
revenue from inventory build), with particularly strong
momentum in France and Spain. Demand growth in both
markets continued to outpace competitors, supporting
further market share gains. Brintellix
®
grew +3% CER
excluding the one-time revenue from inventory build,
supported by continued growth across key European
markets. Abilify LAI franchise development in Europe,
excluding the one-time revenue from inventory build, was
-1% CER. However, this was materially distorted by prior-
year gross-to-net comparator effects in Italy (AIFA) and the
UK (VPAG). Adjusting for these effects, the underlying
franchise trend was +8% CER, in line with previous
quarters, supported by continued uptake of Abilify
Maintena
®
960 mg, with conversion reaching 38% in
Spain, 24% in France and 22% in Italy. Mature brands still
contribute to total European revenue, and excluding the
one-time revenue from inventory build, their performance
was flat compared to last year at CER. The largest markets
in Europe are Spain, Italy and France.
International Operations comprises all of Lundbeck’s
markets outside the U.S. and Europe. Revenue reached
DKK 1,616 million, an increase of +13% CER (+6% DKK). The
strategic brands reached DKK 733 million, increasing by
+9% CER (+3% DKK), and representing 45% of revenue in
this market. The growth in International Operations was
mainly driven by the one-time revenue from inventory
build. Excluding this effect, growth was -1% CER (-8% DKK),
with underlying performance showing strong growth in
Vyepti
®
, positive trends in Rexulti
®
and the Abilify LAI
franchise, modest growth in mature brands, and negative
in Brintellix
®
, mainly reflecting generic entry in Canada
during last year. Vyepti
®
and Rexulti
®
grew, respectively,
+45% CER and +17% CER excluding the one-time revenue
from inventory build. Rexulti
®
performance in Brazil
remained resilient in the first quarter of 2026 as Lundbeck
awaits generic entry following LoE in April 2026, while
market share continued to expand in Canada to reach 6%
(+0.6 percentage points compared to the same period in
2025) in February. The Abilify LAI franchise grew +1% CER
excluding the one-time revenue from inventory build,
supported mainly by Canada and Australia, where
competitor supply challenges and delayed generic entry
continued to support the franchise. Brintellix
®
declined
-8% CER excluding the one-time revenue from inventory
build, mainly reflecting the impact of generic entry in
Canada during 2025. This was partly offset by continued
positive momentum in Japan, where Brintellix
®
growth was
supported by strong antidepressant market growth, some
inventory benefit, and continued market-share expansion.
Mature brands declined by -2% CER excluding the one-
time revenue from inventory build. Despite the decline,
growth in China remained positive, where overall
performance reflected brand execution, demand
improvement, and some channel, pricing, and timing
effects. This was particularly supportive for Lexapro
®
and
Ebixa
®
, while Brintellix
®
in Mainland China remained
affected by post-VBP pressure. The biggest markets are
China, Canada, Australia, Brazil and Chile. China and
Canada constitute approximately 34% of the regional
revenue.
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 31 MARCH 2026
Company announcement No 791/2026
Page 10
Effects from hedging
Lundbeck hedges a significant part of the currency
revenue risk for a period of 12-18 months. Hedging had a
positive impact of DKK 100 million (DKK -71 million in the
first quarter of 2025) on revenue in the first quarter of
2026 contributing to mitigate foreign exchange risks in
revenue.
2.3 GROSS PROFIT
DKK million
Q1 2026
Q1 2025
Change
(CER)
Change
(DKK)
Revenue
7,125
6,235
21%
14%
Cost of sales
1,301
1,084
27%
20%
thereof amortization of product rights
315
336
0%
(6%)
thereof other depreciation/amortization
59
59
(1%)
(1%)
Gross profit
5,824
5,151
19%
13%
Gross margin (%)
81.7%
82.6%
Adjusted gross profit
6,198
5,546
18%
12%
Adjusted gross margin (%)
87.0%
88.9%
Cost of sales reached DKK 1,301 million, increasing by
+27% CER (+20% DKK), mainly driven by Vyepti
®
’s
commercial performance and higher production-related
costs, partly offset by lower amortization of product rights.
Gross profit reached DKK 5,824 million, increasing by
+19% CER (+13% DKK). The gross margin was 81.7%
representing a decrease of 0.9 percentage points. This
decline is mainly driven by unfavorable product mix and
higher production-related costs.
Adjusted gross profit is the gross profit excluding
depreciation and amortization and other adjustments
linked to sales and cost of sales. The adjusted gross
margin was 87.0%, corresponding to a decrease of 1.9
percentage points, driven equally by an increased share of
other revenue, which carries a gross margin of less than
50%, higher share of Vyepti
®
and an adverse market mix
impact from Abilify Maintena
®
.
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 31 MARCH 2026
Company announcement No 791/2026
Page 11
2.4 EBIT AND ADJUSTED EBITDA
DKK million
Q1 2026
Q1 2025
Change
(CER)
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/amortization
44
23
96%
91%
S&D ratio
25.0%
30.0%
Administrative expenses
355
359
3%
(1%)
thereof adjustments
-
36
-
-
thereof depreciation/amortization
7
6
17%
17%
Administrative expenses ratio
5.0%
5.8%
Research and development costs
1
1,383
1,262
15%
10%
thereof adjustments
-
(5)
-
-
thereof depreciation/amortization
1
51
62
(10%)
(18%)
R&D ratio
1
19.4%
20.2%
Other operating expenses, net
152
-
-
-
thereof adjustments
152
-
-
-
Total operating expenses
1
3,669
3,493
13%
5%
OPEX ratio
1
51.5%
56.0%
EBIT (profit from operations)
1
2,155
1,658
32%
30%
Depreciation and amortization
1
476
486
3%
(2%)
Depreciation
119
95
26%
25%
Amortization
1
357
391
(2%)
(9%)
EBITDA
2,631
2,144
26%
23%
EBITDA margin (%)
36.9%
34.4%
Restructuring expenses
152
(2)
-
-
Other adjustments
-
31
-
-
Adjusted EBITDA
2,783
2,173
31%
28%
Adjusted EBITDA margin (%)
39.1%
34.9%
1
Comparatives were restated to reflect changes in the provisional purchase price allocation from business combination, for details see note 4.1 Basis of preparation.
Total operating expenses (OPEX) reached DKK 3,669
million, corresponding to an increase of +13% CER (+5%
DKK). The OPEX ratio declined by 4.5 percentage points to
51.5%. The development primarily reflects a combination
of revenue growth in the first quarter of 2026 and lower
S&D costs, partially offset by higher R&D costs.
Sales and distribution costs reached DKK 1,779 million,
corresponding to an increase of +5% CER (-5% DKK). The
S&D ratio decreased by 5.0 percentage points to 25.0%,
primarily reflecting leverage from strong revenue growth
and improved cost efficiency as well as the transition to a
new commercial model. The S&D ratio development
reflects the continued execution of the Focused Innovator
Strategy alongside disciplined resource allocation and
capital reallocation. The one-time revenue impact further
supported the S&D ratio by around 1.7 percentage points.
The resulting savings enabled continued investments in
strategic brands, particularly Rexulti
®
and Vyepti
®
in the
U.S., supporting sales force expansion and the global roll-
out of Vyepti
®
.
Administrative expenses reached DKK 355 million,
corresponding to a slight increase of +3% CER (-1% DKK).
The administrative expenses ratio decreased by 0.8
percentage points to 5.0%. The development reflects the
execution of the Focused Innovator Strategy and the
capital reallocation initiatives.
Research and development costs reached DKK 1,383
million, with an R&D ratio of 19.4%, increasing by +15%
CER (+10% DKK). The development is primarily driven by
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 31 MARCH 2026
Company announcement No 791/2026
Page 12
advancing key pipeline programs, including bexicaserin
and amlenetug (anti-α-synuclein).
Other operating expenses, net reached DKK 152 million,
primarily reflecting a restructuring provision.
EBIT reached DKK 2,155 million, increasing by +32% CER
(+30% DKK) reflecting a combination of improved gross
profit driven by strong sales growth, partly driven by the
one-time revenue from inventory build in Partner Markets
and lower S&D ratio. This performance was partially offset
by higher R&D costs and higher other operating expenses.
Total amortization and depreciation amounted to DKK
476 million (DKK 486 million in the first quarter of 2025).
Amortization of product rights amounted to DKK 315
million, unchanged at CER (-6% DKK). Amortization of
other intangible assets corresponded to DKK 42 million in
the first quarter of 2026. Depreciation amounted to DKK
119 million, corresponding to an increase of +26% CER
(+25% DKK).
Adjusted EBITDA reached DKK 2,783 million,
representing an increase of +31% CER (+28% DKK), driven
by the strong performance of strategic brands and the
gross profit impact from the one-time initial inventory
build supporting the transition to a new commercial
model, despite continued R&D investments and capital
reallocation under the Focused Innovator Strategy. The
adjusted EBITDA margin increased to 39.1% (34.9% in
the first quarter of 2025), representing an increase of 4.2
percentage points. Excluding the one-time gross profit
impact from the initial inventory build, adjusted EBITDA
increased by +13% CER (+9% DKK), corresponding to an
adjusted EBITDA margin of 35.6%.
2.5 NET PROFIT AND ADJUSTED EPS
DKK million
Q1 2026
Q1 2025
Change
(DKK)
EBIT (profit from operations)
1
2,155
1,658
30%
Net financials, (income)/expenses
29
221
(87%)
Profit before tax
1
2,126
1,437
48%
Net profit
1
1,658
1,120
48%
thereof other adjustments
152
29
424%
thereof depreciation/amortization
1
476
486
(2%)
thereof tax on adjustments
1
138
113
22%
EPS (DKK)
1
1.67
1.13
48%
Adjusted net profit
2,148
1,522
41%
Adjusted EPS (DKK)
2.16
1.53
41%
1
Comparatives were restated to reflect changes in the provisional purchase price allocation from business combination, for details see note 4.1 Basis of preparation.
Net financials (income)/expenses amounted to an
expense of DKK 29 million in the first quarter of 2026
compared to an expense of DKK 221 million in the same
period last year. This was mainly driven by a positive
currency impact due to favorable movements in USD and
lower interest expenses, reflecting reduced average debt
levels following continued deleveraging. In the first
quarter of 2025, net financials were negatively impacted
by adverse USD development.
The effective tax rate for the first quarter of 2026 was
22.0% (22.0% for the first quarter of 2025), in line with the
full-year expectation.
Net profit reached DKK 1,658 million, corresponding to a
growth of 48%.
Adjusted net profit is the net profit excluding
depreciation and amortization and other adjustments, net
of taxes. Adjusted net profit reached DKK 2,148 million,
increasing by +41%, reflecting the strong EBIT
performance and lower financial expenses, partially offset
by higher income taxes.
Adjusted EPS was DKK 2.16, corresponding to an
increase of +41%, in line with the adjusted net profit.
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 31 MARCH 2026
Company announcement No 791/2026
Page 13
2.6 CASH FLOW AND BALANCE SHEET
DKK million
Q1 2026
Q1 2025
Profit from operations (EBIT)
1
2,155
1,658
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
(1,492)
(1,959)
1
Comparatives were restated to reflect changes in the provisional purchase price allocation from business combination, for details see note 4.1 Basis of preparation.
Cash flows from operating activities amounted to an
inflow of DKK 599 million compared to an inflow of DKK
632 million in the first quarter of 2025. The decrease was
mainly driven by changes in working capital, reflecting
higher receivables and increased inventories, partly offset
by increased short-term debt primarily due to higher trade
payables. In addition, higher tax payments also
contributed to the decrease in cash flows from operating
activities.
Lundbeck’s net cash flows from investing activities
were an outflow of DKK 116 million compared to an
outflow of DKK 111 million in the first quarter of 2025. The
development in investing activities mainly reflects
investments in property, plant and equipment.
Lundbeck’s net cash flows from financing activities had
an outflow of DKK 1,975 million compared to an outflow of
DKK 2,480 million in the first quarter of 2025. The decrease
primarily reflects lower loan repayments related to the
Revolving Credit Facility. This was partly offset by higher
dividends paid to shareholders in March 2026.
The net cash outflow reached DKK 1,492 million compared
to an outflow of DKK 1,959 million in the first quarter of
2025.
Net debt decreased from DKK 12,644 million at the end of
March 2025 to a net debt of DKK 9,129 million at the end
of March 2026, primarily reflecting continued debt
repayments since the acquisition of Longboard in 2024.
The net debt/EBITDA ratio was 1.2x at the end of March
2026 compared to 2.3x at the end of March 2025.
Interest-bearing debt was DKK 11,085 million at the end
of March 2026 compared to DKK 15,341 million at the end
of March 2025.
On 31 March 2026, Lundbeck’s total assets amounted to
DKK 52,305 million (DKK 52,054 million at 31 December
2025) mainly driven by intangible assets.
On 31 March 2026, Lundbeck’s total liabilities amounted
to DKK 26,679 million (DKK 27,151 million at 31 December
2025). The decrease primarily reflects repayments of the
Revolving Credit Facility, partially offset by higher trade
payables.
On 31 March 2026, Lundbeck’s equity amounted to DKK
25,626 million (DKK 24,903 million at 31 December 2025).
2.7 OUTLOOK
Financial guidance 2026
On 12 May 2026, Lundbeck announced an increase in its
full-year revenue and adjusted EBITDA guidance at
constant exchange rates (CER).
Based on the strong performance of Vyepti
®
and the
expected delay of generic entry of Abilify Maintena
®
in key
markets, as well as a stronger-than-expected start in newly
established partner markets, revenue is now expected to
grow by 7% to 9% at CER (previously 5% to 8%) compared
to the prior year’s revenue, excluding hedging effects.
Vyepti
®
and Rexulti
®
are expected to remain the primary
growth drivers in 2026, supported by continued demand
expansion, geographic penetration, and ongoing lifecycle
initiatives. The Abilify LAI franchise is expected to continue
benefiting from conversion to the two-month formulation
throughout 2026. Revenue from Partner Markets has
grown stronger than expected and contributes to the
overall higher growth anticipated for 2026.
The updated guidance continues to include inventory
build at partners, recognized as sales of DKK 470 million.
This reflects the economics of Lundbeck’s partner model
for non-key markets and is not expected to recur.
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 31 MARCH 2026
Company announcement No 791/2026
Page 14
Expectations for adjusted EBITDA growth have also been
raised, primarily driven by the higher contribution from
Vyepti
®
and the expected delay of generic entry of Abilify
Maintena
®
. Lundbeck now expects adjusted EBITDA
growth of 8% to 14% at CER (previously 4% to 12%) in
2026.
As a central component of the Focused Innovator Strategy,
Lundbeck remains committed to investing in research and
development, advancing both late-stage and early
development pipeline programs. In 2026, Lundbeck
anticipates an acceleration of R&D investments. R&D
spending is expected to increase to a range of DKK 5.6 to
5.9 billion, up from the previously guided DKK 5.5 to 5.9
billion. This reflects continued progression of late-stage
development programs, including bexicaserin and
amlenetug, as well as sustained investment in early- and
mid-stage pipeline assets. Following positive phase IIb
results, bocunebart is expected to progress into phase III
by the end of 2026.
Given current exchange rates against the Danish krone,
growth in adjusted EBITDA reported in DKK is expected to
be approximately 9 percentage points lower than growth
at CER.
Hedging effects are expected to result in a loss of DKK -10
to -50 million. Depreciation, amortization, and impairment
are expected at DKK 1.7 to 1.9 billion. Net financials are
now guided at approximately DKK 300 million (previously
DKK 300 to 400 million), reflecting FX tailwinds and lower
interest costs. The effective tax rate is expected from 20%
to 24% (previously 20% to 23%), with the increase primarily
reflecting the transfer of IP from the U.S. to Denmark.
This guidance assumes no significant changes in the
global or regional macroeconomic and political
environment that would impact Lundbeck’s business,
including major healthcare reforms, legislative changes, or
legal outcomes. It also assumes stable currency exchange
rates from current levels, particularly the U.S. dollar
against the Danish krone, and reflects current estimates
of gross-to-net developments in U.S. sales. The guidance
excludes potential effects from new significant business
development transactions, significant impairments of
intangible assets, and any shifts in trade policy, such as
pharmaceutical tariffs or further healthcare reforms.
Revenue at CER
DKK million
Q1 2026
Total revenue (IFRS)
7,125
Effects from hedging
100
Total revenue (IFRS) before hedging
7,025
Effects from exchange rate
(575)
Total revenue at CER
7,600
Increase/(decrease) in total revenue
14%
Increase/(decrease) in total revenue at CER
1
21%
1
Total revenue at CER for the period divided by total revenue (IFRS) before hedging for the comparative period.
Financial guidance for 2026
(Previous 4 February 2026)
As of 12 May 2026
Total revenue growth at CER
(5% to 8%)
7% to 9%
Adjusted EBITDA growth at CER
(4% to 12%)
8% to 14%
Other relevant financial information for FY 2026 at reported rates
Total revenue (IFRS) growth
1
Around 4 percentage points lower than at CER
Adjusted EBITDA growth
1
Around 9 percentage points lower than at CER
Adjusted gross margin
2
Around 88%
R&D costs
DKK 5.6 to 5.9 billion
Depreciation & amortization
DKK 1.7 to 1.9 billion
Net financials, (income)/expenses
Around DKK 300 million
Effects from hedging, (losses)/gains
DKK -10 to -50 million
Effective tax rate
20% to 24%
Net cash/(net debt)
3
DKK -4.0 to -5.0 billion
1
Includes effects from hedging and exchange rate impact.
2
Adjusted gross margin is the gross margin excluding depreciation and amortization and other adjustments linked to sales.
3
Net cash/(net debt) is defined as Interest-bearing debt, cash, cash equivalents and securities, net.
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 31 MARCH 2026
Company announcement No 791/2026
Page 15
Adjusted EBITDA at CER
DKK million
Q1 2026
Adjusted EBITDA
2,783
Effects from hedging
100
Adjusted EBITDA before hedging
2,683
Effects from exchange rate
(256)
Adjusted EBITDA at CER
2,939
Increase/(decrease) in adjusted EBITDA
28%
Increase/(decrease) in adjusted EBITDA at CER
1
31%
1
Adjusted EBITDA at CER for the period divided by adjusted EBITDA before hedging for the comparative period.
Mid-term targets
Based on organic growth, the company expects revenue
to show a mid-single digit compound annual growth rate
(CAGR) over the mid-term period (2023 to 2027). The
company maintains its target for adjusted EBITDA margin
of more than 30% at the end of the mid-term period in
2027, to account for the impact of the Longboard
acquisition, progression of the pipeline and excluding any
business development activities.
Lundbeck plans to ensure appropriate investments in R&D
and prelaunch activities for bexicaserin and amlenetug
following the successful closure of the acquisition of
Longboard. In addition, several R&D projects are expected
to mature and progress in the period. Moreover, in
accordance with the Focused Innovator Strategy,
Lundbeck has initiated the most significant capital
reallocation program in its history to sustain the
company’s growth with increased focus on innovation.
The mid-term targets exclude potential effects from new
significant business development transactions, significant
impairments of intangible assets in 2026, if any, and any
shifts in trade policy, such as pharmaceutical tariffs or
further healthcare reforms. As 2026 progresses, Lundbeck
will provide an update on the mid-term targets.
Forward-looking statements
Forward-looking statements are subject to risks,
uncertainties, and inaccurate assumptions. This may
cause actual results to differ materially from expectations.
Various factors may affect future results, including interest
rates and exchange rate fluctuations, delay or failure of
development projects, production problems, unexpected
contract breaches or terminations, governance-mandated
or market-driven price decreases for products,
introduction of competing products, Lundbeck’s ability to
successfully market both new and existing products,
exposure to product liability and other lawsuits, changes
in reimbursement rules and governmental laws, and
unexpected growth in expenses.
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 31 MARCH 2026
Company announcement No 791/2026
Page 16
2.8 LUNDBECK’S DEVELOPMENT PORTFOLIO
Lundbeck is developing several new and promising
medicines for the treatment of brain diseases.
The pipeline developments are summarized below.
1
CGRP: Calcitonin gene-related peptide.
2
Two phase III clinical studies completed, supporting registration in Asia.
3
PACAP: Pituitary adenylate cyclase activating peptide.
4
ACTH: Adrenocorticotropic
hormone.
5
Dopamine receptor D
1
and D
2
.
6
MAGLi: monoacylglycerol lipase (“MAGlipase”) inhibitor.
7
OX2R: Orexin receptor 2 (OX2R)-selective agonist.
Key developments in the quarter
Neuro-specialty highlights
Vyepti – migraine prevention – THRIVE phase IV trial
enrolment
The interventional phase IV THRIVE trial evaluates the
effectiveness and safety of eptinezumab in a real-world
population of patients with migraine who have previously
experienced insufficient response to one CGRP-targeting
treatment. Enrolment in the THRIVE trial has been
completed. The study is ongoing, with full results expected
in Q4 2026.
Bocunebart (Lu AG09222) anti-PACAP – migraine
prevention – phase IIb
The phase IIb asset Lu AG09222 represents a potential
new therapeutic option for the treatment of migraine,
which, unlike the calcitonin gene-related peptide (CGRP)
migraine treatment drug class, is a monoclonal antibody
targeting pituitary adenylate cyclase-activating
polypeptide (PACAP). PACAP and its receptors are broadly
expressed in the nervous systems and inflammatory cells.
By interfering with the PACAP signaling, there is potential
to affect multiple symptoms of headache disorders.
Lundbeck announced positive results on 12 February
2026, meeting its primary endpoint, in the multiple IV
dosing part of PROCEED, an adaptive phase IIb dose-
finding and route of administration trial of bocunebart (Lu
AG09222). The trial investigated bocunebart as a potential
treatment for the prevention of migraine in a population
that experienced 1-4 previous preventive treatment
failures in the past 10 years (NCT06323928). Bocunebart
was generally well tolerated, and no new safety signals
were detected during the PROCEED trial.
The PROCEED trial assessed the efficacy, safety, and
tolerability of bocunebart versus placebo when
administered once monthly for three months. The
PROCEED trial aimed to establish the optimal dose and
route of administration, subcutaneous and IV, of
bocunebart. In the IV part of PROCEED a total of 431
patients from 14 countries (Bulgaria, Czechia, Denmark,
France, Georgia, Germany, Hungary, Lithuania, Japan,
Poland, Romania, Slovakia, Spain, and the United States)
were randomized. The primary efficacy endpoint was
defined as the difference between bocunebart and
placebo in the mean change from baseline in the number
of monthly migraine days over weeks 1 to 12.
The target population for this trial was defined as patients
diagnosed with migraine as outlined in the International
Classification of Headache Disorders Third Edition (ICHD-
3) and with treatment failure of 1-4 different preventive
migraine medications in the past 10 years.
Project
Area
Phase Ib
Phase II
Phase III
Filing
Eptinezumab
anti-CGRP mAb
1
Migraine prevention
2
Asia
Bexicaserin
5HT
2C
agonist
Developmental and epileptic encephalopathies
Amlenetug
anti-α-synuclein mAb
Multiple system atrophy
Bocunebart (Lu AG09222)
anti-PACAP mAb
3
Migraine prevention
Asedebart (Lu AG13909)
anti-ACTH mAb
4
Congenital adrenal hyperplasia
Asedebart (Lu AG13909)
anti-ACTH mAb
4
Cushing’s disease
Lu AF28996
D
1
/D
2
agonist
5
Parkinson’s disease
Lu AG22515
CD40L blocker
Thyroid eye disease
MAGLi program
MAGli inhibitor
6
Neurology
Orexin program
OX2R-agonists
7
Daytime hypersomnolence
Late Development
Early Development
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 31 MARCH 2026
Company announcement No 791/2026
Page 17
Lu AF28996 – Parkinson’s disease – phase Ib
Lu AF28996 addresses the greatest unmet need in
Parkinson’s disease in the large underserved patient
population with motor complications. Lu AF28996 offers
sustained D1 and D2 receptor stimulation, achieved by
back-and-forth conversion of metabolites serving as a
reservoir, leading to activation of both the direct and
indirect pathways.
The phase Ib open-label trial with Lu AF28996 in patients
with motor fluctuations or complications has been
completed and is currently in the reporting phase.
Preliminary data were presented at the AD/PD congress in
Copenhagen. The phase Ib open-label data showed an
impactful effect on GOOD On-time, positioning Lu
AF28996 as a first-in-class oral dopamine-like agonist in
Parkinson’s disease (PD) delivering prolonged well-
controlled motor functioning without inducing
troublesome dyskinesia.
Neuro-rare franchise highlights
Amlenetug – multiple system atrophy
Lu AF82422 – phase III
Lu AF82422 is a monoclonal antibody (mAb) targeting the
pathological form of the protein alpha-synuclein which is
believed to play a pivotal role in the development and
progression of neurodegenerative diseases such as
multiple system atrophy (MSA), Parkinson’s disease (PD),
and other synucleinopathies.
By targeting pathological alpha-synuclein with an antibody
that inhibits aggregation and potentially clears
pathological alpha-synuclein from the brain, the project
aims to demonstrate a delay in disease progression and a
therapeutic effect on disease burden and function.
Building on the phase II randomized, double-blind,
placebo-controlled exploratory proof-of-concept (PoC)
trial AMULET testing Lu AF82422 in 61 MSA patients in the
U.S. and Japan, and showing convincing trends of slowing
MSA, Lundbeck initiated the phase III clinical trial MASCOT
in November 2024. The last patient in the MASCOT trial was
randomized in March 2026.
Lundbeck obtained orphan drug designation for MSA
from the EMA (April 2021), FDA (April 2024) and MHLW
(Ministry of Health, Labour, and Welfare) (February 2025)
as well as SAKIGAKE pioneering drug designation from the
Japanese health authorities (March 2023) and Fast Track
designation from the FDA (February 2025).
Lundbeck aims to develop the first treatment to slow
disease progression, addressing a critical unmet need for
people living with MSA, with an expected market entry in
2029.
Orexin program – Daytime hypersomnolence – phase
Ib
Lundbeck has progressed a program of orexin 2 receptor
agonists with two candidates now in early development,
including one candidate initiating in patients. This
program represents potential for best-in-class treatment
within daytime hypersomnolence disorders, by targeting
the underlying mechanisms of the sleep-wake cycle.
Psychiatry core
Vortioxetine – pediatric development program in
major depressive disorder (MDD) in Japan
Given the large unmet medical need and the absence of
medicines approved in Japan for the treatment of MDD in
children, Lundbeck has decided to initiate a pediatric
development program in collaboration with its alliance
partner Takeda.
The phase III trial is a randomized, double-blind, placebo-
controlled 10-week study evaluating the efficacy and
safety of flexible-dose vortioxetine (10-20 mg) in MDD in
adolescents aged 12 to 17 years. More than 80% of the
clinical sites have been activated and the first pediatric
patient in Japan was randomized in January 2026.
In August 2024, based on the development program,
Lundbeck and Takeda received a positive opinion from the
Japanese Pharmaceutical Affairs Council Committee on
Drug I of the Ministry of Health, Labour and Welfare,
granting vortioxetine a two-year extension until 2029 of
the re-examination period for the adult indication in MDD.
This means that vortioxetine’s loss of exclusivity in Japan
will be extended by two years. This extension is unrelated
to the phase III trial outcome.
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 31 MARCH 2026
Company announcement No 791/2026
Page 18
2.9 SUSTAINABILITY UPDATE
Lundbeck’s sustainability strategy aims to ensure that we
mitigate our most significant sustainability risks and
adverse impacts, while acting on the opportunities to
make a positive impact on the environment, for patients,
and the communities where we operate.
This sustainability update presents progress on key
sustainability matters and metrics.
ENVIRONMENTAL PERFORMANCE
Category
1
Q1 2026
Q1 2025
2
Change (%)
Scope 1 GHG emissions (Tonne CO₂e)
4,429
5,837
(24%)
Scope 2 GHG emissions (market-based) (Tonne CO₂e)
867
1,006
(14%)
Scope 1 and 2 GHG emissions (Tonne CO₂e)
5,296
6,843
(23%)
Energy consumption (MWh)
42,996
46,382
(7%)
1
See Annual Report 2025 for accounting policies and definitions.
2
All comparative figures have been updated to reflect improved data, updated emission factors, and updated accounting policies regarding energy consumption from fleet.
Climate Action
Lundbeck is committed to protecting the environment and
decarbonizing our operations and value chain. Lundbeck
has net-zero targets to reduce its total carbon footprint
across its own operations, supply chain and distribution.
In the first quarter of 2026, Scope 1 and 2 GHG emissions
decreased by 23% compared to the first quarter of 2025.
Scope 1 GHG emissions decreased by 24% compared
with the same period last year, primarily reflecting the
increasing share of electric and hybrid vehicles in the
company’s car fleet, as well as changes to more renewable
fuels, contributing to lower emissions. Emissions from
production sites and affiliates remained broadly stable,
with some variability driven by weather conditions and
operational factors.
Scope 2 GHG emissions decreased by 14%, mainly due to
reduced electricity consumption. Emissions in Europe
remain structurally low, supported by the use of
renewable electricity certificates and the continued
decarbonization of electricity grids.
Part of the reduction is related to lower activity levels
linked to the transition into the new commercial operating
model with fewer global sales sites and accounted for
approximately 4 percentage points of the overall decrease
in Scope 1 and 2 GHG emissions. Excluding this effect, the
underlying reduction was driven by structural
decarbonization initiatives, with the activity-related impact
not expected to be a recurring driver of decarbonization.
Lundbeck remains ahead of the 2029 target for Scope 1
and 2 GHG emissions, driven by fleet converting to
electric and hybrid vehicles and renewable fuels.
Other topics
In 2022, traces of PFAS (per- and polyfluoroalkyl
substances) were found at Lundbeck’s Lumsås production
facility. The pollution stems from the use of fire-retardant
foam until 2011, in compliance with national fire safety and
environmental regulations at the time.
Since the pollution was detected, Lundbeck has been
engaged in a close and recurring dialogue with the Danish
Environmental Protection Agency (EPA) and local
authorities regarding the mapping and remediation
possibilities of the pollution. Lundbeck continues this close
dialogue with the authorities and affected stakeholders
and is conducting additional, voluntary testing to
determine more precisely the extent of the pollution.
Lundbeck has received orders from the EPA requiring the
installation of a pump and treat solution for subsoil water.
The implementation work has been initiated, and the
pump and treat solution became operational at the end of
2025.
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 31 MARCH 2026
Company announcement No 791/2026
Page 19
SOCIAL PERFORMANCE
Category
1
Q1 2026
Q1 2025
2
Change
3
Gender balance in upper management (% underrepresented gender - female)
39.7%
39.0%
0.7
1
See Annual Report 2025 for accounting policies and definitions.
2
Q1 2025 data have been restated following an update to the accounting policy, which affected the classification of upper management roles.
3
Variation in percentage points.
Inclusion, Diversity and Equity
Lundbeck embraces the unique perspectives and
experiences of each individual, enhancing our ability to
address complex challenges and driving our commitment
to improving brain health. Our ethos and culture foster an
environment which fuels creativity, enhances decision-
making, and drives innovation where every colleague is
empowered to contribute, collaborate, and bring
perspectives that reflect the communities we serve every
day.
In the first quarter of 2026, the underrepresented
gender balance in upper management increased to
39.7% female at Group level compared to 39.0% in the first
quarter of 2025. The increase is primarily driven by normal
organizational movement, including joiners and leavers,
rather than targeted structural interventions. Efforts that
contribute toward gender equity continue through
broader people processes, including workforce planning,
talent reviews, succession planning and recruitment
practices. Lundbeck remains committed to maintaining
equal opportunity in all forms of employment while
incorporating innovative ways to enhance effective
leadership for all.
Moreover, Lundbeck recognizes the target required in
accordance with the Danish Gender Balance Act for H.
Lundbeck A/S to maintain even gender balance in upper
management, closest to 40% but not exceeding 49%. In
the first quarter of 2026, Lundbeck remains on track with
this target, with the underrepresented gender accounting
for 40.5% in upper management.
HEALTH AND SAFETY
Category
1
Q1 2026
Q1 2025
Change (%)
Lost Time Injury Rate (LTIR)
1.8
0.8
125%
1
See Annual Report 2025 for accounting policies and definitions.
Health and Safety
The health and safety of our workplace is considered
foundational at Lundbeck, and we are committed to
fostering a safety culture that minimizes work-related
accidents. To support this, we closely monitor the
frequency, number, and severity of incidents, enabling us
to establish action plans and set ambitious safety
objectives.
In the first quarter of 2026, the Lost Time Injury Rate
(LTIR) increased from 0.8 to 1.8 compared to the first
quarter of 2025, reflecting a higher number of accidents
resulting in absence and variability in incident occurrence
across sites.
In response, local initiatives have been strengthened at
site level, including regular retraining in process
confirmation with a continued focus on health and safety.
The global prevention campaign Take Care, launched in
2025, continues to support improved safety performance
as health and safety practices are reinforced across the
organization.
2.10 GENERAL CORPORATE MATTERS
Pending legal proceedings
Lundbeck is involved in several legal proceedings,
including patent disputes and environmental matters, the
most significant of which are described below. Some of
these involve significant amounts and are subject to
considerable uncertainty. Management continuously
assesses the risks associated with the legal proceedings,
and their likely outcome. Management is of the opinion
that, apart from items recognized in the financial
statements, the outcome of these legal proceedings and
disputes are not probable or cannot be reliably estimated
in terms of amount or timing. Further, ongoing
proceedings may develop over time, and new proceedings
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 31 MARCH 2026
Company announcement No 791/2026
Page 20
may occur, in a way which could have a material impact on
the Group’s financial position and/or cash flows.
In June 2013, Lundbeck received the European
Commission’s decision that agreements concluded with
four generic competitors concerning citalopram violated
competition law. The decision included fining Lundbeck
EUR 93.8 million (approximately DKK 700 million).
Lundbeck paid and expensed the fine in the third quarter
of 2013. In March 2021, the European Court of Justice
rejected Lundbeck’s final appeal of the European
Commission’s decision. So-called “follow-on claims” for
reimbursement of alleged losses resulting from violation
of competition law often arise when decisions and fines
issued by the European Commission are upheld by the
European Court of Justice. The ’follow-on claims’ described
below are ongoing or threatened. Lundbeck disputes all
claims and intends to defend itself against them in full.
At the end of the first quarter of 2023, the UK health
authorities served their claim form on Lundbeck and
several generic companies, and Lundbeck filed its defense
in the third quarter of 2023. The hearing on whether the
claim is time-barred was held in the second quarter of
2024, and the Competition Appeal Tribunal subsequently
issued a decision in favor of the UK health authorities.
Lundbeck was granted permission to appeal the decision
to the Court of Appeal, and the Court of Appeal issued a
decision in favor of the UK health authorities in the second
quarter of 2025. In October 2025, the Supreme Court
refused Lundbeck’s application for permission to appeal
the ruling on time-barring.
In late October 2021, Lundbeck received a writ of
summons from a German healthcare company claiming
compensation for an alleged loss of profit plus interest
payments, allegedly resulting from Lundbeck’s conclusion
of agreements with two of the four generic competitors,
which were covered by the EU Court of Justice ruling.
Lundbeck filed its first defense in May 2022, and the
parties have subsequently exchanged additional
pleadings. The first instance court hearing was held in the
second quarter of 2024, and Lundbeck currently expects a
first instance court ruling later in 2026. The first instance
court ruling may be appealed, and it may take several
years before a final conclusion is reached by the German
courts.
In October 2024, Lundbeck received a claim form from the
health authority in one of the regions (comunidades
autónomas) in Spain, and in November 2024 Lundbeck
filed its defense. The first instance court hearing was held
in the second quarter of 2025, and a first instance ruling
was issued in the third quarter of 2025. The court
dismissed the health authority’s claim based on time-
barring. The health authority has appealed the decision.
Lundbeck has been informed about potential claims in
several European countries, however, it is still uncertain
whether the potential claims will be actively pursued.
In Canada, Lundbeck is involved in a product liability class-
action lawsuit against several Selective Serotonin
Reuptake Inhibitor (SSRI) manufacturers (including
Lundbeck), alleging that SSRIs (Celexa
®
/Cipralex
®
) induce
autism birth defects. Lundbeck firmly disputes the claim.
Plaintiff’s counsel has agreed to seek instructions to have
this case dismissed, thereby removing the need for the
defendants to pursue a dismissal application.
Lundbeck received a civil investigative demand (“CID”)
from the U.S. Department of Justice (“DOJ”) in March 2020.
The CID seeks information regarding the sales, marketing,
and promotion (including the promotional speaker
program) of Trintellix
®
. Lundbeck is cooperating with the
DOJ.
Otsuka and Lundbeck received paragraph IV certifications
from Sun Pharma, Apotex, and Alvogen with respect to
certain patents listed for Abilify Maintena
®
in the U.S. and
commenced patent infringement proceedings against all
three companies. The cases against Apotex and Alvogen
have now been settled and accordingly all cases have now
been resolved.
In June 2022 in the U.S., several entities created for the
purpose of receiving assignment of claims from payors
providing health insurance coverage pursuant to
Medicare Parts C and D and Medicaid filed a complaint
against Lundbeck and others. The complaint alleged that
Lundbeck and the other defendants conspired to increase
the unit price and quantity dispensed of Xenazine
®
. The
case was dismissed with prejudice in 2023, all appeals
have been exhausted, and the case is closed.
In June 2023 in the U.S., Humana Inc., an insurer, filed a
complaint against Lundbeck U.S. legal entities. The
complaint alleges that Lundbeck engaged in an illegal
kickback scheme to increase the sales and sale price of
Lundbeck’s Xenazine
®
. The complaint alleges that
Lundbeck’s activities targeted Humana Inc. and other
private Medicare insurers who were forced to bear the
costs of the alleged illegally subsidized drug sales.
Lundbeck denies the allegations in the complaint and
intends to defend itself.
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 31 MARCH 2026
Company announcement No 791/2026
Page 21
3 CONDENSED FINANCIAL STATEMENTS
CONDENSED STATEMENT OF PROFIT OR LOSS
DKK million
Q1 2026
Q1 2025
Revenue
Cost of sales
Gross profit
Sales and distribution costs
Administrative expenses
Research and development costs
1
Other operating expenses, net
Profit from operations (EBIT)
1
Net financials, (income)/expenses
Profit before tax
1
Tax on profit for the period
1
Profit for the period
1
Earnings per share, basic (EPS) (DKK)
1
Earnings per share, diluted (DEPS) (DKK)
1
1
Comparatives were restated to reflect changes in the provisional purchase price allocation from business combination, for details see note 4.1 Basis of preparation.
STATEMENT OF COMPREHENSIVE INCOME
DKK million
Q1 2026
Q1 2025
Profit for the period
1
Actuarial gains/losses
Tax
Items that will not be reclassified subsequently to profit or loss
Foreign exchange adjustments of foreign entities
(480 )
Foreign exchange adjustments of net investments in foreign entities
(522 )
Deferred gains/(losses) on cash flow hedge, exchange rate
(221 )
Deferred gains/(losses) on cash flow hedge, interest rate
(11 )
Deferred gains/(losses) on cash flow hedge, price
(8 )
Exchange gains/(losses), hedging (transferred to revenue)
(100 )
Tax
Items that may be reclassified subsequently to profit or loss
(637 )
Other comprehensive income
(637 )
Comprehensive income
1
1
Comparatives were restated to reflect changes in the provisional purchase price allocation from business combination, for details see note 4.1 Basis of preparation.
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 31 MARCH 2026
Company announcement No 791/2026
Page 22
CONDENSED STATEMENT OF FINANCIAL POSITION
DKK million
31.03.2026
31.12.2025
Assets
Intangible assets
Property, plant and equipment
Right-of-use assets
Other financial assets
Other receivables
Deferred tax assets
Non-current assets
Inventories
Receivables
Cash and cash equivalents
Current assets
Assets
Equity and liabilities
Share capital
Foreign currency translation reserve
(281 )
(777 )
Hedging reserve
(168 )
Retained earnings
Equity
Retirement benefit obligations
Deferred tax liabilities
Provisions
Bank debt and bond debt
Lease liabilities
Other payables
Non-current liabilities
Retirement benefit obligations
Provisions
Trade payables
Lease liabilities
Income taxes payable
Other payables
Current liabilities
Liabilities
Equity and liabilities
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 31 MARCH 2026
Company announcement No 791/2026
Page 23
STATEMENT OF CHANGES IN EQUITY
DKK million
Share
capital
Foreign
currency
translation
reserve
Hedging
reserve
Retained
earnings
Total
equity
Equity at 1 January 2026
(777 )
Profit for the period
Other comprehensive income
(239 )
Comprehensive income
(239 )
Distributed dividends, gross
(1,145 )
(1,145 )
Dividends received, treasury shares
Buyback of treasury shares
(64 )
(64 )
Incentive programs
Tax on other transactions in equity
Other transactions
(1,192 )
(1,192 )
Equity at 31 March 2026
(281 )
(168 )
DKK million
Share
capital
Foreign
currency
translation
reserve
Hedging
reserve
Retained
earnings
Total
equity
Equity at 1 January 2025
(208 )
Profit for the period
1
Other comprehensive income
(888 )
(637 )
Comprehensive income
1
(888 )
Distribution of dividends, gross
(946 )
(946 )
Dividends received, treasury shares
Buyback of treasury shares
(20 )
(20 )
Incentive programs
Tax on other transactions in equity
(1 )
(1 )
Other transactions
(954 )
(954 )
Equity at 31 March 2025
1
1
Comparatives were restated to reflect changes in the provisional purchase price allocation from business combination, for details see note 4.1 Basis of preparation.
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 31 MARCH 2026
Company announcement No 791/2026
Page 24
CONDENSED STATEMENT OF CASH FLOWS
DKK million
Q1 2026
Q1 2025
Profit from operations (EBIT)
1
Adjustments for non-cash items
1
Change in working capital
(1,219 )
(894 )
Cash flows from operations before financial receipts and payments
Financial receipts and payments
(57 )
(47 )
Cash flows from operating activities before tax
Income taxes paid
(932 )
(626 )
Cash flows from operating activities
Purchase and sale of intangible assets and property, plant and equipment
(116 )
(111 )
Cash flows from investing activities
(116 )
(111 )
Cash flows from operating and investing activities
(free cash flow)
Repayment of bank loans and borrowings
(747 )
(1,492 )
Dividends paid in the financial year, net
(1,141 )
(943 )
Other financing activities
(87 )
(45 )
Cash flows from financing activities
(1,975 )
(2,480 )
Net cash flow for the period
(1,492 )
(1,959 )
Cash and cash equivalents at beginning of period
Unrealized exchange gains/losses on cash and bank balances
(8 )
Net cash flow for the period
(1,492 )
(1,959 )
Cash and cash equivalents at end of period
Interest-bearing debt, cash, cash equivalents and securities, net, is composed as
follows:
Cash and cash equivalents
Interest-bearing debt
(11,085 )
(15,341 )
Net cash/(net debt)
(9,129 )
(12,644 )
1
Comparatives were restated to reflect changes in the provisional purchase price allocation from business combination, for details see note 4.1 Basis of preparation.
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 31 MARCH 2026
Company announcement No 791/2026
Page 25
STATEMENT OF PROFIT OR LOSS – ADJUSTED EBITDA RECONCILIATION (Q1)
Q1 2026
Q1 2025
DKK million
Reported
Adjusted
Reported
Adjusted
Revenue
7,125
7,125
6,235
6,235
Cost of sales
1,301
927
1,084
689
Gross profit
5,824
6,198
5,151
5,546
Sales and distribution costs
1,779
1,735
1,872
1,851
Administrative expenses
355
348
359
317
Research and development costs
1
1,383
1,332
1,262
1,205
Other operating expenses, net
152
-
-
-
Profit from operations (EBIT)
1
2,155
-
1,658
-
Depreciation/amortization
1
476
-
486
-
EBITDA
2,631
2,783
2,144
2,173
EBITDA margin
36.9%
39.1%
34.4%
34.9%
Adjustments to EBITDA
Integration costs
-
-
-
-
Restructuring expenses
152
-
(2)
-
Impairment costs
-
-
-
-
Gains/losses on divestment of businesses
-
-
-
-
Acquisition expenses
-
-
-
-
Other adjustments
-
-
31
-
Adjusted EBITDA
2,783
2,783
2,173
2,173
Adjusted EBITDA margin
39.1%
39.1%
34.9%
34.9%
1
Comparatives were restated to reflect changes in the provisional purchase price allocation from business combination, for details see note 4.1 Basis of preparation.
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 31 MARCH 2026
Company announcement No 791/2026
Page 26
4 NOTES
4.1 BASIS OF PREPARATION
The interim condensed consolidated financial statements for the first three months ended 31 March 2026 have been prepared
in accordance with IAS 34 Interim Financial Reporting as adopted by the EU and additional Danish disclosure requirements for
interim financial reporting of listed companies. The interim condensed consolidated financial statements do not include all the
information and disclosures required in the annual financial statements and should be read in conjunction with the Group’s
annual consolidated financial statements at 31 December 2025, published 4 February 2026. The accounting policies,
judgements and significant estimates are consistent with those applied in the Annual Report 2025.
Further IAS 34 disclosure requirements for interim financial reporting are included in section 2, Business Performance. For
disclosures regarding revenue and segment information see section 2.1 Revenue by product and section 2.2 Revenue by
geographical area. For disclosures regarding a restructuring provision recognized in Q1 2026 see section 2.4 EBIT and adjusted
EBITDA and for disclosures regarding pending legal proceedings (contingent liabilities) see section 2.10 General corporate
matters.
On 2 December 2024, Lundbeck announced the successful acquisition of Longboard Pharmaceuticals, Inc. (’Longboard’).
Through this transaction, Lundbeck obtained control of Longboard by acquiring 100% of Longboard’s share capital. The
purchase price allocation was finalized at the end of 2025, and, consequently, the first quarter of 2025 comparative information
has been restated to reflect final fair value of the Longboard’s net assets at the acquisition date and the related amortization.
The restatement in the Condensed Statement of Profit or Loss reflects a DKK 40 million increase in ‘Research and development
costs’ related to know-how amortization as well as the tax effect of DKK 8 million, which reduced the ‘Tax on profit for the
period’. For further information see note 5.1 Business combination in the Annual Report 2025.
A number of new amendments came into effect from 1 January 2026. The Group did not have to change its accounting policies
or make retrospective adjustments as a result of adopting these amended standards.
4.2 FAIR VALUE MEASUREMENT
Financial assets and financial liabilities measured or disclosed at fair value
DKK million
31 March 2026
Level 1
Level 2
Level 3
Financial assets
Other financial assets
1
7
-
28
Derivatives
1
-
152
3
Total
7
152
31
Financial liabilities
Contingent consideration
1
-
-
404
Derivatives
1
-
362
3
Bank debt²
-
2,989
-
Bond debt²
7,292
-
-
Total
7,292
3,351
407
1
Measured at fair value
2
Disclosed at fair value
The fair value of listed securities is based on publicly quoted prices of the invested assets. The fair value of derivatives is
calculated by applying recognized measurement techniques, whereby assumptions are based on the market conditions
prevailing at the balance sheet date. The fair value of contingent consideration is calculated as the discounted cash outflows
(DCF method) from future milestone payments, taking probability of success into consideration. The fair value of other financial
assets is calculated through the financial performance of the market inputs (i.e. interest swap rates) and other market
conditions prevailing at the balance sheet date. The carrying amount of bank and bond debt is believed to be equal to or close
to fair value as the interest is variable for these instruments.
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 31 MARCH 2026
Company announcement No 791/2026
Page 27
4.3 ADJUSTED EBITDA
Adjusted EBITDA is the main performance indicator measuring ongoing operational profitability and is used internally and
externally. To permit a better understanding of the underlying operational performance, the operating result is adjusted to
exclude depreciation and amortization, impairment losses and reversals of impairment losses, as well as adjustments restricted
to the following categories: (i) Integration expenses, (ii) Restructuring expenses, (iii) Impairment costs, (iv) Gains/losses on
divestment of businesses, (v) Acquisition expenses, (vi) Other adjustments.
Adjusted EBITDA, adjusted gross profit, adjusted net profit and adjusted EPS are non-IFRS performance measures.
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 31 MARCH 2026
Company announcement No 791/2026
Page 28
Registered Executive Leadership Team
Board of Directors
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 31 MARCH 2026
Company announcement No 791/2026
Page 29
FINANCIAL CALENDAR 2026
19 August 2026: Financial statements for the first six months of 2026
11 November 2026: Financial statements for the first nine months of 2026
10 February 2027: Company announcement for the full year 2026
10 February 2027: Annual Report 2026
Lundbeck contacts
Investors:
Media:
Jens Høyer
Anders Crillesen
Vice President, Head of Investor Relations
Head of Media Relations, Corp. Communication
AECE@lundbeck.com
+45 30 83 45 01
+45 27 79 12 86
Christian Raadmand Jensen
Senior Director, Investor Relations
+45 30 83 37 04
About H. Lundbeck A/S
Lundbeck is a biopharmaceutical company focusing exclusively on brain health. With more than 70 years of experience in
neuroscience, we are committed to improving the lives of people with neurological and psychiatric diseases.
Brain disorders affect a large part of the world’s population, and the effects are felt throughout society. With the rapidly
improving understanding of the biology of the brain, we hold ourselves accountable for advancing brain health by curiously
exploring new opportunities for treatments.
As a focused innovator, we strive for our research and development programs to tackle some of the most complex neurological
challenges. We develop transformative medicines targeting people for whom there are few or no treatments available,
expanding into neuro-specialty and neuro-rare from our strong legacy within psychiatry and neurology.
We are committed to fighting stigma and we act to improve health equity. We strive to create long-term value for our
shareholders by making a positive contribution to patients, their families and society as a whole.
Lundbeck has more than 5,000 employees in more than 20 countries and our products are available in more than 80 countries.
For additional information, we encourage you to visit our corporate site www.lundbeck.com and connect with us via LinkedIn.
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 31 MARCH 2026
Company announcement No 791/2026
Page 30
Safe Harbor/Forward-Looking Statements
This company announcement 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, forecast, indicate or imply future results,
performance or achievements, and may contain words like "believe", "anticipate", "expect", "estimate", "intend",
"plan", "project", "will be", "will continue", "will result", "could", "may", "might", or any variations of such words or
other words with similar meanings. All statements other than statements of historical facts included in this
document, including, without limitation, those regarding our financial position, business strategy, plans and
objectives of management for future operations (including development plans and objectives relating to our
products), are forward-looking statements.
Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause
our actual results, performance or achievements to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements. Factors that may affect future results
include, among others, interest rate and currency exchange rate fluctuations, delay or failure of development
projects, production or distribution problems, unexpected contract breaches or terminations, government-mandated
or market-driven price decreases for Lundbeck's products, introduction of competing products, Lundbeck's ability to
successfully market both new and existing products, exposure to product liability and other lawsuits, changes in
reimbursement rules and governmental laws and related interpretation thereof, and unexpected growth in costs and
expenses.
The forward-looking statements in this document and oral presentations made on behalf of Lundbeck speak only as
at the date of this document. Lundbeck does not undertake any obligation to update or revise forward-looking
statements in this document or oral presentations made on behalf of Lundbeck, nor to confirm such statements to
reflect subsequent events or circumstances after the date of the presentation or in relation to actual results, unless
otherwise required by applicable law or applicable stock exchange regulations.