XCSE:HLUN-A ESEF Annual Report
H. LUNDBECK A/S (XCSE:HLUN-A)
ESEF Annual Report
2025-08-21
For: 2025-06-30
View Original
Added on
September 22, 2026
CORPORATE RELEASE
13 AUGUST 2025
Corporate Release No 775/2025
Phone: +45 3630 1311
CVR-no.: 5675991 3
Page 1
Financial report for the period 1 January to 30 June 2025
Guidance raised based on solid H1 results and continued
strong expectations for the full year 2025
Key highlights
Lundbeck’s total revenue grew by +14% CER
1
(+14% DKK) to DKK 12,258 million in the first six months of 2025. Growth
in the U.S. and Europe was the driver of this strong performance.
• United States: DKK 6,524 million (+22% CER; +23% DKK)
• Europe: DKK 2,868 million (+14% CER; +14% DKK)
• International Operations: DKK 2,724 million (+0% CER; -3% DKK)
The revenue of Lundbeck’s strategic brands increased by +21% CER (+21% DKK), reaching DKK 9,436 million,
representing 77% of total revenue
• Rexulti
®
: DKK 3,039 million (+28% CER; +28% DKK)
• Brintellix
®
/Trintellix
®
: DKK 2,390 million (+3% CER; +2% DKK)
• Vyepti
®
: DKK 2,105 million (+56% CER; +57% DKK)
• Abilify LAI franchise
2
: DKK 1,902 million (+10% CER; +10% DKK)
Adjusted EBITDA
3
reached DKK 4,221 million, growing +24% CER (+25% DKK), driven by continuous strong momentum
across strategic brands fueled by the strong performance of Vyepti
®
and Rexulti
®
as well as part of the successful
execution of the Focused Innovator Strategy reinforcing Lundbeck’s market leadership across key therapeutic areas.
Adjusted EBITDA margin (DKK) reached 34.4% equivalent to an increase of 3.1 percentage points, driven by the strong
performance of strategic brands and supported by disciplined resource allocation and capital reallocation in line with
our Focused Innovator strategy. These measures more than offset increased R&D investments. EBITDA increased to
DKK 4,150 million (+28% CER; +29% DKK).
Financial guidance 2025 raised
On 13 August 2025, Lundbeck announced an increase in its full-year revenue and adjusted EBITDA guidance at CER.
Revenue is now expected to grow by 11% to 13% at CER, up from the previous forecast of 8% to 11%, compared to the
prior year’s revenue excluding hedging effects. Adjusted EBITDA growth is now projected at 16% to 21% at CER,
previously 8% to 14%, also excluding hedging effects. Further details can be found in section 2.8 Outlook.
Lundbeck’s President and CEO, Charl van Zyl said:
"I am pleased to present an impressive performance for the first half of 2025 with strong outlook for remainder of the
year, forming the basis for our raised financial guidance and reflecting the continued momentum of our Focused
Innovator strategy. Supported by our successful capital reallocation program, this sustained growth is driven by our
strategic brands. Both Vyepti
®
and Rexulti
®
continue to gain market share in the U.S., with Vyepti
®
being the fastest-
growing anti-CGRP therapy.”
Key figures
1
Change at CER (Constant Exchange Rates) does not include effects from hedging.
2
Abilify long-acting injectable (LAI) franchise comprises following products: Abilify Maintena®, Abilify Maintena® 960 mg and Abilify Asimtufii®
3
EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization, including impairment losses. Adjusted EBITDA is defined as EBITDA adjusted by certain items,
for details see note 4.3 Adjusted EBITDA.
DKK million
H1 2025
H1 2024
Change
(CER)
1
Change
(DKK)
Q2 2025
Q2 2024
Change
(CER)
1
Change
(DKK)
Revenue
12,258
10,741
14%
14%
6,023
5,453
12%
10%
EBITDA
4,150
3,217
28%
29%
2,006
1,471
34%
36%
Adjusted EBITDA
4,221
3,365
24%
25%
2,048
1,619
25%
26%
EPS (DKK)
2.14
1.79
20%
0.97
0.78
24%
Adjusted EPS (DKK)
2.88
2.64
9%
1.35
1.26
7%
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 JUNE 2025
Corporate Release No 775/2025
Page 2
Recent events
On 13 August 2025, Lundbeck communicated that the full-year revenue and adjusted EBITDA outlook at CER have been
raised.
On 18 July 2025, the U.S. Food and Drug Administration’s (FDA) Psychopharmacologic Drugs Advisory Committee
voted 1–10 against the efficacy of brexpiprazole with sertraline for PTSD, concluding that its effectiveness has not been
established. This outcome, based on the evidence presented, will be considered by the FDA as it continues its review
of the application.
On 24 June 2025, Lundbeck announced that orphan drug designation has been granted to Lu AG13909 by the FDA on
12 May 2025 and the European Medicines Agency (EMA) on 20 June 2025. Lu AG13909 is a novel, humanized
monoclonal antibody, under investigation for the treatment of patients with Congenital Adrenal Hyperplasia (CAH), a
rare genetic disease.
On 21 June 2025, Lundbeck shared results from the phase IV RESOLUTION trial at the European Academy of Neurology
Congress. The placebo-controlled trial assessed eptinezumab in chronic migraine patients with medication-overuse
headache, alongside standardized education. Eptinezumab met all primary and secondary endpoints, significantly
reducing monthly migraine days from Weeks 1 to 4 compared to placebo.
On 21 June 2025, Lundbeck announced full results from the SUNRISE trial at the European Academy of Neurology
Congress. This placebo-controlled study evaluated eptinezumab in a predominantly Asian chronic migraine
population. The trial met all primary and secondary endpoints, with eptinezumab reducing migraine frequency, severe
pain episodes, and overall disease burden more effectively than placebo.
On 22 May 2025, Lundbeck announced it has successfully placed an aggregate principal amount of EUR 500 million
senior unsecured notes with a tenor of four years maturing 2 June 2029 under its EUR 2 billion Euro Medium Term Note
Programme.
Conference call
Tomorrow at 11.00 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 30 JUNE 2025
Corporate Release No 775/2025
Page 3
Strategy update – Focused Innovator
Lundbeck progresses well on the Focused Innovator Strategy laid out in the beginning of 2024.
Sustained growth from Strategic Brands
Lundbeck continues to demonstrate tangible progress on its Focused Innovator strategy, with strategic brands
delivering revenue growth of +21% CER in the first six months of 2025. This marks the fourth consecutive quarter of
strategic brands growth exceeding 20%, highlighting the sustained growth behind Lundbeck’s commercial execution
and transformation strategy. These brands now account for 77% of total revenue, underscoring their central role in the
company’s long-term trajectory and the successful reallocation of capital towards strengthening strategic brands.
Growth was led by Vyepti
®
(+56% CER) and Rexulti
®
(+28% CER), with significant demand expansion across both
established and recently launched indications. In the U.S., Vyepti
®
maintained momentum as the fastest-growing
injectable anti-CGRP therapy, while Rexulti
®
continued to gain share in both the Major Depressive Disorder (MDD)
segment and the agitation associated with dementia due to Alzheimer’s disease (AADAD) segment. These trends
reflect both underlying patient needs and the strategic execution supporting new patient starts, market access and
persistency. The performance of Brintellix
®
and the Abilify LAI franchise further strengthens the foundation for durable
mid-term growth.
Pipeline Advancing Toward Late-Stage Inflection
The significant pipeline progress in the first six months of 2025 reflects the continued evolution of Lundbeck’s
differentiated neuroscience portfolio, including an increased focus on assets targeting neuro-rare and neuro-specialty
conditions. Research and development investments increased by +22% CER, supporting advancement of four assets
into late-stage, including amlenetug (anti-a-synuclein) and bexicaserin, both now progressing through phase III trials.
In the second quarter of 2025, Lu AG13909 (anti-ACTH) received orphan drug designation in both the U.S. and EU for
the treatment of congenital adrenal hyperplasia, further validating the company's entry into targeted neuro-hormonal
disorders. Results from the SUNRISE and RESOLUTION studies reinforced the clinical strength of Vyepti
®
in migraine,
particularly in high-burden and Asian populations. Additionally, Lu AG09222 (anti-PACAP) and Lu AG13909 (anti-ACTH)
are progressing in line with expectations, positioning the pipeline to deliver a new generation of therapies with first-in-
class or best-in-class potential.
Capital Efficiency Powering Innovation
Strong commercial execution, continued margin expansion, and disciplined capital deployment in line with the
Focused Innovator strategy priorities enabled Lundbeck to deliver adjusted EBITDA growth of +24% CER in the first six
months of 2025, despite significantly higher R&D investments. Reallocation of commercial resources and cost
discipline through a global cost reallocation program, supported reinvestment into innovation without compromising
profitability. The integration of Longboard is proceeding according to plan, and financing actions taken in the second
quarter of 2025, including the successful issuance of a EUR 500 million bond, are supporting balance sheet flexibility
and mid-term margin resilience.
Scaling for the Next Phase of Growth
Lundbeck is progressing with the transformation of its operating model to support long-term scalability across
geographies and platforms. The commercial model in the U.S. is increasingly differentiated through a patient-centric
and data-driven approach, driving deeper engagement, faster uptake, and stronger persistency for Vyepti
®
and Rexulti
®
.
In Europe and International Operations, targeted investments in priority markets continue to unlock potential – with
Vyepti
®
now launched in 30 countries and delivering triple-digit growth in several major EU markets. Meanwhile,
Lundbeck continues to enable reinvestments into pipeline and launch readiness activities through focused capital
reallocation. Lundbeck’s long-term ambition remains clear: to become an industry-leading neuroscience company
that delivers differentiated medicines with lasting impact. With strong operational execution, increasing late-stage
pipeline visibility, and clear financial discipline, Lundbeck is structurally and strategically positioned to drive growth
well into the next decade.
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 JUNE 2025
Corporate Release No 775/2025
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 ................................................................................................................................ 9
2.4 EBIT and adjusted EBITDA ......................................................................................................... 10
2.5 Net profit and adjusted EPS ...................................................................................................... 11
2.6 Cash flow and balance sheet .................................................................................................... 12
2.7 Summary of key developments in the second quarter of 2025 ..................................................... 13
2.8 Outlook ................................................................................................................................... 14
2.9 Lundbeck’s development portfolio ............................................................................................ 17
2.10 Sustainability update .............................................................................................................. 18
2.11 General corporate matters ...................................................................................................... 20
3 Condensed financial statements ............................................................................................... 23
4 Notes ....................................................................................................................................... 28
Financial calendar 2025 ............................................................................................................... 29
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 JUNE 2025
Corporate Release No 775/2025
Page 5
1 FINANCIAL HIGHLIGHTS
For the six months ended 30 June
DKK million
H1 2025
H1 2024
Change
(CER)
1
Change
(DKK)
Revenue
12,258
10,741
14%
14%
Gross profit
10,083
8,676
16%
16%
Gross margin
82.3%
80.8%
Adjusted gross profit
2
10,861
9,515
14%
14%
Adjusted gross margin
88.6%
88.6%
Sales and distribution costs
3,818
3,794
1%
1%
S&D ratio
31.1%
35.3%
Administrative expenses
713
738
(4%)
(3%)
Administrative expenses ratio
5.8%
6.9%
Research and development costs
2,283
1,862
22%
23%
R&D ratio
18.6%
17.3%
EBIT (profit from operations)
3,269
2,282
42%
43%
EBIT margin
26.7%
21.2%
EBITDA
3
4,150
3,217
28%
29%
EBITDA margin
33.9%
30.0%
Adjusted EBITDA
4
4,221
3,365
24%
25%
Adjusted EBITDA margin
34.4%
31.3%
Net financials, (income)/expenses
554
(25)
-
(2,316%)
Profit before tax
2,715
2,307
-
18%
Income taxes
597
531
-
12%
Effective tax rate (reported)
22.0%
23.0%
Net profit
2,118
1,776
-
19%
Adjusted net profit
5
2,860
2,621
-
9%
Other key numbers
Assets
51,803
39,087
-
33%
Equity
24,190
23,222
-
4%
Cash flows from operating and investing activities
(free cash flow)
2,023
1,933
-
5%
Net cash flow for the period
(1,982)
1,149
-
(272%)
Return on invested capital – rolling four quarters
12.5%
11.8%
Net debt/EBITDA – rolling four quarters
1.8
(0.3)
-
(700%)
Number of shares for the calculation of EPS (million)
992.0
991.7
-
0%
Earnings per share, basic (EPS) (DKK)
2.14
1.79
-
20%
Adjusted earnings per share, basic (DKK)
2.88
2.64
-
9%
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
EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization, including impairment losses.
4
Adjusted EBITDA is defined as EBITDA adjusted by certain items, for details see note 4.3 Adjusted EBITDA.
5
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 30 JUNE 2025
Corporate Release No 775/2025
Page 6
2 BUSINESS PERFORMANCE
2.1 REVENUE BY PRODUCT
Revenue reached DKK 12,258 million representing
growth of +14% CER (+14% DKK). The strong
performance in strategic brands is driven by the U.S.
and Europe, growing, respectively, +26% CER (+27%
DKK) and +19% CER (+19% DKK). Approximately 78%
of the strategic brands growth can be attributed to the
strong performance of Vyepti
®
and Rexulti
®
in the U.S.
in the first six months of 2025. Vyepti
®
and Rexulti
®
sales in the U.S. grew, +54% CER (+55% DKK) and
+27% CER (+28% DKK), respectively. The largest
markets for the strategic brands are the U.S., Spain,
Canada, Italy and France.
DKK million
H1 2025
H1 2024
Growth
(CER)
Growth
(DKK)
Q2 2025
Q2 2024
Growth
(CER)
Growth
(DKK)
Rexulti
®
3,039
2,381
28%
28%
1,548
1,266
27%
22%
Brintellix
®
/Trintellix
®
2,390
2,351
3%
2%
1,136
1,183
(1%)
(4%)
Vyepti
®
2,105
1,342
56%
57%
1,063
725
51%
47%
Abilify LAI franchise
1,902
1,725
10%
10%
888
866
5%
3%
Strategic brands
9,436
7,799
21%
21%
4,635
4,040
18%
15%
Cipralex
®
/Lexapro
®
1,090
1,116
0%
(2%)
468
498
(2%)
(6%)
Other pharmaceuticals
1,590
1,704
(6%)
(7%)
757
854
(9%)
(11%)
Mature brands
2,680
2,820
(4%)
(5%)
1,225
1,352
(6%)
(9%)
Other revenue
123
157
(22%)
(22%)
73
87
(17%)
(16%)
Total revenue before hedging
12,239
10,776
14%
14%
5,933
5,479
12%
8%
Effects from hedging
19
(35)
90
(26)
Total revenue
12,258
10,741
14%
14%
6,023
5,453
12%
10%
Strategic brands
Rexulti
®
(brexpiprazole) revenue reached DKK 3,039
million representing growth of +28% CER (+28% DKK).
In the U.S., revenue benefitted from continued strong
demand growth
1
in both agitation associated with
dementia due to Alzheimer’s disease (AADAD) and
major depressive disorder (MDD). Total prescriptions
(TRx) grew +23.3% during the first six months of 2025
compared to the same period last year. Rexulti
®
achieved an all-time high market share of 2.68% in
June, contributing to +21.8% growth in overall demand
volume in the second quarter. In AADAD, Rexulti
®
reached 3.99% market share in May 2025 within the
Alzheimer segment and accounted for 22.1% of total
U.S. Rexulti
®
prescriptions, up from 17.3% same period
last year. In Europe, the growth was primarily driven by
the higher demand in Spain and Italy. In International
Operations, revenue growth was primarily driven by
continued demand growth in Canada (+16%), gaining
share on the back of nationwide reimbursement, and
Brazil (+22%). The revenue distribution by region was
92%, 2% and 6% in the U.S., Europe and International
1
Demand in the U.S. is based on prescription level data, thereby constituting patient demand. Demand in Europe and International Operations is based on volume sell-in to
pharmacies and thereby considered a proxy for patient demand.
Operations, respectively. The largest markets are the
U.S., Brazil, Canada, Australia and Mexico.
Brintellix
®
/Trintellix
®
(vortioxetine) revenue reached
DKK 2,390 million representing a growth of +3% CER
(+2% DKK), with strong performance in Europe, mainly
driven by demand growth in Spain (+19%), Italy (+11%)
and France (+9%). In the U.S., the revenue decline of
-6% CER (-6% DKK) for the first six months of 2025
reflects the expected impact of transferring U.S. sales
operations to Takeda, effective 1 January 2025. In
International Operations, Japan maintained 12%
market share in the second quarter of 2025. The
revenue distribution by region was 28%, 41% and 31%
in the U.S., Europe and International Operations,
respectively. The largest markets for this product are
the U.S., Spain, Canada, Italy and Japan.
Vyepti
®
(eptinezumab) delivered strong growth in the
first six months of 2025, with revenue reaching DKK
2,105 million, an increase of +56% CER (+57% DKK).
Vyepti
®
continued to maintain its strong momentum
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 JUNE 2025
Corporate Release No 775/2025
Page 7
across all regions. In the U.S., Vyepti
®
solidified its
position as the fastest-growing injectable anti-CGRP
therapy delivering +47% growth in demand volume and
achieving a weekly market share of 10.44% during the
week of 27 June 2025. Growth was supported by high
patient conversion rates (62.4%) and persistency (62%
of patients remaining on therapy after 12 months) in
the Vyepti Infusion Network, reflecting improved
patient access and stronger treatment engagement.
With the recent strong performance, Lundbeck now
expects peak sales greater than 1.1 billion USD in the
U.S. In Europe and International Operations, strong
revenue growth was maintained across key markets
such as France (+80%), Spain (+85%), Germany
(+84%), Canada (+37%) and Italy (+274%), with market
shares reaching 70% in France (+15p.p.), 16% in Italy
(+9p.p.) and 11% in Spain (+2p.p.). The revenue
distribution by region was 87%, 9% and 4% in the U.S.,
Europe and International Operations, respectively. The
largest markets are the U.S., France, Canada, U.A.E.
and Spain.
Abilify LAI franchise revenue reached DKK 1,902
million and grew +10% CER (+10% DKK). The franchise
delivered solid growth in the first six months of 2025.
Growth in the U.S. decelerated in the second quarter
of 2025, primarily due to inventory movements
between quarters. The overall Abilify LAI Franchise
market share in the U.S. grew 1.1pp from May 2024 to
May 2025 primarily driven by encouraging uptake in
TRx demand for Abilify Asimtufii
®
(+57.4%), which grew
market share by +1.1p.p. to reach 3.7% as Lundbeck
continues to increase its source of patients from oral
aripiprazole, other oral antipsychotics, LAIs other than
Abilify Maintena
®
and naïve patients. Abilify Maintena
®
was supported by modest market growth and a stable
market share of around 20%. The Abilify LAI franchise
grew in Europe, driven by strong demand growth of
Abilify Maintena
®
960mg in Spain, France and
Germany. International Operations reported strong
demand growth of Abilify Maintena
®
in Canada (+10%)
and Australia (+7%). The revenue distribution by region
was 37%, 47% and 16% in the U.S., Europe and
International Operations, respectively. The largest
markets are the U.S., Spain, Canada, Italy and
Australia.
Mature brands
Cipralex
®
/Lexapro
®
(escitalopram) revenue reached
DKK 1,090 million and remained unchanged at CER
(-2% DKK). This performance is mainly impacted by the
continued generic erosion, particularly in Japan,
Canada and Italy, partially offset by increased
government demand in Saudi Arabia and price
increases in Argentina due to inflation. The revenue
distribution by region was 70% and 30% in
International Operations and Europe, respectively. The
largest markets are China, Saudi Arabia, Brazil and
South Korea.
Revenue from Other pharmaceuticals, which
comprises the remainder of Lundbeck’s products,
reached DKK 1,590 million representing a decline of
-6% CER (-7% DKK), mainly due to the expected lower
sales of mature products such as Northera
®
,
Xenazine
®
and Deanxit
®
. This is offset by the strong performance
of Sabril
®
in the U.S. The largest markets for Other
pharmaceuticals are the U.S., China, France, South
Korea and the UK.
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 JUNE 2025
Corporate Release No 775/2025
Page 8
2.2 REVENUE BY GEOGRAPHICAL AREA
DKK million
H1 2025
H1 2024
Growth
(CER)
Growth
(DKK)
Q2 2025
Q2 2024
Growth
(CER)
Growth
(DKK)
United States
Rexulti
®
2,806
2,189
27%
28%
1,431
1,171
26%
22%
Vyepti
®
1,834
1,180
54%
55%
918
636
50%
44%
Abilify LAI franchise
700
641
8%
9%
327
340
0%
(4%)
Trintellix
®
682
727
(6%)
(6%)
329
369
(5%)
(11%)
Strategic brands
6,022
4,737
26%
27%
3,005
2,516
24%
19%
Mature brands
502
570
(13%)
(12%)
235
293
(17%)
(20%)
Revenue – United States
6,524
5,307
22%
23%
3,240
2,809
20%
15%
Europe
Brintellix
®
976
847
15%
15%
484
424
14%
14%
Abilify LAI franchise
885
780
13%
13%
421
380
11%
11%
Vyepti
®
183
103
78%
78%
95
58
64%
64%
Rexulti
®
58
35
66%
66%
30
17
76%
76%
Strategic brands
2,102
1,765
19%
19%
1,030
879
17%
17%
Mature brands
766
752
3%
2%
394
390
2%
1%
Revenue – Europe
2,868
2,517
14%
14%
1,424
1,269
12%
12%
International Operations
Brintellix
®
/Trintellix
®
732
777
(2%)
(6%)
323
390
(12%)
(17%)
Abilify LAI franchise
317
304
8%
4%
140
146
1%
(4%)
Rexulti
®
175
157
22%
11%
87
78
23%
12%
Vyepti
®
88
59
51%
49%
50
31
68%
61%
Strategic brands
1,312
1,297
5%
1%
600
645
(1%)
(7%)
Mature brands
1,412
1,498
(4%)
(6%)
596
669
(6%)
(11%)
Revenue – International
Operations
2,724
2,795
0%
(3%)
1,196
1,314
(4%)
(9%)
Other revenue
123
157
(22%)
(22%)
73
87
(17%)
(16%)
Total revenue before hedging
12,239
10,776
14%
14%
5,933
5,479
12%
8%
Effects from hedging
19
(35)
90
(26)
Total revenue
12,258
10,741
14%
14%
6,023
5,453
12%
10%
Lundbeck’s largest markets are the U.S., China, Spain,
Canada and Italy constituting 70% of the total revenue.
United States revenue reached DKK 6,524 million
representing growth of +22% CER (+23% DKK). The
strategic brands reached DKK 6,022 million, increasing
+26% CER (+27% DKK) and representing 92% of the
revenue in this market. Vyepti
®
was the primary growth
contributor, driven by a +47% increase in TRx demand.
Growth was supported by high patient conversion
rates (62.4%) and persistency (62%) within the Vyepti
Infusion Network. With the recent strong performance,
Lundbeck now expects peak sales greater than 1.1
billion USD in the U.S. Rexulti
®
delivered strong
revenue growth of +27% CER (+28% DKK), supported
by demand growth in both AADAD and MDD
indications, where market share increased across all
patient segments. TRx growth reached +23.3% for H1
2025, with AADAD accounting for 22.1% of total
prescriptions, up from 17.3% in the same period last
year. The Abilify LAI franchise growth was primarily
supported by Abilify Asimtufii
®
, which rose +57%. In the
second quarter of 2025, growth in Abilify Maintena
®
normalized as it was impacted by inventory
normalization from a high point at the end of the first
quarter of 2025, although the demand growth is stable
and unchanged. Trintellix
®
reflects the effect of the
Takeda transition, effective 1 January 2025, with
continued and further erosion expected ahead. Mature
brands declined overall, with continued erosion for
Northera
®
, Onfi
®
and Xenazine
®
.
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 JUNE 2025
Corporate Release No 775/2025
Page 9
Europe revenue reached DKK 2,868 million
representing a growth of +14% CER (+14% DKK). The
strategic brands reached DKK 2,102 million, increasing
+19% CER (+19% DKK) and representing 73% of
revenue in this market. The growth was driven by
continued strong demand for Brintellix
®
and Vyepti
®
, as
well as the rollout of Abilify Maintena
®
960mg across
key markets over the past year. Growth was
particularly strong in Spain, Germany and France,
where strong demand continued into the second
quarter. Vyepti
®
in Europe had the highest regional
growth of +78% CER and nearly doubled year-on-year,
supported by broad launch uptake and strong
performance in France and Spain in particular.
Brintellix
®
grew +15% CER driven by Spain, Italy and
France. The largest markets in Europe are Spain, Italy,
France and the UK.
International Operations comprises all Lundbeck’s
markets outside the U.S. and Europe. Revenue
reached DKK 2,724 million and remained unchanged
at CER (-3% DKK). The strategic brands reached DKK
1,312 million, increasing by +5% CER (+1% DKK) and
representing 48% of revenue in this market. Despite
continued growth in strategic brands such as Rexulti
®
and Vyepti
®
, supported by underlying demand, total
revenue declined in International Markets. The decline
was primarily driven by Brintellix
®
erosion, reflecting
the significant impact of value-based procurement
(VBP) in China as well as increased generic
competition in Brazil. Furthermore, during the second
quarter of 2025, pre-generic stock reductions at
wholesale level impacted Canada and fully offset the
notable growth in the first quarter of 2025. In addition,
mature brands continued to erode, including Deanxit
®
and Azilect
®
(post-VBP) in China as well as Cipralex
®
in
both Canada and Japan. The biggest markets are
China, Canada, Brazil, Australia and South Korea.
China and Canada constitute approximately 42% of
the regional revenue.
Effects from hedging
Lundbeck hedges a significant part of the revenue
currency risk for a period of 12-18 months. Hedging
had a positive impact of DKK 19 million on revenue in
the first six months of 2025, compared to a negative
impact of DKK 35 million in the same period last year.
2.3 GROSS PROFIT
DKK million
H1
2025
H1
2024
Change
(CER)
Change
(DKK)
Q2
2025
Q2
2024
Change
(CER)
Change
(DKK)
Revenue
12,258
10,741
14%
14%
6,023
5,453
12%
10%
Cost of sales
2,175
2,065
6%
5%
1,091
1,056
5%
3%
thereof adjustments
-
(2)
-
-
-
(2)
-
-
thereof amortization of product rights
659
731
(10%)
(10%)
324
363
(9%)
(11%)
thereof other depreciation/amortization
119
110
7%
8%
59
57
4%
4%
Gross profit
10,083
8,676
16%
16%
4,932
4,397
13%
12%
Gross margin (%)
82.3%
80.8%
81.9%
80.6%
Adjusted gross profit
10,861
9,515
14%
14%
5,315
4,815
12%
10%
Adjusted gross margin (%)
88.6%
88.6%
88.2%
88.3%
Cost of sales reached DKK 2,175 million, increasing
by +6% CER (+5% DKK), driven by increased sales,
partially offset by lower amortization costs due to fully
amortized product rights.
Gross profit reached DKK 10,083 million, increasing
by +16% CER (+16% DKK). The gross margin was
82.3% representing an increase of 1.5 percentage
points. Gross margin was mainly impacted by a
combination of higher revenue and lower amortization
costs, partly offset by unfavorable product mix and
higher personnel 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 88.6% and was in line with the same
period last year.
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 JUNE 2025
Corporate Release No 775/2025
Page 10
2.4 EBIT AND ADJUSTED EBITDA
DKK million
H1 2025
H1 2024
Change
(CER)
Change
(DKK)
Q2 2025
Q2 2024
Change
(CER)
Change
(DKK)
Revenue
12,258
10,741
14%
14%
6,023
5,453
12%
10%
Gross profit
10,083
8,676
16%
16%
4,932
4,397
13%
12%
thereof adjustments
-
(2)
-
-
-
(2)
-
-
thereof depreciation/amortization
778
841
(8%)
(7%)
383
420
(8%)
(9%)
Sales and distribution costs
3,818
3,794
1%
1%
1,946
2,005
0%
(3%)
thereof adjustments
35
-
-
-
37
-
-
-
thereof depreciation/amortization
45
44
2%
2%
22
22
5%
0%
S&D ratio
31.1%
35.3%
32.3%
36.8%
Administrative expenses
713
738
(4%)
(3%)
354
479
(25%)
(26%)
thereof adjustments
41
150
(73%)
(73%)
5
150
(97%)
(97%)
thereof depreciation/amortization
13
10
20%
30%
7
5
0%
40%
Administrative expenses ratio
5.8%
6.9%
5.9%
8.8%
Research and development costs
2,283
1,862
22%
23%
1,061
909
18%
17%
thereof adjustments
(5)
-
-
-
-
-
-
-
thereof depreciation/amortization
45
40
13%
13%
23
20
20%
15%
R&D ratio
18.6%
17.3%
17.6%
16.7%
Total operating expenses
6,814
6,394
7%
7%
3,361
3,393
1%
(1%)
OPEX ratio
55.6%
59.5%
55.8%
62.2%
EBIT (profit from operations)
3,269
2,282
42%
43%
1,571
1,004
52%
56%
Depreciation and amortization
881
935
(6%)
(6%)
435
467
(6%)
(7%)
Depreciation
191
181
6%
6%
96
92
5%
4%
Amortization
690
754
(9%)
(8%)
339
375
(8%)
(10%)
EBITDA
4,150
3,217
28%
29%
2,006
1,471
34%
36%
EBITDA margin (%)
33.9%
30.0%
33.3%
27.0%
Restructuring expenses
35
(2)
(1,850%)
(1,850%)
37
(2)
(1,950%)
(1,950%)
Other adjustments
36
150
(76%)
(76%)
5
150
(97%)
(97%)
Adjusted EBITDA
4,221
3,365
24%
25%
2,048
1,619
25%
26%
Adjusted EBITDA margin (%)
34.4%
31.3%
34.0%
29.7%
Total operating expenses (OPEX) reached DKK 6,814
million, corresponding to an increase of +7% CER (+7%
DKK). The OPEX ratio declined by 3.9 percentage
points to 55.6%. The development reflects the strong
revenue growth and lower S&D ratio, offset by the
increased investments in R&D pipeline.
Sales and distribution costs reached DKK 3,818
million, corresponding to an increase of +1% CER (+1%
DKK). The S&D ratio decreased by 4.2 percentage
points to 31.1%, primarily reflecting leverage from the
strong revenue growth and improved cost efficiency.
As Lundbeck has limited variable sales and
distribution costs, significant revenue growth
translates into meaningful ratio improvement.
Additionally, the decrease in S&D ratio reflects the
redeployment of resources following the Trintellix
®
transition in the U.S., alongside disciplined resource
allocation and capital reallocation in line with our
Focused Innovator strategy. These savings have
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 713 million,
decreasing by -4% CER (-3% DKK). The administrative
expense ratio reached 5.8%, representing a decrease
of 1.1 percentage points. Adjusting for non-recurring
item in the prior-year period, underlying costs rose by
around DKK 90 million, mainly due to inflation and
continued investment in organizational development
and Longboard acquisition.
Research and development costs reached DKK
2,283 million, with an R&D ratio of 18.6%, increasing
+22% CER (+23% DKK). The increase was primarily
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 JUNE 2025
Corporate Release No 775/2025
Page 11
driven by investments in bexicaserin and amlenetug
(anti-a-synuclein), along with continued progress in
anti-ACTH and anti-PACAP during the first six months
of 2025.
EBIT reached DKK 3,269 million, increasing by +42%
CER (+43% DKK) reflecting a combination of improved
gross profit development and lower S&D and Admin
ratio, offset by increased R&D costs due to the
continued pipeline progression.
Total amortization and depreciation reached DKK
881 million, representing a decrease of -6% CER (-6%
DKK), mainly driven by fully amortized product rights of
one product since February 2024. Amortization of
product rights amounted to DKK 659 million,
corresponding to a decrease of -10% CER (-10% DKK).
Amortization of other intangible assets corresponds to
DKK 31 million in the first six months of 2025.
Depreciation amounted to DKK 191 million,
corresponding to an increase of +6% CER (+6% DKK).
Adjusted EBITDA reached DKK 4,221 million
representing an increase of +24% CER (+25% DKK)
reflecting the strong revenue growth driven by
significant performance of strategic brands, despite
continued investments in building the R&D pipeline.
The adjusted EBITDA margin was 34.4%, representing
an increase of 3.1 percentage points.
2.5 NET PROFIT AND ADJUSTED EPS
DKK million
H1 2025
H1 2024
Change
(DKK)
Q2 2025
Q2 2024
Change
(DKK)
EBIT (profit from operations)
3,269
2,282
43%
1,571
1,004
56%
Net financials, (income)/expenses
554
(25)
(2,316%)
333
4
8,225%
Profit before tax
2,715
2,307
18%
1,238
1,000
24%
Net profit
2,118
1,776
19%
966
770
25%
thereof other adjustments
71
148
(52%)
42
148
(72%)
thereof depreciation/amortization
881
935
(6%)
435
467
(7%)
thereof tax on adjustments
210
238
(12%)
105
135
(22%)
EPS (DKK)
2.14
1.79
20%
0.97
0.78
24%
Adjusted net profit
2,860
2,621
9%
1,338
1,250
7%
Adjusted EPS (DKK)
2.88
2.64
9%
1.35
1.26
7%
Net financial (income)/expenses changed from a net
income of DKK 25 million to a net expense of DKK 554
million primarily driven by the higher interest costs due
to new debt obtained in connection with the
acquisition of Longboard as well as unfavorable net
currency effects of DKK 358 million mainly due to the
depreciation of USD leading to the negative impact
through currency revaluation.
The effective tax rate for the first six months of 2025
was 22.0% (23.0% for the first six months of 2024). The
tax rate is in line with the full-year expectation.
Net profit reached DKK 2,118 million, corresponding
to a growth of 19%.
Adjusted net profit and EPS
Adjusted net profit is the net profit excluding
depreciation and amortization and other adjustments,
net of taxes. Adjusted net profit reached DKK 2,860
million, increasing +9%. The main difference from
reported EBIT to adjusted net profit is the net financials
development, where the primary impact is from the
unfavorable currency revaluation.
Adjusted EPS was DKK 2.88, corresponding to an
increase of +9%, in line with the adjusted net profit.
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 JUNE 2025
Corporate Release No 775/2025
Page 12
2.6 CASH FLOW AND BALANCE SHEET
DKK million
H1 2025
H1 2024
Q2 2025
Q2 2024
Profit from operations (EBIT)
3,269
2,282
1,571
1,004
Cash flows from operating activities
2,261
2,178
1,629
1,217
Cash flows from investing activities
(238)
(245)
(127)
(151)
Cash flows from operating and investing activities
(free cash flow)
2,023
1,933
1,502
1,066
Cash flows from financing activities
(4,005)
(784)
(1,525)
(24)
Net cash flow for the period
(1,982)
1,149
(23)
1,042
Cash flows from operating activities amounted to an
inflow of DKK 2,261 million compared to an inflow of
DKK 2,178 million in the first six months of 2024. This
increase was primarily driven by higher EBIT and lower
trade and other payables, however partially offset by a
higher prepaid tax in the first quarter of 2025.
Lundbeck’s net cash flows from investing activities
were an outflow of DKK 238 million compared to an
outflow of DKK 245 million in the first six months of
2024. The investing activities mainly include capital
expenditures in property, plant and equipment.
Lundbeck’s net cash flows from financing activities
were an outflow of DKK 4,005 million compared to an
outflow of DKK 784 million in the first six months of
2024. The increase primarily reflects repayments of
the Revolving Credit Facility (RCF) used for the
acquisition of Longboard. Additionally, a four-year EUR
500 million bond was issued in the second quarter of
2025 to refinance the RCF mentioned above. Higher
dividend payouts in March 2025 also contributed to the
outflow.
The net cash outflow reached DKK 1,982 million
compared to an inflow of DKK 1,149 million in the first
six months of 2024.
Net debt increased from a net cash position of DKK
1,852 million at the end of June 2024 to a net debt of
DKK 11,156 million at the end of June 2025, primarily
due to higher leverage following the acquisition of
Longboard. The net debt/EBITDA ratio is 1.8x at the end
of June 2025 vs. 2,3x at the end of March 2025 and
compared to -0.3x at the end of June 2024. Interest-
bearing debt was DKK 13,803 million at the end of June
2025 compared to DKK 4,301 million at the end of June
2024.
On 30 June 2025, Lundbeck’s total assets amounted
to DKK 51,803 million compared to DKK 56,976 million
at the end of 2024 mainly driven by intangible assets
due to ongoing amortization and the impact from
translation of foreign currencies as well as lower cash
and cash equivalents reflecting repayments of the
Revolving Credit Facility used for the acquisition of
Longboard.
On 30 June 2025, Lundbeck’s total liabilities
amounted to DKK 27,613 million compared to DKK
31,967 million at the end of 2024. The decrease
primarily reflects repayments of the Revolving Credit
Facility used for the acquisition of Longboard, partially
offset by the issuance of a four-year EUR 500 million
bond in the second quarter of 2025.
On 30 June 2025, Lundbeck’s equity amounted to DKK
24,190 million.
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 JUNE 2025
Corporate Release No 775/2025
Page 13
2.7 SUMMARY OF KEY DEVELOPMENTS IN THE SECOND QUARTER OF 2025
For the quarter ended 30 June
DKK million
Q2 2025
Q2 2024
Change
(CER)
1
Change
(DKK)
Revenue
6,023
5,453
12%
10%
Gross profit
4,932
4,397
13%
12%
Gross margin
81.9%
80.6%
Adjusted gross profit
2
5,315
4,815
12%
10%
Adjusted gross margin
88.2%
88.3%
Sales and distribution costs
1,946
2,005
0%
(3%)
S&D ratio
32.3%
36.8%
Administrative expenses
354
479
(25%)
(26%)
Administrative expenses ratio
5.9%
8.8%
Research and development costs
1,061
909
18%
17%
R&D ratio
17.6%
16.7%
EBIT (profit from operations)
1,571
1,004
52%
56%
EBIT margin
26.1%
18.4%
EBITDA
3
2,006
1,471
34%
36%
EBITDA margin
33.3%
27.0%
Adjusted EBITDA
4
2,048
1,619
25%
26%
Adjusted EBITDA margin
34.0%
29.7%
Net financials, expenses
333
4
-
8,225%
Profit before tax
1,238
1,000
-
24%
Income taxes
272
230
-
18%
Effective tax rate (reported)
22.0%
23.0%
Net profit
966
770
-
25%
Adjusted net profit
1,338
1,250
-
7%
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
EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization.
4
EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization. Adjusted EBITDA is defined as EBITDA adjusted by certain items, for details see
section 4 Notes, note 3 Adjusted EBITDA.
REVENUE
Revenue reached DKK 6,023 million representing a
growth of +12% CER (+10% DKK) in the second quarter
of 2025. The increase in revenue is mainly driven by
strong performance across the strategic brands
reaching DKK 4,635 million, representing a growth of
+18% CER (+15% DKK), equivalent to 77% of total
revenue (see section 2.1) in the second quarter of
2025. The increase in revenue was partly offset by
unfavorable currency effects primarily coming from
USD, CAD and BRL in the second quarter of 2025.
The performance is mainly driven by higher demand for
Rexulti
®
and Vyepti
®
primarily in the U.S. Moreover,
Brintellix
®
/Trintellix
®
revenue decreased despite the
strong performance in Europe, mainly driven by
demand growth in Spain, Italy and France. The decline
in the U.S. reflects the transfer of U.S. sales operations
to Takeda, effective 1 January 2025. The Abilify LAI
franchise grew in Europe, driven by strong demand
growth of Abilify Maintena
®
960mg in Spain, France and
Germany although the second quarter of 2025 in U.S.
was negatively impacted by inventory movements.
Mature brands decreased -6% CER (-9% DKK) due to
the continued generic erosion.
GROSS PROFIT
Cost of sales increased to DKK 1,091 million
increasing by +5% CER (+3% DKK) mainly driven by a
combination of volume growth and higher personnel
costs, partially offset by lower amortization due to fully
amortized product rights.
In the second quarter of 2025, gross profit reached
DKK 4,932 million increasing by +13% CER (+12%
DKK).
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 JUNE 2025
Corporate Release No 775/2025
Page 14
The gross margin was 81.9% representing an increase
of 1.3 percentage points. Adjusted gross margin was
88.2% in the second quarter of 2025 representing a
decrease of 0.1 percentage point.
EBIT AND ADJUSTED EBITDA
Total operating expenses (OPEX) reached DKK 3,361
million corresponding to an increase of +1% CER (-1%
DKK). The OPEX ratio decreased by 6.4 percentage
points primarily driven by the strong revenue growth
and lower S&D ratio, offset by the increased
investments in R&D pipeline.
Sales and distribution costs reached DKK 1,946
million and are in line with the same period last year
(-3% DKK). The S&D ratio decreased by 4.5 percentage
points in the second quarter of 2025 primarily driven by
the higher sales and promotion activities in strategic
brands in the second quarter of 2024.
Administrative expenses reached DKK 354 million
decreasing by -25% CER (-26% DKK). The
administrative expense ratio reached 5.9%,
decreasing by 2.9 percentage points mainly impacted
by higher legal costs in the second quarter of 2024.
Research and development costs reached DKK
1,061 million corresponding to an increase of +18%
CER (+17% DKK) with an R&D ratio of 17.6%. The
increase in R&D costs is primarily driven by projects in
phase III and certain early-stage projects such as anti-
ACTH and anti-PACAP. The R&D ratio increased by 0.9
percentage points.
EBIT reached DKK 1,571 million increasing by +52%
CER (+56% DKK) reflecting a combination of improved
gross profit development and lower S&D and Admin
ratio, offset by increased R&D costs due to the
continued pipeline progression. Furthermore, EBIT for
the second quarter of 2024 was affected by higher
legal costs.
Total amortization, depreciation and impairment
losses reached DKK 435 million representing a
decrease of -6% CER (-7% DKK) mainly driven by lower
product rights amortization. Amortization of product
rights amounted to DKK 324 million corresponding to
a decrease of -9% CER (-11% DKK). Amortization of
other intangible assets corresponds to DKK 15 million
in the second quarter of 2025. Depreciation
amounted to DKK 96 million, corresponding to an
increase of +5% CER (+4% DKK).
Adjusted EBITDA reached DKK 2,048 million
representing an increase of +25% CER (+26% DKK)
reflecting the strong revenue growth driven by
performance of strategic brands, which offsets the
continued investment in the R&D pipeline. The
adjusted EBITDA margin was 34.0% representing an
increase of 4.3 percentage points.
NET PROFIT AND ADJUSTED EPS
Net financial (income)/expenses reached DKK 333
million primarily driven by unfavorable currency
effects mainly due to the depreciation of USD and
higher interest costs.
The effective tax rate for the second quarter of 2025
was 22.0%.
Net profit reached DKK 966 million corresponding to
an increase of +25%.
Adjusted net profit reached DKK 1,338 million,
representing an increase of +7%, reflecting the EBIT
development including operational improvements.
2.8 OUTLOOK
Financial guidance 2025
On 13 August 2025, Lundbeck communicated that the
full year revenue and adjusted EBITDA outlook at CER
have been raised.
Based on the continuation of strong business
performance year to date and Lundbeck’s
expectations for the remaining year, Lundbeck has
raised its full year guidance for 2025 where revenue
now is expected to grow 11% to 13% (previously 8% to
11%) at CER compared to revenue of the prior year
excluding hedging. The revenue growth is driven by
strong demand of the strategic brands in general, but
especially Vyepti
®
and Rexulti
®
.
Adjusted EBITDA has also been raised primarily driven
by the strong revenue performance and effective
execution of Lundbeck’s capital reallocation program.
Lundbeck now expects the growth of adjusted EBITDA
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 JUNE 2025
Corporate Release No 775/2025
Page 15
to reach 16% to 21% (previously 8% to 14%) at CER in
2025.
The guidance includes the expected initial impact from
loss of exclusivity (LoE) on Brintellix
®
in Canada and
Abilify LAI in Europe. The growth of the Abilify LAI
franchise is projected to be driven by the continued
increased conversion to the two-month formulation,
offset by the anticipated impact of generic entries in
Europe towards the end of 2025. Brintellix
®
/Trintellix
®
will continue to be affected by the modified
collaboration with Takeda in the U.S. as well as the
recent generic entry in Canada in June 2025. The
underlying erosion of mature brands are expected to
continue, thereby expected to show a mid-single-digit
revenue decline. Given the current exchange rates
against the Danish krone, sales growth reported in DKK
is expected to be approximately 1.5 percentage lower
to CER.
As a central component of our Focused Innovator
strategy, Lundbeck remains committed to invest in
research and development, advancing both our late-
stage and early development pipeline. In 2025, we
anticipate an acceleration of investments in R&D,
including the integration of Longboard and the initiated
phase III clinical trials of bexicaserin and amlenetug.
Lundbeck anticipates increasing R&D investments to
around DKK 5.0 billion in 2025, compared to DKK 3,954
million in 2024 (excluding the MAGLi impairment loss
communicated in October 2024). This significant
increase in R&D investments is financed by the
dedicated efforts towards capital reallocation
initiatives across our full value chain, as well as
additional contributions from accelerated revenue
growth. Lundbeck’s capital reallocation program has
accelerated ahead of expectations in the first half of
2025. Given the current exchange rates against the
Danish krone, growth in adjusted EBITDA reported in
DKK is expected to be around 1 percentage points
lower than at CER.
The 2025 guidance underscores Lundbeck’s ability
and focus to sustain profitability while expanding and
progressing the pipeline.
Effects from hedging are expected to reach a gain
around DKK 300 million compared to a loss of DKK 52
million for 2024. Depreciation, amortization, and
impairment losses are expected to be around 1.7
billion, compared to DKK 1,876 million in 2024.
Lundbeck anticipates financial items (net) to result in
a loss of approximately 750 million following the
acquisition of Longboard in 2024, contrasting an
income of DKK 449 million in 2024. The effective tax
rate for 2025 is expected to range between 21% and
24%, compared to 15.5% in 2024.
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 level,
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 in 2025, and any shifts in trade policy,
such as pharmaceutical tariffs or further healthcare
reforms.
Financial guidance for 2025
(Previous 14 May 2025)
As of 13 August 2025
Total revenue growth at CER
(8% to 11%)
11% to 13%
Adjusted EBITDA growth at CER
(8% to 14%)
16% to 21%
Other relevant financial information for FY 2025 at reported rates
Total revenue (IFRS) growth
1
Around 1.5 percentage points lower than at CER
Adjusted EBITDA growth
1
Around 1 percentage point lower than at CER
Adjusted gross margin
2
88% to 89%
R&D costs
Around DKK 5.0 billion
Depreciation & amortization
Around DKK 1.7 billion
Net financials, (expenses)/gains
Around DKK (750 million)
Effects from hedging, (losses)/gains
Around DKK 300 million
Effective tax rate
21% to 24%
Net cash/(net debt)
3
Around DKK (9.5 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 30 JUNE 2025
Corporate Release No 775/2025
Page 16
Revenue at CER
DKK million
H1 2025
Total revenue (IFRS)
12,258
Effects from hedging
19
Total revenue (IFRS) before hedging
12,239
Effects from exchange rate
(52)
Total revenue at CER
12,291
Increase/(decrease) in total revenue
14%
Increase/(decrease) in total revenue at CER
1
14%
1
Total revenue at CER for the period divided by total revenue (IFRS) before hedging for the comparative period.
Adjusted EBITDA at CER
DKK million
H1 2025
Adjusted EBITDA
4,221
Effects from hedging
19
Adjusted EBITDA before hedging
4,202
Effects from exchange rate
(27)
Adjusted EBITDA at CER
4,229
Increase/(decrease) in adjusted EBITDA
25%
Increase/(decrease) in adjusted EBITDA at CER
1
24%
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. Several R&D projects are
expected to mature in the period, including projects
such as Lu AF28996 (D
1
/D
2
agonist). Moreover, in
accordance with the Focused Innovator strategy,
Lundbeck has initiated its 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 2025,
and any shifts in trade policy, such as pharmaceutical
tariffs or further healthcare reforms.
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 30 JUNE 2025
Corporate Release No 775/2025
Page 17
2.9 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, including China and Japan: SUNRISE, and SUNSET trials.
3
PACAP: Pituitary adenylate cyclase activating peptide.
4
ACTH: Adrenocorticotropic hormone. Two phase Ib trials are currently ongoing in Congenital Adrenal Hyperplasia and
Cushing’s Disease. For technical reasons, officially categorized as a phase II trial to adhere to local requirements in some countries.
5
Acts as a partial agonist at 5-HT
1A
and
dopamine D
2
receptors at similar potency, and an antagonist at 5-HT
2A
and noradrenaline alpha1B/2C receptors.
6
Post-traumatic stress disorder.
7
The DEEp clinical program
consists of two-phase III trials in Dravet Syndrome (DEEpSEA) and DEEs and Lennox-Gastaut Syndrome (DEEpOCEAN).
8
Monoacylglycerol lipase inhibitor (“MAGLipase”).
9
Dopamine receptor D
1
and D
2
.
10
Phase Ib trial ongoing in TED (Thyroid Eye Disease).
Key developments in the quarter
Hormonal / neuropeptide signaling
Lu AG13909 (anti-ACTH) – phase I/II
Lu AG13909 is a first-in-class monoclonal antibody,
which has the potential to offer a treatment alternative
to patients suffering from conditions related to the
hypothalamic-pituitary-adrenal (HPA) axis, leading to
increased levels of Adrenocorticotropic Hormone
(ACTH). By binding to ACTH with high affinity, Lu
AG13909B aims to reduce elevated ACTH levels
potentially providing therapeutic benefits for
individuals with neurohormonal dysfunctions.
Lundbeck initiated a first-in-human trial in patients
with Congenital Adrenal Hyperplasia (CAH) in
December 2022, and a trial in Cushing’s disease (CD)
in June 2024.
In the second quarter of 2025, Lundbeck received
orphan drug designation in the U.S. and EU for Lu
AG13909 for the treatment of patients with congenital
adrenal hyperplasia. The orphan drug designation was
granted to Lu AG13909 by the U.S. Food and Drug
Administration (FDA) on 12 May 2025 and the
European Medicines Agency (EMA) on 20 June 2025.
Circuitry / neuronal biology
Brexpiprazole in Post-Traumatic Stress Disorder
(PTSD)
On 25 June 2024, Lundbeck announced that a
supplemental new drug application (sNDA) for
brexpiprazole in combination with sertraline for the
treatment of adults with PTSD was accepted and filed
by the U.S. FDA.
The sNDA is based on data from three randomized
clinical trials evaluating the safety and efficacy of
brexpiprazole in combination with sertraline in adult
patients with PTSD, namely the phase II trial 061 and
the two phase III trials 071 and 072.
The primary endpoint for all three trials was the change
from week 1 to week 10 in the Clinician-Administered
PTSD Scale (CAPS-5) total score for brexpiprazole and
sertraline combination therapy versus sertraline plus
placebo in patients diagnosed with PTSD according to
the Diagnostic and Statistical Manual of Mental
Disorders, Fifth Edition (DSM-5).
The trials were randomized, double blind, and active-
controlled, and trials 061 and 071 were flexible-dose
trials, while trial 072 was a fixed-dose trial. In both
trials 061 and 071, brexpiprazole in combination with
sertraline was associated with a statistically
significant reduction (p<0.05) in PTSD symptoms
Project
Area
Phase I
Phase II
Phase III
Filing/Launch
Hormonal / neuropeptide signaling:
Eptinezumab (anti-CGRP mAb)
1
Migraine prevention
SUN-studies
2
Lu AG09222 (anti-PACAP mAb)
3
Migraine prevention
PROCEED
Lu AG13909 (anti-ACTH mAb)
4
Neuro-hormonal dysfunctions
Circuitry / neuronal biology:
Brexpiprazole
5
PTSD
6
Bexicaserin (5HT
2C
agonist)
Developmental and Epileptic Encephalopathies
DEEp
7
MAGLi program
8
Neurology
Lu AF28996 (D
1
/D
2
agonist)
9
Parkinson’s disease
Protein aggregation, folding and clearance:
Amlenetug (anti-α-synuclein mAb)
Multiple system atrophy
AMULET
MASCOT
Neuroinflammation / neuroimmunology:
Lu AG22515 (anti-CD40L blocker)
10
Neurology
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 JUNE 2025
Corporate Release No 775/2025
Page 18
compared to sertraline plus placebo, as measured by
the change in the CAPS-5 total score from week 1 to
week 10 (primary end-point). In trial 072, while the
primary endpoint was not met, reductions in PTSD
symptom severity with brexpiprazole in combination
with sertraline were consistent with trials 061 and 071.
Across the three randomized trials, the combination of
brexpiprazole and sertraline in adult patients with
PTSD was generally well-tolerated, and no new safety
observations were identified.
On July 18, 2025, the FDA’s Psychopharmacologic
Drugs Advisory Committee (PDAC) met to review the
sNDA for Rexulti (brexpiprazole) in combination with
sertraline as a potential treatment for PTSD.
Following a thorough review of the data, the committee
voted 1–10, concluding that the efficacy of
brexpiprazole, when initiated concurrently with
sertraline, has not been established for the treatment
of PTSD based on the evidence presented. The result
of the vote will be taken into consideration by the FDA
as it continues its review of the application.
The D1/D2 agonist Lu AF28996 program in phase Ib has
reached a point in an open label Parkinson’s disease
patient study that supports the planning of a phase II
Proof of Concept trial, expected to start by Q1 2026.
In the early development portfolio the MAGLi
compound Lu AG12947 is progressing through a set of
phase I enabling studies expected to conclude in Q2
2026.
2.10 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,
patients, and the communities where we operate.
This sustainability update presents progress on key
sustainability matters and metrics.
ENVIRONMENTAL PERFORMANCE
Category
1
H1 2025
H1 2024
2
Change (%)
Scope 1 GHG emissions (Tonne CO₂e)
10,670
11,547
(8%)
Scope 2 GHG emissions (market-based) (Tonne CO₂e)
2,887
3,526
(18%)
Scope 1+2 GHG emissions (Tonne CO₂e)
13,557
15,073
(10%)
Scope 3 GHG emissions (Tonne CO
2
e)
65,528
66,039
(1%)
Energy consumption (MWh)
58,947
59,145
(0%)
1
See Annual Report 2024 for accounting policies and definitions.
2
All comparative figures were updated to reflect the implementation of Corporate Sustainability Reporting Directive in 2024, e.g., inclusion of emissions from affiliates. This is
reflected in the updated accounting policy.
Climate Action
Lundbeck is committed to protecting the environment
and believes that a healthy environment is a
precondition for good health and wellbeing. Lundbeck
has net-zero targets to reduce its total carbon footprint
across its own operations, supply chain, and
distribution.
In the first six months of 2025, Scope 1 + 2 GHG
emissions decreased by 10%, compared to the first six
months of 2024. Scope 1 GHG decreased by 8%,
primarily due to lower consumption of gas and oil,
increased use of bio-oil, and installation of heat
pumps in Lumsås. Additionally, the growing share of
electric and hybrid vehicles in the company’s car fleet
contributed to the reduction. Scope 2 GHG emissions
decreased by 18%, mainly due to the acquisition of
Guarantees of Origin electricity certificates for the
Valbonne site and EU sales affiliates, along with the
general decarbonization of electricity grids.
Scope 3 GHG emissions are decreasing slightly by 1%
mainly driven by a high decrease in emissions from
business travel-related activities. The decrease is
happening in parallel with the introduction of
Lundbeck’s new travel policy. Meanwhile GHG
emissions from purchased goods & services and
upstream transportation & distribution are increasing
slightly due to more activity in purchased services and
higher distribution volumes.
Other topics
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 JUNE 2025
Corporate Release No 775/2025
Page 19
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 containing the PFAS type PFOS
(perfluorooctane sulfonate) until 2011, in compliance
with national fire safety and environmental regulations
at the time. Lundbeck switched to a supply of PFOS-
free fire-retardant foam.
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 also conducting
additional 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 it is estimated that the pump and treat solution will
be operational in the second half of 2025.
SOCIAL PERFORMANCE
Category
1
H1 2025
H1 2024
2
Change
3
Gender balance in upper management (% underrepresented gender - female)
40.7%
37.5%
3.2
1
New accounting policy: Upper management includes all members of Executive Management (EM) who report to the Board of Directors, as stated in their employment contract,
which corresponds to layer 1 as defined in the Gender Balance Act. Additionally, it includes employees who report directly to a member of EM and hold formal people
management responsibilities. These individuals correspond to layer 2 in the Gender Balance Act.
2
H1 2024 data has been restated following an update to the accounting policy, which affected the classification of upper management roles. For previously published
Corporate Releases in 2024, data was reported for senior management and is therefore not fully comparable to the figures reported in this release.
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. Lundbeck
recognizes the target required in accordance with the
Danish Gender Balance Act to reach and maintain
gender balance in upper management.
In the first six months of 2025, the underrepresented
gender balance in upper management increased to
40.7% female, compared to 37.5% in the first six
months of 2024, an increase of 3.2 percentage points.
This progress reflects the impact of ongoing
organizational development and structural changes
introduced in the third quarter of 2024, alongside
strategic initiatives such as unbiased recruitment
practices and inclusive succession planning.
Additionally, leadership development programs,
mentorship initiatives, and mobility policies —
including equitable international assignments and
tailored support — have further contributed to career
progression and retention, strengthening gender
balance across the leadership team.
HEALTH AND SAFETY
Category
1
H1 2025
H1 2024
Change (%)
Lost Time Incident Rate (LTIR)
2.1
2.9
(28%)
1
See Annual Report 2024 for accounting policies and definitions.
Health and Safety
The health and safety of our workplace is a priority 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 six months of 2025, the Lost Time Incident
Rate (LTIR) decreased to 2.1, compared to 2.9 in the
first six months of 2024. The positive development in
accident reduction is mainly attributed to targeted
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 JUNE 2025
Corporate Release No 775/2025
Page 20
site-level initiatives, particularly in Valbonne, where
ergonomic improvements had a strong impact.
Additionally, the global prevention campaign Take
Care reinforced Lundbeck’s commitment to employee
well-being by promoting a healthy and safe work
environment.
2.11 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 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 below mentioned “follow-on claims” are
ongoing or threatened. Lundbeck disagrees with all
claims and intends to defend itself against them.
At the end of first quarter 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 has 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. Lundbeck has filed an application for
permission to appeal the time-barring decision to the
Supreme Court with the Courts of Appeal.
In late October 2021, Lundbeck received a writ of
summons from a German health care 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 comprised 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 in 2025 or 2026. The first instance
court ruling may be appealed, and it make 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 may appeal 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 two product liability
class-action lawsuits relating to Cipralex
®
/Celexa
®
(one case alleging various Celexa-induced birth
defects and one case against several SSRI
manufacturers (incl. Lundbeck) alleging that SSRI
(Celexa
®
/Lexapro
®
) induces autism birth defect), three
relating to Abilify Maintena
®
(alleging i.a. failure to warn
about compulsive behavior side effects) and one
relating to Rexulti
®
(also alleging i.a. failure to warn
about compulsive behavior side effects). Lundbeck
strongly disagrees with the claims. The Celexa birth
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 JUNE 2025
Corporate Release No 775/2025
Page 21
defect litigation has been discontinued in Quebec
(already approved by court) and Ontario (court
approval of the discontinuance in Ontario is expected
in 2025). A settlement agreement has been signed by
the parties in the Abilify Maintena
®
cases and has been
approved by the courts in Quebec and Ontario. In the
Rexulti
®
matter, a settlement agreement was signed by
the parties on 13 June 2025, and court approval of the
settlement is expected in the third quarter of 2025.
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 have received paragraph IV
certifications from Sun Pharma, Apotex and Alvogen
with respect to certain of the patents listed for Abilify
Maintena
®
in the U.S. and commenced patent
infringement proceedings against all three companies.
The FDA will stay approval to Sun, Apotex and Alvogen
until 30 months from receipt of the respective
paragraph IV certifications or a court decision in Sun’s
and/or Apotex’ favor.
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 alleges that Lundbeck and the other
defendants conspired to increase the unit price and
quantity dispensed of Xenazine
®
. The case was
dismissed with prejudice earlier in 2023 and is
currently under appeal.
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 30 JUNE 2025
Corporate Release No 775/2025
Page 22
Registered Executive Management
Board of Directors
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 JUNE 2025
Corporate Release No 775/2025
Page 23
3 CONDENSED FINANCIAL STATEMENTS
CONDENSED STATEMENT OF PROFIT OR LOSS
DKK million
H1 2025
H1 2024
Q2 2025
Q2 2024
Revenue
Cost of sales
Gross profit
Sales and distribution costs
Administrative expenses
Research and development costs
Profit from operations (EBIT)
Net financials, (income)/expenses
(25 )
Profit before tax
Tax on profit for the period
Profit for the period
Earnings per share, basic (EPS) (DKK)
Earnings per share, diluted (DEPS) (DKK)
STATEMENT OF COMPREHENSIVE INCOME
DKK million
H1 2025
H1 2024
Q2 2025
Q2 2024
Profit for the period
Actuarial gains/losses
Tax
Items that will not be reclassified subsequently to profit or loss
Exchange rate gains/losses on investments in foreign subsidiaries
(1,426 )
(946 )
Exchange rate gains/losses on additions to net investments in
foreign subsidiaries
(1,497 )
(64 )
(975 )
(24 )
Deferred gains/losses on cash flow hedge, exchange rate
(245 )
(135 )
Deferred gains/losses on cash flow hedge, interest rate
(10 )
Deferred gains/losses on cash flow hedge, price
(7 )
(15 )
Exchange gains/losses, hedging (transferred to the hedged items)
(19 )
(90 )
Tax
Items that may be reclassified subsequently to profit or loss
(1,996 )
(1,359 )
Other comprehensive income
(1,996 )
(1,359 )
Comprehensive income
(393 )
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 JUNE 2025
Corporate Release No 775/2025
Page 24
CONDENSED STATEMENT OF FINANCIAL POSITION
DKK million
30.06.2025
31.12.2024
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
(708 )
Hedging reserve
(208 )
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 30 JUNE 2025
Corporate Release No 775/2025
Page 25
STATEMENT OF CHANGES IN EQUITY
DKK million
Share
capital
Foreign
currency
translation
reserve
Hedging
reserve
Retained
earnings
Total
equity
Equity at 1 January 2025
(208 )
Profit for the period
Other comprehensive income
(2,596 )
(1,996 )
Comprehensive income
(2,596 )
Distributed dividends, gross
(946 )
(946 )
Dividends received, treasury shares
Buyback of treasury shares
(20 )
(20 )
Incentive programs
Tax on other transactions in equity
Other transactions
(942 )
(942 )
Equity at 30 June 2025
(708 )
DKK million
Share
capital
Foreign
currency
translation
reserve
Hedging
reserve
Retained
earnings
Total
equity
Equity at 1 January 2024
Profit for the period
Other comprehensive income
(176 )
Comprehensive income
(176 )
Distribution of dividends, gross
(697 )
(697 )
Dividends received, treasury shares
Buyback of treasury shares
(46 )
(46 )
Incentive programs
Tax on other transactions in equity
Other transactions
(716 )
(716 )
Equity at 30 June 2024
(113 )
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 JUNE 2025
Corporate Release No 775/2025
Page 26
CONDENSED STATEMENT OF CASH FLOWS
DKK million
H1 2025
H1 2024
Q2 2025
Q2 2024
Profit from operations (EBIT)
Adjustments for non-cash items
Change in working capital
(855 )
(1,172 )
(286 )
Cash flows from operations before financial receipts and
payments
Financial receipts and payments
(190 )
(143 )
Cash flows from ordinary activities
Income taxes paid
(813 )
(293 )
(187 )
(185 )
Cash flows from operating activities
Purchase and sale of intangible assets and property, plant and
equipment
(238 )
(245 )
(127 )
(151 )
Cash flows from investing activities
(238 )
(245 )
(127 )
(151 )
Cash flows from operating and investing activities
(free cash flow)
Proceeds from loans and issue of bonds
Repayment of bank loans and borrowings
(6,714 )
(5,222 )
Dividends paid in the financial year, net
(943 )
(694 )
Other financing activities
(64 )
(90 )
(19 )
(24 )
Cash flows from financing activities
(4,005 )
(784 )
(1,525 )
(24 )
Net cash flow for the period
(1,982 )
(23 )
Cash and cash equivalents at beginning of period
Unrealized exchange gains/losses on cash and bank balances
(35 )
(6 )
(27 )
(2 )
Net cash flow for the period
(1,982 )
(23 )
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
(13,803 )
(4,301 )
(13,803 )
(4,301 )
Net cash/(net debt)
(11,156 )
(11,156 )
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 JUNE 2025
Corporate Release No 775/2025
Page 27
STATEMENT OF PROFIT OR LOSS – ADJUSTED EBITDA RECONCILIATION (H1 AND Q2)
H1 2025
H1 2024
DKK million
Reported
Adjusted
Reported
Adjusted
Revenue
12,258
12,258
10,741
10,741
Cost of sales
2,175
1,397
2,065
1,226
Gross profit
10,083
10,861
8,676
9,515
Sales and distribution costs
3,818
3,738
3,794
3,750
Administrative expenses
713
659
738
578
Research and development costs
2,283
2,243
1,862
1,822
Profit from operations (EBIT)
3,269
-
2,282
-
Depreciation/amortization
881
-
935
-
EBITDA
4,150
4,221
3,217
3,365
EBITDA margin
33.9%
34.4%
30.0%
31.3%
Adjustments to EBITDA
Integration costs
-
-
-
-
Restructuring expenses
35
-
(2)
-
Gains/losses on divestment of businesses
-
-
-
-
Acquisition expenses
-
-
-
-
Other adjustments
36
-
150
-
Adjusted EBITDA
4,221
4,221
3,365
3,365
Adjusted EBITDA margin
34.4%
34.4%
31.3%
31.3%
Q2 2025
Q2 2024
DKK million
Reported
Adjusted
Reported
Adjusted
Revenue
6,023
6,023
5,453
5,453
Cost of sales
1,091
708
1,056
638
Gross profit
4,932
5,315
4,397
4,815
Sales and distribution costs
1,946
1,887
2,005
1,983
Administrative expenses
354
342
479
324
Research and development costs
1,061
1,038
909
889
Profit from operations (EBIT)
1,571
-
1,004
-
Depreciation/amortization
435
-
467
-
EBITDA
2,006
2,048
1,471
1,619
EBITDA margin
33.3%
34.0%
27.0%
29.7%
Adjustments to EBITDA
Integration costs
-
-
-
-
Restructuring expenses
37
-
(2)
-
Gains/losses on divestment of businesses
-
-
-
-
Acquisition expenses
-
-
-
-
Other adjustments
5
-
150
-
Adjusted EBITDA
2,048
2,048
1,619
1,619
Adjusted EBITDA margin
34.0%
34.0%
29.7%
29.7%
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 JUNE 2025
Corporate Release No 775/2025
Page 28
4 NOTES
4.1 BASIS OF PREPARATION
The interim condensed consolidated financial statements for the first six months ended 30 June 2025, 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 2024, published 5
February 2025. The accounting policies, judgements and significant estimates are consistent with those applied in the
Annual Report 2024.
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 and for disclosures regarding pending legal proceedings (contingent liabilities) see
section 2.11 General corporate matters.
A number of new amendments came into effect from 1 January 2025. 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
30 June 2025
Level 1
Level 2
Level 3
Financial assets
Other financial assets
1
1
-
26
Derivatives
1
-
609
29
Total
1
609
55
Financial liabilities
Contingent consideration
1
-
-
312
Derivatives
1
-
134
-
Bank debt²
-
5,745
-
Bond debt²
7,326
-
-
Total
7,326
5,879
312
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.
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)
Gains/losses on divestment of businesses, (iv) Acquisition expenses, (v) 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 30 JUNE 2025
Corporate Release No 775/2025
Page 29
FINANCIAL CALENDAR 2025
12 November 2025: Financial statements for the first nine months of 2025
4 February 2026: Corporate release for the full year 2025
4 February 2026: Annual Report 2025
Lundbeck contacts
Investors:
Media:
Jens Høyer
Marie Petterson
Vice President, Head of Investor Relations
Head of Media Relations, Corp. Communication
+45 30 83 45 01
Palle Holm Olesen
+45 29 82 21 82
About H. Lundbeck A/S
Lundbeck is a biopharmaceutical company focused 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 approximately 5,700 employees in more than 50 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 30 JUNE 2025
Corporate Release No 775/2025
Page 30
Safe Harbor/Forward-Looking Statements
This corporate release 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 presentation, 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 presentation 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.