XCSE:HLUN-A ESEF Annual Report
H. LUNDBECK A/S (XCSE:HLUN-A)
ESEF Annual Report
2026-09-02
For: 2026-06-30
View Original
Added on
September 18, 2026
COMPANY ANNOUNCEMENT
19 AUGUST 2026
Company Announcement No. 793 / 2026
Phone: +45 3630 1311
CVR-no.: 56759913
Page 1
Financial report for the period 1 January to 30 June 2026
Strong growth from Vyepti
®
and focused commercial
execution drive total revenue growth of +16% CER (+13% CER
underlying) in H1 2026
Key highlights
Lundbeck’s total revenue grew by +16% CER
1
(+11% DKK) to DKK 13,588 million in the first six months of 2026, with the U.S.
and Europe delivering double-digit growth. The performance reflected continued strong commercial momentum, driven by
Vyepti
®
and Rexulti
®
, and was further shaped by the transition to a partnership model in 27 markets
2
, which is progressing
according to plan. Adjusting for the planned one-time DKK 470 million inventory build in these markets, which occurred in the
first quarter of 2026, total underlying revenue grew by +13% CER
• United States: DKK 7,227 million (+20% CER; +11% DKK)
• Europe: DKK 3,269 million (+14% CER; +14% DKK; underlying +4% CER)
• International Operations: DKK 2,792 million (+6% CER; +2% DKK; underlying -1% CER)
Revenue from Lundbeck’s strategic brands increased by +17% CER (+11% DKK), reaching DKK 10,463 million, representing 77%
of total revenue
• Rexulti
®
: DKK 3,297 million (+17% CER; +8% DKK; underlying +16% CER)
• Vyepti
®
: DKK 2,865 million (+46% CER; +36% DKK; underlying +46% CER)
• Brintellix
®
/Trintellix
®
: DKK 2,331 million (+0% CER; -2% DKK; underlying -5% CER)
• Abilify LAI franchise
3
: DKK 1,970 million (+7% CER; +4% DKK; underlying +4% CER)
EBITDA increased to DKK 4,613 million, up +18% CER (+11% DKK), while adjusted EBITDA reached DKK 4,765 million, up +19%
CER (+13% DKK). EBITDA growth includes the one-time gross profit impact recognized in the first quarter of 2026 from the
inventory build, supporting the transition to a partnership model and future market operations. Excluding this, EBITDA
increased to DKK 4,199 million, up +8% CER (+1% DKK), while adjusted EBITDA increased to DKK 4,351 million, up +10% CER
(+3% DKK). The strong performance was mainly driven by Vyepti
®
and Rexulti
®
, supported by focused commercial execution.
This was partially offset by higher cost of sales and higher R&D costs driven by advancing key pipeline assets. In the second
quarter of 2026, adjusted EBITDA grew +6% CER, reflecting the normalization of cost phasing as R&D investment accelerated
and the Q1 inventory build was a one-time effect.
EPS reached DKK 2.83, increasing by +36% DKK, and adjusted EPS reached DKK 3.70, increasing by +28% DKK, reflecting the
strong EBIT performance and lower financial expenses.
Lundbeck President and CEO, Charl van Zyl said:
"We delivered strong commercial performance in the first half of 2026, with revenue growing 16% CER, driven primarily by continued
momentum for Vyepti
®
. Our pipeline continues to advance meaningfully, including the completion of enrollment in the DEEp OCEAN
trial of bexicaserin. With a strong balance sheet and clear strategic momentum, we are entering the next phase of our strategy with
confidence."
Key figures
1
Change at CER (Constant Exchange Rates) excludes the effect of hedging Lundbeck's foreign currency exposure.
2
For further details, see our announcement Lundbeck sharpens commercial focus in line with strategy, initiates partnering in 27 markets by end-2025 on 9 September 2025.
3
Abilify long-acting injectable (LAI) franchise comprises the following products: Abilify Maintena
®
, Abilify Maintena
®
960 mg, and Abilify Asimtufii
®
.
4
Comparatives were restated to reflect the final purchase-price allocation for the Longboard business combination, for details see note 4.1 Basis of preparation.
DKK million
H1 2026
H1 2025
Change
(CER)
1
Change
(DKK)
Q2 2026
Q2 2025
Change
(CER)
1
Change
(DKK)
Revenue
13,588
12,258
16%
11%
6,463
6,023
12%
7%
EBITDA
4,613
4,150
18%
11%
1,982
2,006
9%
(1%)
Adjusted EBITDA
4,765
4,221
19%
13%
1,982
2,048
6%
(3%)
EPS (DKK)
4
2.83
2.08
36%
1.16
0.95
22%
Adjusted EPS (DKK)
3.70
2.88
28%
1.54
1.35
14%
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 JUNE 2026
Company Announcement No. 793 / 2026
Page 2
Recent events
On 23 July 2026, Lundbeck announced that the U.S. Food and Drug Administration (FDA) has granted Fast Track designation
to Lu AH69593, its lead oral orexin 2 receptor agonist and one of several investigational compounds in its development
portfolio for sleep-wake disorders. Discovered by Lundbeck, Lu AH69593 is currently in phase Ib development for the treatment
of narcolepsy.
On 20 July 2026, Lundbeck announced that the last patient has been randomized in DEEp OCEAN (NCT06719141), a global
phase III clinical trial evaluating the efficacy, safety and tolerability of bexicaserin for the treatment of seizures in children and
adults living with developmental and epileptic encephalopathies (DEEs).
On 24 June 2026, Lundbeck announced that Tarek Samad has been appointed Executive Vice President and Head of Research
& Development (R&D) and will join the Executive Leadership Team (ELT) effective 1 September 2026. Tarek Samad succeeds
Johan Luthman, who has informed the Board of Directors and ELT of his decision to retire after seven years with Lundbeck.
On 24 June 2026, Lundbeck announced that new migraine clinical data were to be presented at the European Academy of
Neurology (EAN) Congress 2026, held from 27–30 June in Geneva, Switzerland. The presentations included new analyses of
eptinezumab data, exploring outcomes that reflect the broader burden of chronic migraine beyond migraine frequency alone.
Lundbeck also presented phase IIb PROCEED primary data for bocunebart, an investigational treatment targeting pituitary
adenylate cyclase-activating polypeptide (PACAP), which is in development for migraine prevention.
On 14 June 2026, Lundbeck announced preliminary phase II Part A data from its ongoing study evaluating asedebart, an anti-
adrenocorticotropic hormone (ACTH) monoclonal antibody, in adults with Cushing’s disease (CD). The data were presented
orally at the 2026 Endocrine Society’s Annual Meeting (ENDO), held from 13–16 June in Chicago, U.S., and showed urinary free
cortisol normalization in 7 out of 8 evaluable patients following individualized intravenous (IV) dose titration of asedebart.
On 4 June 2026, Lundbeck announced the first presentation of primary data from the phase IIb PROCEED trial evaluating
bocunebart, an investigational monoclonal antibody targeting pituitary adenylate cyclase-activating polypeptide (PACAP). The
data presented at the American Headache Society Congress in Orlando, Florida, U.S. (4–7 June) support the potential of
bocunebart as a preventive treatment in patients with one to four prior preventive migraine treatment failures, with particularly
notable treatment effect in those with chronic migraine.
On 3 June 2026, Lundbeck and Cradle, a leading AI platform for protein engineering, announced a partnership to help
Lundbeck discover and optimize biotherapeutics that ultimately can improve patient outcomes.
On 26 May 2026, Lundbeck announced that the Ministry of Food and Drug Safety (MFDS) of South Korea has granted marketing
authorization for eptinezumab for use in adults with migraine.
On 18 May 2026, Lundbeck announced that orphan drug designation (ODD) has been granted in Japan by the Ministry of
Health, Labour and Welfare (MHLW) for asedebart for the treatment of patients with congenital adrenal hyperplasia (CAH) and
Cushing’s disease (CD).
Conference call
Today 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 30 JUNE 2026
Company Announcement No. 793 / 2026
Page 3
Strategy update – Focused Innovator
Lundbeck is now halfway through the third and final year of the “Focus” phase, having fundamentally transformed the company
through disciplined execution of its Focused Innovator Strategy. With a stronger commercial model, a significantly
strengthened pipeline and increased financial flexibility, Lundbeck has established solid foundations for the transition into the
“Scale” phase, while continuing to deliver strong performance across its strategic priorities.
Delivering Scalable Growth Through Focused Commercial Execution
Lundbeck continued to deliver strong and scalable growth, with total revenue rising to DKK 13.6 billion in the first six months
of 2026, up +16% CER (+11% DKK). Strategic brands grew +17% CER and represented 77% of total revenue, reflecting sustained
commercial momentum across key markets. Growth was led by Vyepti
®
, the company’s principal revenue driver in the first six
months, which delivered +46% CER growth powered by robust underlying demand in both the U.S. and international markets,
continued strong new patient starts and category-leading persistency, alongside an expanding global footprint as roll-out
progresses across Europe and new geographies. Its performance continues to be supported by focused commercial execution
and disciplined prioritization of high-value opportunities. The Abilify LAI franchise also contributed, with continued growth led
by Abilify Asimtufii
®
; importantly, Lundbeck does not expect a meaningful impact from Abilify Maintena
®
generic entry in its key
markets in 2026, providing additional runway to drive franchise value. Furthermore, commercial performance in the period
also reflected the roll-out of the new Partner Markets commercial model, launched across 27 markets in December 2025 and
progressing according to plan, with early in-market performance ahead of expectations.
Advancing Innovation Through a Strengthened Pipeline and AI Integration
Building on this commercial momentum, Lundbeck continues to advance pipeline innovation to deliver sustainable long-term
growth and value creation. In migraine, Vyepti
®
advanced its lifecycle with completion of enrolment in the phase IV THRIVE
study. Strengthening its late-stage value drivers, bocunebart delivered positive phase IIb PROCEED top-line results in migraine
prevention presented at the American Headache Society Annual Meeting in June 2026 and is expected to progress into phase
III later in 2026; amlenetug completed patient randomization in the phase III MASCOT study in multiple system atrophy ahead
of schedule, with the pivotal read-out anticipated in the third quarter of 2027; and bexicaserin advanced its phase III program,
with the last patient randomized in the phase III DEEp OCEAN trial in developmental and epileptic encephalopathies in July
2026, the read-out anticipated in late Q4 2026. Building the next wave of innovation, Lundbeck advanced asedebart (anti-ACTH)
through phase II in congenital adrenal hyperplasia and Cushing’s disease, presenting new patient data at the ENDO 2026
congress in June; progressed Lu AF28996 in Parkinson’s disease following encouraging phase Ib data presented at the AD/PD
2026 conference in March, initiated the phase II proof-of-concept trial in July 2026; and advanced its orexin 2 receptor agonist
program into patient studies having received FDA Fast Track designation in July 2026, as a next-generation neuroscience
growth platform. 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 during the first six months of 2026
enabled continued reinvestment into high-priority growth opportunities and pipeline advancement, while ongoing cost
efficiency initiatives support optimal resource allocation. Disciplined execution translated into continued adjusted EBITDA
growth, while the balance sheet strengthened further over the period, with net debt and leverage reduced year-over-year.
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 rare diseases, specialty neurology and psychiatry. 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 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 30 JUNE 2026
Company Announcement No. 793 / 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 Summary of key developments in the second quarter of 2026 ............................................... 14
2.8 Outlook................................................................................................................................... 16
2.9 Lundbeck’s development portfolio.......................................................................................... 18
2.10 Sustainability update ............................................................................................................ 20
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 30 JUNE 2026
Company Announcement No. 793 / 2026
Page 5
1 FINANCIAL HIGHLIGHTS
For the six months ended 30 June
DKK million
H1 2026
H1 2025
Change
(CER)
1
Change
(DKK)
Revenue
13,588
12,258
16%
11%
Gross profit
11,020
10,083
15%
9%
Gross margin
81.1%
82.3%
Adjusted gross profit
2
11,776
10,861
14%
8%
Adjusted gross margin
86.7%
88.6%
Sales and distribution costs
3,701
3,818
2%
(3%)
S&D ratio
27.2%
31.1%
Administrative expenses
716
713
3%
0%
Administrative expenses ratio
5.3%
5.8%
Research and development costs
3
2,809
2,353
24%
19%
R&D ratio
3
20.7%
19.2%
Other operating expenses, net
141
-
-
-
EBIT (profit from operations)
3
3,653
3,199
22%
14%
EBIT margin
3
26.9%
26.1%
EBITDA
4
4,613
4,150
18%
11%
EBITDA margin
33.9%
33.9%
Adjusted EBITDA
5
4,765
4,221
19%
13%
Adjusted EBITDA margin
35.1%
34.4%
Net financials, (income)/expenses
56
554
-
(90%)
Profit before tax
3
3,597
2,645
-
36%
Income taxes
3
791
582
-
36%
Effective tax rate (reported)
22.0%
22.0%
Net profit
3
2,806
2,063
-
36%
Adjusted net profit
6
3,673
2,860
-
28%
Other key numbers
Assets
3
52,704
52,339
-
1%
Equity
3
26,865
24,135
-
11%
Cash flows from operating and investing activities
(free cash flow)
2,316
2,023
-
14%
Net cash flow for the period
(1,257)
(1,982)
-
(37%)
Return on invested capital – rolling four quarters
3
11.8%
11.3%
Net debt/EBITDA – rolling four quarters
1.0
1.8
-
(44%)
Number of shares for the calculation of EPS (million)
991.9
992.0
-
0%
Earnings per share, basic (EPS) (DKK)
3
2.83
2.08
-
36%
Adjusted earnings per share, basic (DKK)
3.70
2.88
-
28%
1
Change at CER (Constant Exchange Rates) excludes the effect of hedging Lundbeck's foreign currency exposure.
2
Adjusted gross profit is the gross profit excluding depreciation and amortization and other adjustments linked to sales.
3
Comparatives were restated to reflect the final purchase-price allocation for the Longboard 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 30 JUNE 2026
Company Announcement No. 793 / 2026
Page 6
2 BUSINESS PERFORMANCE
2.1 REVENUE BY PRODUCT
Revenue reached DKK 13,588 million, representing growth
of +16% CER (+11% DKK). The strong growth in strategic
brands of +17% CER (+11% DKK) was driven by the U.S.
and Europe, with revenue reaching DKK 10,463 million,
equivalent to 77% of total revenue. Approximately 84% of
the Group’s strategic-brand growth was driven by Vyepti
®
and Rexulti
®
in the U.S., where sales increased by 47% CER
(+36% DKK) and 16% CER (+7% DKK), respectively. Revenue
for the first six months of 2026 includes DKK 470 million
from inventory build in the new 27 partner markets, in line
with 2026 guidance. Adjusting for this, revenue increased
by +13% CER (+7% DKK). The largest markets for the
strategic brands were the U.S., Spain, Canada, Italy and
France.
DKK million
H1 2026
H1 2025
Growth
(CER)
Growth
(DKK)
Q2 2026
Q2 2025
Growth
(CER)
Growth
(DKK)
Rexulti
®
3,297
3,039
17%
8%
1,685
1,548
12%
9%
Vyepti
®
2,865
2,105
46%
36%
1,501
1,063
46%
41%
Brintellix
®
/Trintellix
®
2,331
2,390
0%
(2%)
1,035
1,136
(8%)
(9%)
Abilify LAI franchise
1,970
1,902
7%
4%
937
888
7%
6%
Abilify Maintena
®
1,595
1,695
(3%)
(6%)
757
778
(2%)
(3%)
Abilify Asimtufii
®
/Abilify Maintena
®
960 mg
375
207
86%
81%
180
110
64%
63%
Strategic brands
10,463
9,436
17%
11%
5,158
4,635
14%
11%
Cipralex
®
/Lexapro
®
1,261
1,090
19%
16%
509
468
8%
9%
Other pharmaceuticals
1,564
1,590
2%
(2%)
724
757
(4%)
(4%)
Mature brands
2,825
2,680
9%
5%
1,233
1,225
1%
1%
Other revenue
256
123
109%
108%
128
73
74%
75%
Total revenue before hedging
13,544
12,239
16%
11%
6,519
5,933
12%
10%
Effects from hedging
44
19
(56)
90
Total revenue
13,588
12,258
16%
11%
6,463
6,023
12%
7%
Strategic brands
The Focused Innovator Strategy amplifies Lundbeck’s
strategic brands, which represent the company’s growth
engine, driving revenue expansion, margin improvement,
and sustainable long-term value creation.
Rexulti
®
(brexpiprazole) revenue reached DKK 3,297
million, representing growth of +17% CER (+8% DKK). In
the U.S., Rexulti
®
continued to deliver strong year-over-
year growth in the first six months of 2026, driven by
continued demand growth and market share expansion.
Total prescriptions (TRx) grew 16% year-over-year in the
first six months of 2026, reaching a market share of 2.87%
in June. Growth was supported by continued focus on
patient adherence programs and improving new-to-brand
prescription trends during the second quarter of 2026. In
agitation associated with dementia due to Alzheimer’s
disease (AADAD), Rexulti
®
TRx demand grew 31% year-
over-year, and the 65+ segment accounted for 36% of
total U.S. Rexulti
®
prescriptions in May, reflecting
continued penetration in the relevant patient population.
U.S. Rexulti
®
revenue increased +16% CER in the first six
months of 2026. In Europe and International Operations,
Rexulti
®
continued to grow in the first six months of 2026.
Excluding one-time revenue from inventory build, growth
in Europe was +28% CER and +11% CER in International
Operations. Performance in Europe was primarily
supported by continued growth and market share
expansion in Switzerland (+11.7% treatment days
compared to the same period last year) and Spain (+47.9%
treatment days compared to the same period last year). In
International Operations, performance was driven by
Brazil, Canada and Australia, with some quarterly
fluctuations compared with the same period last year,
while market shares continued to expand in Canada and
Australia, reaching 5.9% and 2.8%, respectively, during the
second quarter of 2026. The revenue distribution by
region was 91%, 3% and 6% in the U.S., Europe and
International Operations, respectively. The largest
markets are the U.S., Brazil, Canada, Mexico and Australia.
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 JUNE 2026
Company Announcement No. 793 / 2026
Page 7
Vyepti
®
(eptinezumab) delivered very strong growth in the
first six months of 2026, with revenue reaching DKK 2,865
million, an increase of +46% CER (+36% DKK). Vyepti
®
maintained its strong momentum across regions. In the
U.S., Vyepti
®
continued to grow in the first six months of
2026, maintaining its position as the fastest-growing anti-
calcitonin gene-related peptide (aCGRP) in the market and
reaching a market share of 11.6% in May. Growth was
driven by continued expansion of the existing patient
base, improved persistency, increased new patient starts,
Vyepti Infusion Network enrollments and prescription-to-
fill conversion. TRx increased by +41.4% year to date
through June 2026 compared to the same period last year.
U.S. Vyepti
®
sales grew +47% CER in the first six months of
2026. In Europe and International Operations, Vyepti
®
maintained strong growth momentum into the first six
months of 2026 delivering +53% CER and +11% CER
growth, respectively, compared to the same period last
year. Excluding the one-time revenue from inventory
build, growth in Europe was +46% CER and in International
Operations +10% CER. This was driven by continued
strong demand growth across key markets, particularly
France, Spain and Canada. In the second quarter of 2026,
Vyepti
®
demand, measured in treatment days, outpaced
competitors in France and Spain, reaching market shares
of 72% (+5.5 percentage points year-over-year) and 14%
(+2.8 percentage points year-over-year), respectively,
while demand in Canada increased by +18% year-over-
year. The revenue distribution by region was 87%, 10%
and 3% in the U.S., Europe and International Operations,
respectively. The largest markets are the U.S., France,
Spain, Canada and Germany.
Brintellix
®
/Trintellix
®
(vortioxetine) revenue reached
DKK 2,331 million and remained flat at CER (-2% DKK). The
one-time revenue from inventory build in Partner Markets
impacted the growth in the first six months of 2026.
Excluding this effect, the growth was -5% CER (-8% DKK).
In Europe, Brintellix
®
remained an important growth
brand, with performance rebounding in the second
quarter of 2026 following softer momentum in the first
quarter of 2026, driven by reduced promotional activity as
anticipated. Key European markets delivered double-digit
growth in the second quarter of 2026. In International
Operations, performance remained pressured,
particularly in Canada following generic entry in June 2025
and in China due to post–volume-based procurement
(VBP) pressure. This was partly offset by continued
momentum in selected markets, including Japan, where
Trintellix
®
exceeded 13% market share during the second
quarter of 2026, as well as growth in Australia and Korea.
Excluding the one-time revenue from inventory build,
growth in Europe was +3% CER and in International
Operations -15% 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 25%, 47% and 28% in the U.S., Europe and
International Operations, respectively. The largest
markets for this product are the U.S., Spain, Italy, Japan
and Mexico.
Abilify LAI franchise revenue reached DKK 1,970 million
and grew +7% CER (+4% DKK). The Abilify LAI franchise in
the U.S. continued to grow in the first six months of 2026,
supported by increased demand volume and continued
uptake of Abilify Asimtufii
®
. The franchise grew by
+10% CER in the first six months of 2026, with Abilify
Maintena
®
growing +6% CER and Abilify Asimtufii
®
growing +32% CER compared to the same period last year.
Abilify Asimtufii
®
TRx volume grew by +31% year-over-year
on a rolling 3-month basis, reaching a market share
of 4.5% in April 2026, as Lundbeck continued to source
patients from oral aripiprazole. In Europe, the Abilify LAI
franchise grew +5% CER in the first six months of 2026,
driven by uptake of Abilify Maintena
®
960 mg/Abilify
Asimtufii
®
and encouraging conversion from Abilify
Maintena
®
with the delayed entry of generic competition.
Excluding the one-time revenue from inventory build,
Abilify LAI franchise revenue in Europe declined -1% CER
in the first six months of 2026. Franchise performance was
affected by prior-year’s gross-to-net comparator effects of
government-mandated rebates and paybacks (in Italy and
the UK in the first quarter of 2026). Adjusted for these
effects and excluding revenue from inventory build,
underlying franchise growth in Europe was +4% CER in the
first six months of 2026. This was supported by conversion
to the two-month formulation, reaching 42% in Spain, 25%
in France and 23% in Italy. In International Operations the
Abilify LAI franchise grew +6% CER in the first six months
of 2026, supported by Canada and Australia, with market
share reaching 40% in Canada and 37% in Australia in the
second quarter of 2026, up 1.5 and 1.0 percentage points,
respectively, compared to the same period last year.
Growth was partly offset by Partner Market phasing,
where shipments were accelerated earlier in the period
compared to last year. Excluding the one-time revenue
from inventory build, revenue in International Operations
was +6% CER. The revenue distribution by region was 36%,
47% and 17% 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 30 JUNE 2026
Company Announcement No. 793 / 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
1,261 million, an increase of +19% CER (+16% DKK). This
performance was mainly related to the one-time revenue
from inventory build in Partner Markets as well as strong
brand resilience in China and key European markets,
offsetting the erosion across other markets. The growth,
excluding the one-time revenue from inventory build in
Partner Markets, was +6% CER (+2% DKK). Regional
revenue distribution was 66% and 34% in International
Operations and Europe, respectively.
Revenue from Other pharmaceuticals, which comprises
the remainder of Lundbeck’s products, reached DKK 1,564
million, representing an increase of +2% CER (-2% DKK).
The largest markets for Other pharmaceuticals are the
U.S., China, Mexico, France and South Korea.
2.2 REVENUE BY GEOGRAPHICAL AREA
DKK million
H1 2026
H1 2025
Growth
(CER)
Growth
(DKK)
Q2 2026
Q2 2025
Growth
(CER)
Growth
(DKK)
United States
Rexulti
®
3,009
2,806
16%
7%
1,552
1,431
13%
8%
Vyepti
®
2,491
1,834
47%
36%
1,318
918
49%
44%
Abilify LAI franchise
712
700
10%
2%
359
327
13%
10%
Abilify Maintena
®
579
590
6%
(2%)
290
273
10%
6%
Abilify Asimtufii
®
133
110
32%
22%
69
54
33%
29%
Trintellix
®
584
682
(8%)
(14%)
293
329
(10%)
(11%)
Strategic brands
6,796
6,022
22%
13%
3,522
3,005
21%
17%
Mature brands
431
502
(7%)
(14%)
223
235
(2%)
(5%)
Revenue – United States
7,227
6,524
20%
11%
3,745
3,240
20%
16%
Europe
Brintellix
®
1,105
976
13%
13%
507
484
5%
5%
Abilify LAI franchise
929
885
5%
5%
418
421
(1%)
(1%)
Abilify Maintena
®
713
790
(10%)
(10%)
320
367
(13%)
(13%)
Abilify Maintena
®
960 mg
216
95
128%
128%
98
54
81%
81%
Vyepti
®
281
183
53%
54%
141
95
47%
48%
Rexulti
®
88
58
50%
52%
39
30
30%
30%
Strategic brands
2,403
2,102
14%
14%
1,105
1,030
7%
7%
Mature brands
866
766
13%
13%
365
394
(7%)
(7%)
Revenue – Europe
3,269
2,868
14%
14%
1,470
1,424
3%
3%
International Operations
Brintellix
®
/Trintellix
®
642
732
(8%)
(12%)
235
323
(25%)
(27%)
Abilify LAI franchise
329
317
6%
4%
160
140
13%
14%
Abilify Maintena
®
303
315
(2%)
(4%)
147
138
5%
7%
Abilify Asimtufii
®
/Abilify Maintena
®
960 mg
26
2
767%
767%
13
2
300%
333%
Rexulti
®
200
175
15%
14%
94
87
5%
8%
Vyepti
®
93
88
11%
6%
42
50
(14%)
(16%)
Strategic brands
1,264
1,312
0%
(4%)
531
600
(11%)
(12%)
Mature brands
1,528
1,412
13%
8%
645
596
7%
8%
Revenue – International Operations
2,792
2,724
6%
2%
1,176
1,196
(2%)
(2%)
Other revenue
256
123
109%
108%
128
73
74%
75%
Total revenue before hedging
13,544
12,239
16%
11%
6,519
5,933
12%
10%
Effects from hedging
44
19
(56)
90
Total revenue
13,588
12,258
16%
11%
6,463
6,023
12%
7%
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 JUNE 2026
Company Announcement No. 793 / 2026
Page 9
Lundbeck’s five largest markets are the U.S., China, Spain,
Italy and Canada, representing 69% of total revenue.
United States revenue reached DKK 7,227 million,
representing growth of +20% CER (+11% DKK). The
strategic brands reached DKK 6,796 million, increasing by
+22% CER (+13% DKK) and representing 94% of the
revenue in this market. In the U.S., growth in the first six
months of 2026 was driven by strong overall performance
of the strategic brands, with Vyepti
®
as the primary
contributor, followed by continued growth from Rexulti
®
and the Abilify LAI franchise. Vyepti
®
maintained strong
momentum as the fastest-growing anti-calcitonin gene-
related peptide (aCGRP) in the U.S., supported by
continued demand growth, improved persistency,
increased 300 mg utilization and continued market share
expansion. Rexulti
®
delivered continued year-over-year
growth, supported by demand growth, market share
expansion and improving new-to-brand prescription
trends during the second quarter of 2026. The Abilify LAI
franchise also grew, driven by continued uptake of Abilify
Asimtufii
®
. Trintellix
®
reflected the expected effects of the
Takeda transition and performed in line with transition
expectations. Other mature brands declined overall,
mainly driven by Sabril
®
. This was partly offset by a positive
prior-year gross-to-net effect for Xenazine
®
.
Europe revenue reached DKK 3,269 million, representing
growth of +14% CER (+14% DKK). The strategic brands
reached DKK 2,403 million, increasing by +14% CER (+14%
DKK) and representing 74% of revenue in Europe.
Excluding the one-time revenue from inventory build,
growth in Europe of +4% CER was supported by continued
growth across the strategic brands, with Vyepti
®
, Rexulti
®
and Brintellix
®
contributing positively to the performance
in the first six months of 2026. Vyepti
®
remained a
significant growth driver, supported by strong demand
momentum in France and Spain, where demand
continued to outpace competitors and market shares
reached 72% and 14%, respectively, in the second quarter
of 2026. Rexulti
®
also continued to grow, supported by
further market-share expansion and demand growth in
selected markets, including Switzerland and Spain.
Brintellix
®
rebounded in the second quarter of 2026
following softer first-quarter momentum linked to
reduced promotional activity as anticipated, delivering
double-digit growth across key European markets.
Adjusted for prior-year gross-to-net comparator effects
and excluding the inventory build, the Abilify LAI franchise
grew +4% CER in Europe in the first six months of 2026.
Conversion to the two-month formulation continued to
progress strongly across key markets, driving market
share expansion of the franchise. 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 2,792 million, an increase of +6% CER (+2% DKK). The
strategic brands reached DKK 1,264 million, remaining flat
at CER (-4% DKK), representing 45% of revenue from
International Operations. The revenue growth in
International Operations was mainly driven by the one-
time revenue from inventory build in the first quarter of
2026. Excluding this effect, revenue declined by -1% CER (-
5% DKK), with continued growth in Vyepti
®
, positive
development in Rexulti
®
and the Abilify LAI franchise, and
continued pressure on Brintellix
®
/Trintellix
®
in selected
markets. Vyepti
®
growth was supported by strong
demand expansion in Canada compared to the same
period last year. Rexulti
®
performance was supported by
Australia and Brazil, although growth in Brazil moderated
during the second quarter of 2026. Market shares
continued to expand in Canada and Australia during the
second quarter of 2026. The Abilify LAI franchise
continued to benefit from momentum in Canada and
Australia, where franchise market share reached 40% and
37%, respectively, in the second quarter of 2026.
Brintellix
®
/Trintellix
®
remained pressured by generic entry
in Canada and post-volume-based procurement dynamics
in China, partly offset by growth in Japan, where Trintellix
®
exceeded 13% market share during the second quarter of
2026, as well as continued positive development in
Australia and Korea. Mature brands remained resilient in
China and selected markets, supported particularly by
Cipralex
®
/Lexapro
®
and Ebixa
®
, while erosion continued in
markets facing generic and branded-generic pressure.
The largest markets are China, Canada, Mexico, Australia
and Brazil. China and Canada constitute approximately
36% of the regional revenue.
Effects from hedging
Lundbeck hedges a significant part of the foreign currency
revenue risk for a period of 12-18 months. Hedging
contributed positively to revenue by DKK 44 million in the
first six months of 2026 (DKK 19 million in the first six
months of 2025), partially mitigating the impact of foreign
exchange movements on revenue.
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 JUNE 2026
Company Announcement No. 793 / 2026
Page 10
2.3 GROSS PROFIT
DKK million
H1 2026
H1 2025
Change
(CER)
Change
(DKK)
Q2 2026
Q2 2025
Change
(CER)
Change
(DKK)
Revenue
13,588
12,258
16%
11%
6,463
6,023
12%
7%
Cost of sales
2,568
2,175
22%
18%
1,267
1,091
18%
16%
thereof amortization of product rights
632
659
0%
(4%)
318
324
0%
(2%)
thereof other depreciation/amortization
124
119
3%
4%
64
59
8%
8%
Gross profit
11,020
10,083
15%
9%
5,196
4,932
11%
5%
Gross margin (%)
81.1%
82.3%
80.4%
81.9%
Adjusted gross profit
11,776
10,861
14%
8%
5,578
5,315
10%
5%
Adjusted gross margin (%)
86.7%
88.6%
86.3%
88.2%
Cost of sales reached DKK 2,568 million, increasing by
+22% CER (+18% DKK), mainly reflecting unfavorable
product and geographic mix. This was partly offset by
lower amortization of product rights and lower variable
costs.
Gross profit reached DKK 11,020 million, increasing by
+15% CER (+9% DKK). The gross margin was 81.1%, a
decrease of 1.2 percentage points reflecting the impact of
commission costs associated with the partnership model
in 27 markets, as well as unfavorable product and
geographic mix. Product mix reflects continued strong
growth of Vyepti
®
, an intravenous biologic with inherently
higher production costs than Lundbeck’s predominantly
oral portfolio. Geographic mix reflects shifts in the Abilify
LAI franchise toward markets with lower margin profiles.
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 86.7%, corresponding to a decrease of 1.9
percentage points, driven by commission costs associated
with the partnership model in 27 markets, as well as the
same product and geographic mix factors.
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 JUNE 2026
Company Announcement No. 793 / 2026
Page 11
2.4 EBIT AND ADJUSTED EBITDA
DKK million
H1 2026
H1 2025
Change
(CER)
Change
(DKK)
Q2 2026
Q2 2025
Change
(CER)
Change
(DKK)
Revenue
13,588
12,258
16%
11%
6,463
6,023
12%
7%
Gross profit
11,020
10,083
15%
9%
5,196
4,932
11%
5%
thereof depreciation/amortization
756
778
1%
(3%)
382
383
1%
0%
Sales and distribution costs
3,701
3,818
2%
(3%)
1,922
1,946
1%
(1%)
thereof adjustments
-
35
-
-
-
37
-
-
thereof depreciation/amortization
86
45
93%
91%
42
22
91%
91%
S&D ratio
27.2%
31.1%
29.7%
32.3%
Administrative expenses
716
713
3%
0%
361
354
3%
2%
thereof adjustments
-
41
-
-
-
5
-
-
thereof depreciation/amortization
14
13
8%
8%
7
7
0%
0%
Administrative expenses ratio
5.3%
5.8%
5.6%
5.9%
Research and development costs
1
2,809
2,353
24%
19%
1,426
1,091
34%
31%
thereof adjustments
-
(5)
-
-
-
-
-
-
thereof depreciation/amortization
1
104
115
(3%)
(10%)
53
53
2%
0%
R&D ratio
1
20.7%
19.2%
22.1%
18.1%
Other operating expenses, net
141
-
-
-
(11)
-
-
-
thereof adjustments
152
-
-
-
-
-
-
-
Total operating expenses
1
7,367
6,884
12%
7%
3,698
3,391
11%
9%
OPEX ratio
1
54.2%
56.2%
57.2%
56.3%
EBIT (profit from operations)
1
3,653
3,199
22%
14%
1,498
1,541
10%
(3%)
Depreciation and amortization
1
960
951
5%
1%
484
465
6%
4%
Depreciation
241
191
27%
26%
122
96
26%
27%
Amortization
1
719
760
(1%)
(5%)
362
369
0%
(2%)
EBITDA
4,613
4,150
18%
11%
1,982
2,006
9%
(1%)
EBITDA margin (%)
33.9%
33.9%
30.7%
33.3%
Restructuring expenses
152
35
334%
334%
-
37
-
-
Other adjustments
-
36
-
-
-
5
-
-
Adjusted EBITDA
4,765
4,221
19%
13%
1,982
2,048
6%
(3%)
Adjusted EBITDA margin (%)
35.1%
34.4%
30.7%
34.0%
1
Comparatives were restated to reflect the final purchase-price allocation for the Longboard business combination, for details see note 4.1 Basis of preparation.
Total operating expenses (OPEX) reached DKK 7,367
million, corresponding to an increase of +12% CER (+7%
DKK). The OPEX ratio declined by 2.0 percentage points to
54.2%. The development primarily reflects a combination
of revenue growth in the first six months of 2026 and
lower S&D costs, partially offset by higher R&D costs and
other operating expenses. The one-time revenue impact
further supported the OPEX ratio by around 2.0
percentage points.
Sales and distribution costs reached DKK 3,701 million,
corresponding to an increase of +2% CER (-3% DKK). The
S&D ratio decreased by 3.9 percentage points to 27.2%,
primarily based on strong revenue growth and improved
cost efficiency. The one-time revenue impact further
supported the S&D ratio by around 1.0 percentage points.
Administrative expenses reached DKK 716 million,
corresponding to a slight increase of +3% CER (0% DKK).
The administrative expenses ratio decreased by 0.5
percentage points to 5.3%.
Research and development costs reached DKK 2,809
million, with an R&D ratio of 20.7%, increasing by +24%
CER (+19% DKK). The development is primarily driven by
advancing key pipeline programs, including bexicaserin
and amlenetug (anti-α-synuclein) as well as preparations
for phase II initiation of Lu AF28996.
Other operating expenses, net, reached DKK 141
million, primarily reflecting a restructuring provision
recognized in the first quarter of 2026.
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 JUNE 2026
Company Announcement No. 793 / 2026
Page 12
EBIT reached DKK 3,653 million, increasing by +22% CER
(+14% DKK), reflecting a combination of improved gross
profit driven by strong sales growth, including the one-
time revenue from inventory build in Partner Markets, and
by a 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
960 million (DKK 951 million in the first six months of
2025). Amortization of product rights amounted to DKK
632 million, unchanged at CER (-4% DKK). Amortization of
other intangible assets corresponded to DKK 87 million in
the first six months of 2026. Depreciation amounted to
DKK 241 million, corresponding to an increase of +27%
CER (+26% DKK).
Adjusted EBITDA reached DKK 4,765 million,
representing an increase of +19% CER (+13% DKK), driven
by the continued growth in strategic brands, primarily
reflecting strong performance from Vyepti
®
and Rexulti
®
,
and the gross profit impact from the one-time inventory
build supporting the transition to a partnership model.
This growth was partially offset by higher cost of sales, as
further described in the Gross profit section, and
continued R&D investments. The adjusted EBITDA
margin increased to 35.1% (34.4% in the first six months
of 2025), representing an increase of 0.7 percentage
points. Excluding the one-time gross profit impact from
the inventory build, adjusted EBITDA increased by +10%
CER (+3% DKK), corresponding to an adjusted EBITDA
margin of 33.2%.
2.5 NET PROFIT AND ADJUSTED EPS
DKK million
H1 2026
H1 2025
Change
(DKK)
Q2 2026
Q2 2025
Change
(DKK)
EBIT (profit from operations)
1
3,653
3,199
14%
1,498
1,541
(3%)
Net financials, (income)/expenses
56
554
(90%)
27
333
(92%)
Profit before tax
1
3,597
2,645
36%
1,471
1,208
22%
Net profit
1
2,806
2,063
36%
1,148
943
22%
thereof other adjustments
152
71
114%
-
42
-
thereof depreciation/amortization
1
960
951
1%
484
465
4%
thereof tax on adjustments
1
245
225
9%
107
112
(4%)
EPS (DKK)
1
2.83
2.08
36%
1.16
0.95
22%
Adjusted net profit
3,673
2,860
28%
1,525
1,338
14%
Adjusted EPS (DKK)
3.70
2.88
28%
1.54
1.35
14%
1
Comparatives were restated to reflect the final purchase-price allocation for the Longboard business combination, for details see note 4.1 Basis of preparation.
Net financials, (income)/expenses amounted to an
expense of DKK 56 million in the first six months of 2026
compared to an expense of DKK 554 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 six
months of 2025, net financials were negatively impacted
by adverse USD development.
The effective tax rate for the first six months of 2026 was
22.0% (22.0% for the first six months of 2025), in line with
the full-year expectation.
Net profit reached DKK 2,806 million, corresponding to a
growth of 36%.
Adjusted net profit is the net profit excluding
depreciation and amortization and other adjustments, net
of taxes. Adjusted net profit reached DKK 3,673 million,
increasing by +28%, reflecting the strong EBIT
performance and lower financial expenses, partially offset
by higher income taxes.
Adjusted EPS was DKK 3.70, corresponding to an
increase of +28%, in line with the adjusted net profit.
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 JUNE 2026
Company Announcement No. 793 / 2026
Page 13
2.6 CASH FLOW AND BALANCE SHEET
DKK million
H1 2026
H1 2025
Q2 2026
Q2 2025
Profit from operations (EBIT)
1
3,653
3,199
1,498
1,541
Cash flows from operating activities
2,577
2,261
1,978
1,629
Cash flows from investing activities
(261)
(238)
(145)
(127)
Cash flows from operating and investing activities (free
cash flow)
2,316
2,023
1,833
1,502
Cash flows from financing activities
(3,573)
(4,005)
(1,598)
(1,525)
Net cash flow for the period
(1,257)
(1,982)
235
(23)
1
Comparatives were restated to reflect the final purchase-price allocation for the Longboard business combination, for details see note 4.1 Basis of preparation.
Cash flows from operating activities amounted to an
inflow of DKK 2,577 million compared to an inflow of DKK
2,261 million in the first six months of 2025. The increase
was mainly driven by higher EBIT, partly offset by higher
working capital outflows due to increased receivables
from the planned one-time inventory build in the first
quarter of 2026, as well as higher tax payments in the first
six months of 2026.
Lundbeck’s net cash flows from investing activities
were an outflow of DKK 261 million compared to an
outflow of DKK 238 million in the first six months of 2025.
The development in investing activities mainly reflects
investments in property, plant and equipment.
Lundbeck’s net cash flows from financing activities
were an outflow of DKK 3,573 million compared to an
outflow of DKK 4,005 million in the first six months of 2025.
The decrease primarily reflects lower net repayments
related to the Revolving Credit Facility (RCF), as Lundbeck
repaid EUR 400 million in the second quarter of 2026 of
the RCF used to finance the acquisition of Longboard,
partly offset by the utilization of EUR 200 million under the
new RCF signed in the second quarter of 2026. The
decrease was also partly offset by higher dividend payouts
in March 2026.
The net cash outflow reached DKK 1,257 million compared
to an outflow of DKK 1,982 million in the first six months of
2025.
Net debt decreased to DKK 7,382 million at the end of
June 2026 from DKK 11,156 million a year earlier and DKK
8,379 million at year-end 2025, primarily reflecting
continued debt repayments following the 2024
Longboard acquisition. The net debt/EBITDA ratio was
1.0x at the end of June 2026 compared to 1.8x at the end
of June 2025. Interest-bearing debt was DKK 9,578
million at the end of June 2026 compared to DKK 13,803
million at the end of June 2025.
On 30 June 2026, Lundbeck’s total assets amounted to
DKK 52,704 million (DKK 52,054 million at 31 December
2025) mainly driven by intangible assets.
On 30 June 2026, Lundbeck’s total liabilities amounted to
DKK 25,839 million (DKK 27,151 million at 31 December
2025). The decrease primarily reflects repayments of the
RCF, partially offset by higher trade payables.
On 30 June 2026, Lundbeck’s equity amounted to DKK
26,865 million (DKK 24,903 million at 31 December 2025).
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 JUNE 2026
Company Announcement No. 793 / 2026
Page 14
2.7 SUMMARY OF KEY DEVELOPMENTS IN THE SECOND QUARTER OF 2026
For the quarter ended 30 June
DKK million
Q2 2026
Q2 2025
Change
(CER)
1
Change
(DKK)
Revenue
6,463
6,023
12%
7%
Gross profit
5,196
4,932
11%
5%
Gross margin
80.4%
81.9%
Adjusted gross profit
2
5,578
5,315
10%
5%
Adjusted gross margin
86.3%
88.2%
Sales and distribution costs
1,922
1,946
1%
(1%)
S&D ratio
29.7%
32.3%
Administrative expenses
361
354
3%
2%
Administrative expenses ratio
5.6%
5.9%
Research and development costs
3
1,426
1,091
34%
31%
R&D ratio
3
22.1%
18.1%
Other operating expenses, net
(11)
-
-
-
EBIT (profit from operations)
3
1,498
1,541
10%
(3%)
EBIT margin
3
23.2%
25.6%
EBITDA
4
1,982
2,006
9%
(1%)
EBITDA margin
30.7%
33.3%
Adjusted EBITDA
5
1,982
2,048
6%
(3%)
Adjusted EBITDA margin
30.7%
34.0%
Net financials, (income)/expenses
27
333
-
(92%)
Profit before tax
3
1,471
1,208
-
22%
Income taxes
3
323
265
-
22%
Effective tax rate (reported)
22.0%
22.0%
Net profit
3
1,148
943
-
22%
Adjusted net profit
6
1,525
1,338
-
14%
1
Change at CER (Constant Exchange Rates) excludes the effect of hedging Lundbeck's foreign currency exposure.
2
Adjusted gross profit is the gross profit excluding depreciation and amortization and other adjustments linked to sales.
3
Comparatives were restated to reflect the final purchase-price allocation for the Longboard 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.
REVENUE
Revenue reached DKK 6,463 million, representing growth
of +12% CER (+7% DKK) in the second quarter of 2026. The
increase in revenue was mainly driven by strong
performance from Vyepti
®
, with strategic brands reaching
DKK 5,158 million, representing growth of +14% CER
(+11% DKK), equivalent to 80% of total revenue (see
section 2.1) in the second quarter of 2026.
The performance across markets in the second quarter of
2026 was led by strong growth in the U.S., supported by
continued demand growth for Vyepti
®
and Rexulti
®
. U.S.
revenue grew +20% CER, with strategic brands remaining
the main growth engine, driven by Vyepti
®
growth of +49%
CER and Rexulti
®
growth of +13% CER. In Europe and
International Operations, revenue development was
materially affected by transition effects from the new 27
partner markets in the first quarter of 2026, including the
move to a partner-led shipment model, different revenue
timing compared to the prior year, and partner
commissions. As a result, the revenue growth does not
fully reflect the underlying momentum in directly
managed markets. In Europe, revenue grew +3% CER,
while strategic brands showed stronger growth excluding
sales to the new 27 partner markets in both periods,
including Vyepti
®
+46% CER, Brintellix
®
+8% CER and the
Abilify LAI franchise +5% CER. Rexulti
®
also continued to
grow strongly from a smaller base. In International
Operations, revenue declined by -2% CER. However, sales
performance, excluding the new 27 partner markets,
showed stronger underlying momentum across key
brands. This was particularly evident for Vyepti
®
, where
revenue declined by -14% CER, while revenue, excluding
sales to the new 27 partner markets in both periods, grew
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 JUNE 2026
Company Announcement No. 793 / 2026
Page 15
+27% CER. Rexulti
®
and the Abilify LAI franchise also
showed stronger development, growing +6% CER and
+17% CER, respectively, excluding sales to the new Partner
Markets. Brintellix
®
/Trintellix
®
remained pressured,
however, the decline was materially less pronounced
excluding sales to the new 27 partner markets, reflecting
continued pressure from generic entry in Canada and
post-volume-based procurement dynamics in China.
Mature brands were mixed across regions, with resilience
in China and selected European markets partly offset by
erosion in the U.S. and other markets exposed to generic
and branded-generic pressure.
GROSS PROFIT
Cost of sales amounted to DKK 1,267 million, increasing
by +18% CER (+16% DKK) mainly reflecting unfavorable
product and geographic mix. This was partly offset by
lower amortization of product rights.
In the second quarter of 2026, gross profit reached DKK
5,196 million, increasing by +11% CER (+5% DKK). The
gross margin was 80.4% (81.9% in Q2 2025), mainly
impacted by the commission costs associated with the
partnership model in 27 markets as well as unfavorable
product and geographic mix. Product mix reflects
continued strong growth of Vyepti
®
, an intravenous
biologic with inherently higher production costs than
Lundbeck’s predominantly oral portfolio. Geographic mix
reflects shifts in the Abilify LAI franchise toward markets
with lower margin profiles.
Adjusted gross profit reached DKK 5,578 million,
increasing by +10% CER (+5% DKK), with an adjusted
gross margin of 86.3% (88.2% in Q2 2025), driven by
commission costs associated with the partnership model
in 27 markets as well as the same product and geographic
mix factors.
EBIT AND ADJUSTED EBITDA
Total operating expenses (OPEX) reached DKK 3,698
million in the second quarter of 2026 (DKK 3,391 million in
Q2 2025). The OPEX ratio increased by 0.9 percentage
points, primarily driven by higher R&D costs, despite the
revenue growth in the second quarter of 2026.
Sales and distribution costs reached DKK 1,922 million,
corresponding to an increase of +1% CER (-1% DKK). The
S&D ratio decreased by 2.6 percentage points in the
second quarter of 2026, primarily driven by revenue
growth and improved cost efficiency.
Administrative expenses reached DKK 361 million,
increasing by +3% CER (+2% DKK) mainly impacted by
inflation and continued investment in organizational
development. The administrative expense ratio reached
5.6%, decreasing by 0.3 percentage points.
Research and development costs reached DKK 1,426
million, corresponding to an increase of +34% CER (+31%
DKK) with an R&D ratio of 22.1%, 4.0 percentage points
higher than Q2 2025. The development is primarily driven
by advancing key pipeline programs, including bexicaserin
and amlenetug (anti-α-synuclein) as well as preparations
for phase II initiation of Lu AF28996.
EBIT reached DKK 1,498 million, increasing by +10% CER
(-3% DKK), reflecting improved gross profit driven by sales
growth and a lower S&D ratio, partially offset by higher
R&D costs.
Total amortization and depreciation reached DKK 484
million, representing an increase of +6% CER (+4% DKK).
Amortization of product rights amounted to DKK 318
million and remained unchanged at CER (-2% DKK).
Amortization of other intangible assets corresponded to
DKK 44 million in the second quarter of 2026.
Depreciation amounted to DKK 122 million,
corresponding to an increase of +26% CER (+27% DKK).
Adjusted EBITDA reached DKK 1,982 million,
representing an increase of +6% CER (-3% DKK), driven by
the continued solid performance of strategic brands
primarily due to strong performance from Vyepti
®
. This
growth was partially offset by higher cost of sales, as
further described in the Gross profit section, and
continued R&D investments. The adjusted EBITDA
margin was 30.7% (34.0% in Q2 2025), representing a
decrease of 3.3 percentage points.
NET PROFIT AND ADJUSTED EPS
Net financials, (income)/expenses reached DKK 27
million in the second quarter of 2026 (DKK 333 million in
Q2 2025), driven by a positive currency impact due to
favorable movements in USD and lower interest expenses,
reflecting reduced average debt levels following
continued deleveraging.
The effective tax rate for the second quarter of 2026 was
22.0% (22.0% for the second quarter of 2025).
Net profit reached DKK 1,148 million (DKK 943 million in
Q2 2025), corresponding to an increase of +22%.
Adjusted net profit reached DKK 1,525 million (DKK 1,338
million in Q2 2025), corresponding to an increase of +14%,
reflecting EBIT development and lower net financials.
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 JUNE 2026
Company Announcement No. 793 / 2026
Page 16
2.8 OUTLOOK
Financial guidance 2026
On 12 May 2026, Lundbeck raised its financial guidance
for 2026 focusing on revenue performance and adjusted
EBITDA at CER. Lundbeck maintains its full year guidance
for 2026, where revenue is expected to grow 7% to 9% at
CER when compared to revenue of the prior year
excluding effects from hedging. Assuming the current
exchange rates versus DKK, the revenue growth reported
in DKK is expected to be around 4 percentage points lower
than at CER. Lundbeck expects revenue growth is mainly
driven by the demand of the strategic brands.
The guidance reflects the continued strong performance
of Vyepti
®
in the first six months of 2026, 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.
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 guidance continues to include inventory build at
partners, recognized as sales of DKK 470 million in the first
quarter of 2026. This reflects the economics of Lundbeck’s
partner model for non-key markets and is not expected to
recur.
Lundbeck also maintains its full year guidance for adjusted
EBITDA, which is expected to grow 8% to 14% at CER in
2026, when compared to adjusted EBITDA of the prior
year excluding effects from hedging.
Other relevant financial information 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
continues to anticipate an acceleration of R&D
investments, with R&D spending expected in the range of
DKK 5.6 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 now
expected to be approximately 8 percentage points lower
than growth at CER.
Lundbeck has also updated the other relevant financial
information related to its financial guidance for 2026. The
adjusted gross margin is now expected to be around 87%,
previously around 88%, mainly due to change in product
mix. Effects from hedging are now expected to result in a
loss of around DKK 150 million, previously a loss of DKK 10
to 50 million, reflecting the development in exchange
rates during the second quarter of 2026. Net financials are
now expected at around DKK 200 million, previously
around DKK 300 million, reflecting favorable currency
movements and lower interest expenses following
continued deleveraging. Depreciation and amortization is
now expected at DKK 1.8 to 1.9 billion, previously DKK 1.7
to 1.9 billion. R&D costs of DKK 5.6 to 5.9 billion, an
effective tax rate of 20% to 24% and a net debt position of
DKK 4.0 to 5.0 billion are unchanged.
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.
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 JUNE 2026
Company Announcement No. 793 / 2026
Page 17
Revenue at CER
DKK million
H1 2026
Total revenue (IFRS)
13,588
Effects from hedging
44
Total revenue (IFRS) before hedging
13,544
Effects from exchange rate
(700)
Total revenue at CER
14,244
Increase/(decrease) in total revenue
11%
Increase/(decrease) in total revenue at CER
1
16%
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 2026
Adjusted EBITDA
4,765
Effects from hedging
44
Adjusted EBITDA before hedging
4,721
Effects from exchange rate
(300)
Adjusted EBITDA at CER
5,021
Increase/(decrease) in adjusted EBITDA
13%
Increase/(decrease) in adjusted EBITDA at CER
1
19%
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
Financial guidance for FY 2026
As of 12 May 2026
Total revenue growth at CER
7% to 9%
Adjusted EBITDA growth at CER
8% to 14%
Other relevant financial information for FY 2026 at reported
rates
As of 19 August 2026
Total revenue (IFRS) growth
1
Around 4 percentage points lower than at CER
Adjusted EBITDA growth
1
Around 8 percentage points lower than at CER
Adjusted gross margin
2
Around 87%
R&D costs
DKK 5.6 to 5.9 billion
Depreciation & amortization
DKK 1.8 to 1.9 billion
Net financials, (income)/expenses
Around DKK 200 million
Effects from hedging, (losses)/gains
Around DKK -150 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 30 JUNE 2026
Company Announcement No. 793 / 2026
Page 18
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.
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 Japan and China.
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 2 receptor (OX2R)-selective agonist.
Key developments during the quarter and to date
Neuro-specialty highlights
Lu AF28996 – Parkinson’s disease – phase II
Lu AF28996 is being developed for patients with
Parkinson’s disease (PD) and motor complications, a large,
underserved population where significant unmet need
remains. Lu AF28996 offers sustained D
1
and D
2
receptor
stimulation, achieved by back-and-forth conversion of
metabolites serving as a reservoir, leading to activation of
both the direct and indirect pathways.
In July 2026, Lundbeck initiated a phase IIa, proof-of-
concept (PoC) trial in patients with advanced PD with
motor fluctuations inadequately controlled on non-
invasive treatment options. The trial is designed to further
evaluate the efficacy, safety and tolerability of Lu AF28996
and to inform its potential role in addressing motor
complications in PD. The phase IIa PoC initiation builds on
preliminary phase Ib open-label data presented at the
AD/PD congress in Copenhagen. The data showed
improvements in GOOD ON-time and reductions in OFF-
time, as assessed by patient diary, supporting further
evaluation of Lu AF28996 as a potential first-in-class oral
D1/D2 agonist for patients with PD and motor
complications. The phase Ib trial has been completed and
is currently in the reporting phase, with the full dataset
planned for presentation at the International Congress of
Parkinson’s Disease and Movement Disorders (MDS) 2026.
Neuro-rare franchise highlights
Bexicaserin in Developmental and Epileptic
Encephalopathies (DEEs) – phase III
Bexicaserin is a highly selective, unique 5-HT2C super-
agonist with a dual mechanism of action, well-positioned
to address the significant unmet needs in DEEs – a severe
condition characterized by childhood-onset drug-resistant
seizures, frequent epileptic activity on EEG
(electroencephalogram) and developmental slowing or
regression, including syndromes such as Dravet
syndrome and Lennox-Gastaut syndrome (LGS).
In July 2026, Lundbeck announced enrollment closure of
DEEp OCEAN – the largest DEE trial conducted to date,
comprising more than 60 different genetic DEEs – with
results expected in late Q4 2026.
Project
Area
Phase Ib
Phase II
Phase III
Filing
Eptinezumab
anti-CGRP mAb
1
Migraine prevention
2
Japan and China
Bexicaserin
5HT
2C
agonist
Developmental and epileptic encephalopathies
Amlenetug
anti-α-synuclein mAb
Multiple system atrophy
Bocunebart
anti-PACAP mAb
3
Migraine prevention
Asedebart
anti-ACTH mAb
4
Congenital adrenal hyperplasia
Asedebart
anti-ACTH mAb
4
Cushing’s disease
Lu AF28996
D
1
/D
2
agonist
5
Parkinson’s disease
Lu AG22515
CD40L blocker
Neurology
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 30 JUNE 2026
Company Announcement No. 793 / 2026
Page 19
Recruitment in the DEEp SEA trial in Dravet syndrome is
progressing well, with closure of randomization expected
in the coming months.
Compared to currently available treatments, bexicaserin
has greater selectivity and specificity designed to bind only
to 5-HT2C receptors. Among the more than 20 known
syndromes, only four have approved treatments so far.
In 2025, Lundbeck presented results from the bexicaserin
PACIFIC phase Ib/IIa 12 months open-label-extension
study evaluating bexicaserin in patients with DEEs. The
study showed a median reduction of 59.3% in countable
motor seizure frequency, reinforcing bexicaserin’s broad-
spectrum durability of response and supporting its
progression to phase III trials.
Bexicaserin has been granted Breakthrough Therapy
Designation by the FDA and by Chinese health authorities
based on its potential to address all DEEs.
The global phase III program is ongoing and consists of
DEEp SEA, evaluating bexicaserin for the treatment of
seizures associated with Dravet syndrome, one of the rare
DEEs, as well as DEEp OCEAN, evaluating the efficacy of
bexicaserin in other DEEs, including LGS. In addition, once
patients complete participation in the randomized clinical
trials, they are offered the opportunity to enter the DEEp-
OLE trial, which allows patients across arms and trials to
continue on active bexicaserin in an open-label-extension
of the DEEp trials.
Asedebart – phase I/II
Asedebart is a first-in-class monoclonal antibody with 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, asedebart aims to reduce elevated ACTH
levels, potentially providing therapeutic benefits for
individuals with neurohormonal dysfunctions.
Lundbeck initiated a phase I/II trial in patients with
congenital adrenal hyperplasia (CAH) in December 2022,
and a trial in Cushing’s disease (CD) in June 2024.
On 18 May 2026, Lundbeck received orphan drug
designations in Japan for asedebart for the treatment of
patients with CAH and CD.
Asedebart (anti-ACTH) is progressing in line with
expectations, positioning the pipeline to deliver a new
generation of therapies with first-in-class or best-in-class
potential.
Lu AG22515 – phase Ib
Lu AG22515 is Lundbeck’s investigational CD40L blocker,
developed under a licensing and collaboration agreement
with AprilBio Co., Ltd. By targeting the CD40-CD40L
pathway, Lu AG22515 is designed to modulate immune
activation without direct depletion of B-cell populations,
offering a differentiated approach to autoimmune and
neuroimmunological diseases.
Data from the phase Ib study in thyroid eye disease (TED)
showed proof of mechanism, with reductions in thyroid-
stimulating hormone (TSH) receptor autoantibodies
indicating biological engagement of the CD40-CD40L
pathway. However, TED is a complex and heterogeneous
autoimmune disease, and this biological activity did not
translate into the expected clinical effect on disease
outcomes. Importantly, the safety and tolerability profile
observed to date supports continued evaluation of Lu
AG22515. Lundbeck is applying these learnings to guide
the next steps for the program, including exploration of
other indications where CD40-CD40L biology may be
more directly relevant.
Orexin program – Daytime hypersomnolence – phase
Ib
Lundbeck has progressed a program of orexin 2 receptor
agonists with two candidates now in early development,
including Lu AH69593, the lead oral orexin 2 receptor
agonist currently in phase Ib development in patients with
narcolepsy. On 23 July 2026, Lu AH69593 received U.S.
FDA Fast Track designation for the treatment of
narcolepsy. This important regulatory milestone
recognizes the innovative potential of Lu AH69593 to
address significant unmet needs for people living with
narcolepsy. This program represents potential for best-in-
class treatment within daytime hypersomnolence
disorders, by targeting the underlying mechanisms of the
sleep-wake cycle.
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 JUNE 2026
Company Announcement No. 793 / 2026
Page 20
2.10 SUSTAINABILITY UPDATE
ENVIRONMENTAL PERFORMANCE
Category
1
H1 2026
H1 2025
Change (%)
Scope 1 GHG emissions (Tonne CO₂e)
8,285
10,670
(22%)
Scope 2 GHG emissions (market-based) (Tonne CO₂e)
2
1,495
1,773
(16%)
Scope 3 GHG emissions (Tonne CO₂e)
70,159
65,528
7%
1
See Annual Report 2025 for accounting policies and definitions.
2
Comparative figures have been updated to reflect the year-to-date recognition of electricity certificates.
Climate Action
In the first six months of 2026, Scope 1 and 2 GHG
emissions decreased by -21%, compared to the first six
months of 2025.
Scope 1 GHG emissions decreased by -22%, primarily
driven by reduced fleet capacity associated with the
transition to the partnership model, sourcing of lower-
carbon fuels, increasing share of electric and hybrid
vehicles in Lundbeck’s car fleet, as well as reduced vehicle
usage. Emissions from production sites and affiliates
remained broadly stable.
Scope 2 GHG emissions decreased by -16%, mainly due
to lower electricity consumption resulting from the
implementation of the partnership model and influenced
by weather-related variability.
Emissions in Europe remained stable, supported by
renewable electricity certificates and the continued
decarbonization of electricity grids.
Scope 3 GHG emissions increased by +7% compared with
the first six months of 2025. The increase was mainly
driven by purchased goods and services, reflecting the
effects of emissions from commercial partners under the
partnership model and higher procurement activity levels.
This was partly offset by decreased emissions from
business travel, upstream transportation and distribution.
Despite the increase in absolute Scope 3 emissions and
total GHG emissions, GHG intensity continued to improve,
reflecting the decoupling of emissions from business
growth.
SOCIAL PERFORMANCE
Category
1
H1 2026
H1 2025
2
Change
3
Gender balance in upper management (% underrepresented gender - female)
41.8%
40.7%
1.1
1
See Annual Report 2025 for accounting policies and definitions.
2
H1 2025 data reflects the update to the accounting policy regarding the classification of upper management roles.
3
Variation in percentage points.
Inclusion, Diversity and Equity
In the first six months of 2026, the underrepresented
gender balance in upper management increased to
41.8% female at Group level, compared to 40.7% in the
first six months of 2025. The increase of +1.1 percentage
points 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 ways to enhance effective leadership
for all.
As of 30 June 2026, Lundbeck has achieved equal gender
balance in the upper management of H. Lundbeck A/S,
corresponding to a share of the underrepresented gender
closest to 40% but not exceeding 49%, in accordance with
the Danish Gender Balance Act.
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 JUNE 2026
Company Announcement No. 793 / 2026
Page 21
3 CONDENSED FINANCIAL STATEMENTS
CONDENSED STATEMENT OF PROFIT OR LOSS
DKK million
H1 2026
H1 2025
Q2 2026
Q2 2025
Revenue
Cost of sales
Gross profit
Sales and distribution costs
Administrative expenses
Research and development costs
1
Other operating expenses, net
(11 )
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 the final purchase-price allocation for the Longboard business combination, for details see note 4.1 Basis of preparation.
STATEMENT OF COMPREHENSIVE INCOME
DKK million
H1 2026
H1 2025
Q2 2026
Q2 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
(1,426 )
(946 )
Foreign exchange adjustments of net investments in foreign entities
(1,497 )
(975 )
Deferred gains/(losses) on cash flow hedge, exchange rate
(322 )
(101 )
Deferred gains/(losses) on cash flow hedge, interest rate
(10 )
(4 )
Deferred gains/(losses) on cash flow hedge, price
(7 )
Exchange gains/(losses), hedging (transferred to revenue)
(44 )
(19 )
(90 )
Tax
(4 )
(10 )
Items that may be reclassified subsequently to profit or loss
(1,996 )
(1,359 )
Other comprehensive income
(1,996 )
(1,359 )
Comprehensive income
1
(416 )
1
Comparatives were restated to reflect the final purchase-price allocation for the Longboard business combination, for details see note 4.1 Basis of preparation.
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 JUNE 2026
Company Announcement No. 793 / 2026
Page 22
CONDENSED STATEMENT OF FINANCIAL POSITION
DKK million
30.06.2026
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
(90 )
(777 )
Hedging reserve
(205 )
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 2026
Company Announcement No. 793 / 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
(276 )
Comprehensive income
(276 )
Distributed dividends, gross
(1,145 )
(1,145 )
Dividends received, treasury shares
Buyback of treasury shares
(144 )
(144 )
Incentive programs
Tax on other transactions in equity
Other transactions
(1,255 )
(1,255 )
Equity at 30 June 2026
(90 )
(205 )
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
(2,596 )
(1,996 )
Comprehensive income
1
(2,596 )
Distribution of 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
1
(708 )
1
Comparatives were restated to reflect the final purchase-price allocation for the Longboard business combination, for details see note 4.1 Basis of preparation.
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 JUNE 2026
Company Announcement No. 793 / 2026
Page 24
CONDENSED STATEMENT OF CASH FLOWS
DKK million
H1 2026
H1 2025
Q2 2026
Q2 2025
Profit from operations (EBIT)
1
Adjustments for non-cash items
1
Change in working capital
(1,017 )
(855 )
Cash flows from operations before financial receipts and payments
Financial receipts and payments
(191 )
(190 )
(134 )
(143 )
Cash flows from operating activities before tax
Income taxes paid
(1,000 )
(813 )
(68 )
(187 )
Cash flows from operating activities
Purchase and sale of intangible assets and property, plant and equipment
(261 )
(238 )
(145 )
(127 )
Cash flows from investing activities
(261 )
(238 )
(145 )
(127 )
Cash flows from operating and investing activities
(free cash flow)
Proceeds from loans and issue of bonds
Repayment of bank loans and borrowings
(3,735 )
(6,714 )
(2,988 )
(5,222 )
Dividends paid in the financial year, net
(1,141 )
(943 )
Other financing activities
(191 )
(64 )
(104 )
(19 )
Cash flows from financing activities
(3,573 )
(4,005 )
(1,598 )
(1,525 )
Net cash flow for the period
(1,257 )
(1,982 )
(23 )
Cash and cash equivalents at beginning of period
Unrealized exchange gains/losses on cash and bank balances
(35 )
(27 )
Net cash flow for the period
(1,257 )
(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
(9,578 )
(13,803 )
(9,578 )
(13,803 )
Net cash/(net debt)
(7,382 )
(11,156 )
(7,382 )
(11,156 )
1
Comparatives were restated to reflect the final purchase-price allocation for the Longboard business combination, for details see note 4.1 Basis of preparation.
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 JUNE 2026
Company Announcement No. 793 / 2026
Page 25
STATEMENT OF PROFIT OR LOSS – ADJUSTED EBITDA RECONCILIATION (H1 AND Q2)
H1 2026
H1 2025
DKK million
Reported
Adjusted
Reported
Adjusted
Revenue
13,588
13,588
12,258
12,258
Cost of sales
2,568
1,812
2,175
1,397
Gross profit
11,020
11,776
10,083
10,861
Sales and distribution costs
3,701
3,615
3,818
3,738
Administrative expenses
716
702
713
659
Research and development costs
1
2,809
2,705
2,353
2,243
Other operating expenses, net
141
(11)
-
-
Profit from operations (EBIT)
1
3,653
-
3,199
-
Depreciation/amortization
1
960
-
951
-
EBITDA
4,613
4,765
4,150
4,221
EBITDA margin
33.9%
35.1%
33.9%
34.4%
Adjustments to EBITDA
Integration costs
-
-
-
-
Restructuring expenses
152
-
35
-
Impairment costs
-
-
-
-
Gains/losses on divestment of businesses
-
-
-
-
Acquisition expenses
-
-
-
-
Other adjustments
-
-
36
-
Adjusted EBITDA
4,765
4,765
4,221
4,221
Adjusted EBITDA margin
35.1%
35.1%
34.4%
34.4%
1
Comparatives were restated to reflect the final purchase-price allocation for the Longboard business combination, for details see note 4.1 Basis of preparation.
Q2 2026
Q2 2025
DKK million
Reported
Adjusted
Reported
Adjusted
Revenue
6,463
6,463
6,023
6,023
Cost of sales
1,267
885
1,091
708
Gross profit
5,196
5,578
4,932
5,315
Sales and distribution costs
1,922
1,880
1,946
1,887
Administrative expenses
361
354
354
342
Research and development costs
1
1,426
1,373
1,091
1,038
Other operating expenses, net
(11)
(11)
-
-
Profit from operations (EBIT)
1
1,498
-
1,541
-
Depreciation/amortization
1
484
-
465
-
EBITDA
1,982
1,982
2,006
2,048
EBITDA margin
30.7%
30.7%
33.3%
34.0%
Adjustments to EBITDA
Integration costs
-
-
-
-
Restructuring expenses
-
-
37
-
Impairment costs
-
-
-
-
Gains/losses on divestment of businesses
-
-
-
-
Acquisition expenses
-
-
-
-
Other adjustments
-
-
5
-
Adjusted EBITDA
1,982
1,982
2,048
2,048
Adjusted EBITDA margin
30.7%
30.7%
34.0%
34.0%
1
Comparatives were restated to reflect the final purchase-price allocation for the Longboard business combination, for details see note 4.1 Basis of preparation.
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 JUNE 2026
Company Announcement No. 793 / 2026
Page 26
4 NOTES
4.1 BASIS OF PREPARATION
The interim condensed consolidated financial statements for the first six months ended 30 June 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.
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 six months of 2025 comparative
information has been restated to reflect the final fair value of 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 70 million increase in ‘Research and
development costs’ related to know-how amortization as well as the tax effect of DKK 15 million, which reduced the ‘Tax on
profit for the period’. For further information see note 5.1 Business combination in the Annual Report 2025.
In the second quarter of 2026, Lundbeck entered into a new EUR 700 million multicurrency RCF, replacing the existing EUR
1,500 million facility. The refinancing strengthens Lundbeck’s financing platform and provides continued financial flexibility.
The new facility includes updated pricing terms and a simplified covenant structure.
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
30 June 2026
Level 1
Level 2
Level 3
Financial assets
Other financial assets
1
9
-
28
Derivatives
1
-
122
3
Total
9
122
31
Financial liabilities
Contingent consideration
1
-
-
415
Derivatives
1
-
376
-
Bank debt²
-
1,495
-
Bond debt²
7,382
-
-
Total
7,382
1,871
415
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
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 JUNE 2026
Company Announcement No. 793 / 2026
Page 27
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.
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 30 JUNE 2026
Company Announcement No. 793 / 2026
Page 28
Registered Executive Leadership Team
Board of Directors
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 JUNE 2026
Company Announcement No. 793 / 2026
Page 29
FINANCIAL CALENDAR 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
Senior Director, External & Internal Relations
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
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 30 JUNE 2026
Company Announcement No. 793 / 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.