XCSE:HLUN-B ESEF Annual Report
H. LUNDBECK A/S (XCSE:HLUN-B)
ESEF Annual Report
2025-05-27
For: 2025-03-31
View Original
Added on
September 22, 2026
CORPORATE RELEASE
14 MAY 2025
Corporate Release No 772/2025
Phone: +45 3630 1311
www.lundbeck.com
Copenhagen
CVR-no.: 5675991 3
Page 1
Financial report for the period 1 January to 31 March 2025
Lundbeck raises financial guidance following strong start to
the year with strategic brands growth of +24% CER
Key highlights
Lundbeck’s total revenue grew by +16% CER
1
(+18% DKK) to DKK 6,235 million in the first quarter of 2025, with all
regions contributing to growth
• United States: DKK 3,284 million (+25% CER; +31% DKK)
• Europe: DKK 1,444 million (+16% CER; +16% DKK)
• International Operations: DKK 1,528 million (+4% CER; +3% DKK)
The revenue of Lundbeck’s strategic brands increased by +24% CER (+28% DKK), reaching DKK 4,801 million,
representing 77% of total revenue
• Rexulti
®
: DKK 1,491 million (+28% CER; +34% DKK)
• Brintellix
®
/Trintellix
®
: DKK 1,254 million (+7% CER; +7% DKK)
• Vyepti
®
: DKK 1,042 million (+62% CER; +69% DKK)
• Abilify LAI franchise
2
: DKK 1,014 million (+16% CER; +18% DKK)
Adjusted EBITDA
3
increased to DKK 2,173 million (+24% CER; +24% DKK) reflecting the strong revenue growth across
all strategic brands underpinned by sustained prescription uptake and expanding market share across major
geographies.
Adjusted EBITDA margin (DKK) reached 34.9% equivalent to an increase of 1.9 percentage points benefiting from the
revenue growth partially offset mainly by increased R&D investments. EBITDA increased to DKK 2,144 million (+22%
CER; +23% DKK).
Lundbeck has raised its full-year guidance for revenue and now expects growth of 8% to 11% compared to previously
7% to 10%. The financial guidance for adjusted EBITDA has been raised due to strong performance from strategic
brands and cost discipline to an expected growth of 8% to 14% compared to previously 5% to 11%. The guidance is
based on the existing trade environment and does not reflect any trade policy shifts, including pharmaceutical sector
tariffs or major healthcare reforms, that could impact Lundbeck’s business.
Lundbeck’s President and CEO, Charl van Zyl said:
"Lundbeck has had a strong start to 2025 providing the opportunity to raise guidance. The growth is driven by Rexulti
and Vyepti as we continue to reach more patients with innovative therapies. The excellent performance is
complemented by a maturing pipeline and underlying transformation, positioning the company for long-term growth.
The funding generated by our disciplined use of capital supports margin-neutral pipeline investments, including in our
late-stage assets where the amlenetug and bexicaserin phase III trials are progressing according to plan.”
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
Q1 2025
Q1 2024
Change
(CER)
1
Change
(DKK)
Revenue
6,235
5,288
16%
18%
EBITDA
2,144
1,746
22%
23%
Adjusted EBITDA
2,173
1,746
24%
24%
EPS (DKK)
1.16
1.01
15%
Adjusted EPS (DKK)
1.53
1.38
11%
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 31 MARCH 2025
Corporate Release No 772/2025
Page 2
Recent events
On 8 May 2025, Lundbeck announced that pipeline will be presented at the 2025 International MSA Congress in Boston,
United States (U.S.), 9-11 May. The data included results from the AMULET phase II trial, coupled with patient
perspectives from the trial, and new insights from the Multiple System Atrophy (MSA) natural history study, TALISMAN.
On 6 May 2025, Lundbeck partnered with Danish Centre for AI Innovation to use Denmark’s Gefion AI supercomputer,
aiming to accelerate neurological drug discovery through AI-driven insights, optimize therapies, and develop innovative
treatments for both known and emerging brain disorder targets.
On 4 April 2025, Lundbeck presented pipeline data at the 2025 American Academy of Neurology (AAN) Annual Meeting
in San Diego, U.S. The data included an oral presentation of the six-month results from the open-label extension (OLE)
of the phase Ib/IIa PACIFIC trial of bexicaserin, a novel treatment under development for seizures associated with
Developmental and Epileptic Encephalopathies (DEEs).
On 31 March 2025, Lundbeck announced reaching 75% recruitment target in the subcutaneously (SC) dose-finding
part (Part A) in the phase IIb PROCEED trial, that explores dose and route of administration of the anti-PACAP mAb Lu
AG09222. Based on a pre-specified interim outcome assessment following SC route of administration, Lundbeck will
now switch PROCEED to obtain further IV dose-response information on Lu AG09222 in migraine prevention, building
further on findings from the previously successful HOPE phase IIa trial evaluating IV administration of Lu AG09222.
On 13 March 2025, Otsuka Pharmaceutical Europe Ltd. and Lundbeck announced that the European Commission (EC)
has approved Rexulti
®
(brexpiprazole) for the treatment of schizophrenia in adolescents aged 13 years and older.
Brexpiprazole was previously approved in the European Union in 2018 for the treatment of schizophrenia in adults.
On 10 March 2025, Lundbeck announced that amlenetug has received Orphan Drug Designation (ODD) from the
Ministry of Health, Labor, and Welfare (MHLW) in Japan. The ODD in Japan adds to other important designations: the
SAKIGAKE designation by Japan’s MHLW in March 2023, the ODD by the U.S. Food and Drug Administration (FDA) in
April 2024, and by European Medicines Agency (EMA) in May 2021.
On 12 February 2025, Lundbeck announced that amlenetug, a potential new treatment option targeting MSA, has
received Fast Track Designation from the U.S. FDA. Lundbeck has recently initiated MASCOT, a phase III trial to assess
efficacy and safety of amlenetug for the treatment of MSA.
On 4 February 2025, Lars Søren Rasmussen announced he would not seek re-election after 12 years on Lundbeck’s
Board. Following the Annual General Meeting on 26 March, Dorothea Wenzel was elected Chair of the Board. She
stepped down as Chair of the Audit Committee, with Lars Green appointed as her successor.
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 31 MARCH 2025
Corporate Release No 772/2025
Page 3
CONTENT
1 Financial highlights .................................................................................................................... 4
2 Business performance ............................................................................................................... 5
2.1 Revenue by product .................................................................................................................... 5
2.2 Revenue by geographical area ..................................................................................................... 7
2.3 Gross profit ................................................................................................................................ 8
2.4 EBIT and adjusted EBITDA ........................................................................................................... 9
2.5 Net profit and adjusted EPS ...................................................................................................... 10
2.6 Cash flow and balance sheet .................................................................................................... 11
2.7 Outlook ................................................................................................................................... 11
2.8 Lundbeck’s development portfolio ............................................................................................ 14
2.9 Sustainability update ................................................................................................................ 17
2.10 General corporate matters ...................................................................................................... 18
3 Condensed financial statements ............................................................................................... 21
4 Notes ....................................................................................................................................... 26
Financial calendar 2025 ............................................................................................................... 27
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 31 MARCH 2025
Corporate Release No 772/2025
Page 4
1 FINANCIAL HIGHLIGHTS
For the three months ended 31 March
DKK million
Q1 2025
Q1 2024
Change
(CER)
1
Change
(DKK)
Revenue
6,235
5,288
16%
18%
Gross profit
5,151
4,279
19%
20%
Gross margin
82.6%
80.9%
Adjusted gross profit
2
5,546
4,700
16%
18%
Adjusted gross margin
88.9%
88.9%
Sales and distribution costs
1,872
1,789
2%
5%
S&D ratio
30.0%
33.8%
Administrative expenses
359
259
35%
39%
Administrative expenses ratio
5.8%
4.9%
Research and development costs
1,222
953
26%
28%
R&D ratio
19.6%
18.0%
EBIT (profit from operations)
1,698
1,278
33%
33%
EBIT margin
27.2%
24.2%
EBITDA
3
2,144
1,746
22%
23%
EBITDA margin
34.4%
33.0%
Adjusted EBITDA
4
2,173
1,746
24%
24%
Adjusted EBITDA margin
34.9%
33.0%
Net financials, (income)/expenses
221
(29)
-
(862%)
Profit before tax
1,477
1,307
-
13%
Income taxes
325
301
-
8%
Effective tax rate (reported)
22.0%
23.0%
Net profit
1,152
1,006
-
15%
Adjusted net profit
5
1,522
1,371
-
11%
Other key numbers
Assets
54,219
37,852
-
43%
Equity
24,571
22,435
-
10%
Cash flows from operating and investing activities
(free cash flow)
521
867
-
(40%)
Net cash flow for the period
(1,959)
107
-
(1,931%)
Return on invested capital – rolling four quarters
10.5%
11.0%
Net debt/EBITDA – rolling four quarters
2.3
(0.2)
-
(1,250%)
Number of shares for the calculation of EPS (million)
991.9
992.1
-
0%
Earnings per share, basic (EPS) (DKK)
1.16
1.01
-
15%
Adjusted earnings per share, basic (DKK)
1.53
1.38
-
11%
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 31 MARCH 2025
Corporate Release No 772/2025
Page 5
2 BUSINESS PERFORMANCE
2.1 REVENUE BY PRODUCT
Revenue reached DKK 6,235 million representing
growth of +16% CER (+18% DKK). All regions
contributed to the strong growth in strategic brands of
+24% CER (+28% DKK) reaching DKK 4,801 million,
equivalent to 77% of total revenue. Approximately 70%
of the strategic brands growth can be attributed to the
strong performance of Vyepti
®
and Rexulti
®
in the U.S.
in the first quarter of 2025. Vyepti
®
and Rexulti
®
sales in
the U.S. grew, +60% CER (+68% DKK) and +29% CER
(+35% DKK), respectively. The largest markets for the
strategic brands are the U.S., Spain, Canada, Italy and
France.
DKK million
Q1 2025
Q1 2024
Growth
(CER)
Growth
(DKK)
Rexulti
®
1,491
1,115
28%
34%
Brintellix
®
/Trintellix
®
1,254
1,168
7%
7%
Vyepti
®
1,042
617
62%
69%
Abilify LAI franchise
1,014
859
16%
18%
Strategic brands
4,801
3,759
24%
28%
Cipralex
®
/Lexapro
®
622
618
1%
1%
Other pharmaceuticals
833
850
(4%)
(2%)
Mature brands
1,455
1,468
(2%)
(1%)
Other revenue
50
70
(29%)
(29%)
Total revenue before hedging
6,306
5,297
16%
19%
Effects from hedging
(71)
(9)
Total revenue
6,235
5,288
16%
18%
Strategic brands
Rexulti
®
(brexpiprazole) revenue reached DKK 1,491
million representing a growth of +28% CER (+34%
DKK). In the U.S., revenue continues to benefit from a
strong demand growth
1
in both agitation associated
with dementia due to Alzheimer’s disease (AADAD)
and major depressive disorder (MDD), with total
prescriptions (TRx) growing +22% year-over-year,
reaching 2.5% all-time high market share in early April.
By the most recent market share data available,
AADAD reached 3.3%, contributing 20.3% of total
Rexulti
®
prescriptions volume in the U.S. Furthermore,
Rexulti
®
revenue benefited from inventory levels
returning to the midpoint of the normal range in the first
quarter of 2025 compared to exiting 2024 at the lower
end of the normal range. In Europe, the growth was
primarily driven by the launch in Spain, while demand
in Italy grew +30%, reaching 1.8% market share by
February 2025. In International Operations, sales
growth was primarily driven by increased demand in
Canada (+18%) and Australia (+8%), as well as price
increase in Brazil. The revenue distribution by region
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.
was 92%, 2% and 6% in the U.S., Europe and
International Operations, respectively. The largest
markets are the U.S., Brazil, Canada, Australia and
Mexico.
Brintellix
®
/Trintellix
®
(vortioxetine) revenue reached
DKK 1,254 million representing a growth of +7% CER
(+7% DKK), with strong performance in Europe and
International Operations, mainly driven by demand
growth in Spain (+17%), Australia (+16%), Japan
(+25%) and Italy (+7%), with Japan reaching 12.5%
market share during the first quarter of 2025. The U.S.
executes on transitioning sales operation to Takeda as
of 1 January 2025 as part of the agreement signed in
July 2024 resulting in lower sales compared to the
same period last year. The revenue distribution by
region was 28%, 39% and 33% in the U.S., Europe and
International Operations, respectively. The largest
markets for this product are the U.S., Spain, Canada,
Italy and France.
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 31 MARCH 2025
Corporate Release No 772/2025
Page 6
Vyepti
®
(eptinezumab) delivered strong growth in the
first quarter of 2025 and revenue reached DKK 1,042
million following an increase of +62% CER (+69% DKK)
maintaining strong momentum across all regions.
Vyepti
®
continued to demonstrate exceptional
performance in the first quarter of 2025, solidifying its
position as the fastest-growing anti-CGRP (aCGRP)
therapy in the U.S. market, reaching 10.0% market
share of the prevention market in March, supported by
record-high demand (+58%) and strong momentum
throughout the quarter. In February 2025, 62% of new
patients enrolled in the Vyepti Infusion Network (VIN)
went on to receive their infusion, maintaining high
conversion levels into the first quarter of 2025. In
Europe and International Operations, demand growth
was particularly robust across key markets such as
France (+105%), Spain (+140%), Germany (+141%),
Canada (+74%) and Italy (+545%), with market shares
reaching 66.3% in France (+19p.p.), 13.7% in Italy
(+11p.p.) and 26.3% in Canada (+5p.p.). The revenue
distribution by region was 88%, 8% and 4% in the U.S.,
Europe and International Operations, respectively. The
largest markets are the U.S., France, Canada, Spain
and Germany.
Abilify LAI franchise revenue reached DKK 1,014
million and grew +16% CER (+18% DKK). The franchise
delivered solid growth in the first quarter of 2025, with
U.S. market share reaching 24.3% in March, driven by
the momentum of Abilify Asimtufii
®
, with 52% of new
Abilify Asimtufii
®
patients sourced from oral
aripiprazole, other oral antipsychotics, LAIs other than
Abilify Maintena
®
and naïve patients. Abilify Maintena
®
also maintained steady growth, with first-quarter
revenue increasing by 8% CER, an acceleration
compared to previous quarters, and achieving 10%
growth in TRx demand. Abilify Maintena
®
demand grew
in Europe, driven by market share gains in France
(+1p.p.) and Italy (+4p.p.). Abilify Maintena
®
960mg
gained momentum, with 13% regional conversion, and
high ratio of switches from oral aripiprazole in
Germany (32%) and UK (31%) based on insights from
primary market research. The revenue distribution by
region was 37%, 46% and 17% in the U.S., Europe and
International Operations, respectively. The largest
markets are the U.S., Spain, Italy, Canada and
Australia.
Mature brands
Cipralex
®
/Lexapro
®
(escitalopram) revenue reached
DKK 622 million representing a growth of +1% CER
(+1% DKK) supported by strong promoted brand
uptake in China as well as higher demand in Saudi
Arabia. This is offset by generic erosion, particularly in
Japan and in Canada. The revenue distribution by
region was 74% and 26% 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 833 million representing a decline of -4%
CER (-2% 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 Thailand.
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 31 MARCH 2025
Corporate Release No 772/2025
Page 7
2.2 REVENUE BY GEOGRAPHICAL AREA
DKK million
Q1 2025
Q1 2024
Growth
(CER)
Growth
(DKK)
United States
Rexulti
®
1,375
1,018
29%
35%
Vyepti
®
916
544
60%
68%
Abilify LAI franchise
373
301
18%
24%
Trintellix
®
353
358
(6%)
(1%)
Strategic brands
3,017
2,221
29%
36%
Mature brands
267
277
(8%)
(4%)
Revenue – United States
3,284
2,498
25%
31%
Europe
Brintellix
®
492
423
17%
16%
Abilify LAI franchise
464
400
16%
16%
Vyepti
®
88
45
96%
96%
Rexulti
®
28
18
56%
56%
Strategic brands
1,072
886
21%
21%
Mature brands
372
362
4%
3%
Revenue – Europe
1,444
1,248
16%
16%
International Operations
Brintellix
®
/Trintellix
®
409
387
8%
6%
Abilify LAI franchise
177
158
13%
12%
Rexulti
®
88
79
20%
11%
Vyepti
®
38
28
32%
36%
Strategic brands
712
652
12%
9%
Mature brands
816
829
(2%)
(2%)
Revenue – International Operations
1,528
1,481
4%
3%
Other revenue
50
70
(29%)
(29%)
Total revenue before hedging
6,306
5,297
16%
19%
Effects from hedging
(71)
(9)
Total revenue
6,235
5,288
16%
18%
Lundbeck’s largest markets are the U.S., China,
Canada, Spain and Italy constituting 71% of the total
revenue.
United States revenue reached DKK 3,284 million
representing growth of +25% CER (+31% DKK). The
strategic brands reached DKK 3,017 million, increasing
+29% CER (+36% DKK) and representing 92% of the
revenue. The revenue growth is mainly driven by the
increasing market share, the continued demand
uptake of Rexulti
®
following the AADAD approval and
the strong performance of Vyepti
®
, which continues to
drive strong demand growth and market share
expansion.
Europe revenue reached DKK 1,444 million
representing a growth of +16% CER (+16% DKK). The
strategic brands reached DKK 1,072 million, increasing
+21% CER (+21% DKK) and representing 74% of
revenue. Rexulti
®
benefited from a successful launch
in Spain, supporting overall franchise momentum.
Brintellix/Trintellix
®
posted strong growth across
multiple countries, with particularly robust
performance in the Iberian markets. The Abilify LAI
franchise saw a positive impact from the uptake of
Abilify Asimtufii
®
following its launch in Iberia. Vyepti
®
also recorded solid growth, driven by continued launch
uptake across all markets. The largest markets in
Europe are Spain, Italy, France, the UK and
Switzerland.
International Operations comprises all Lundbeck’s
markets outside the U.S. and Europe. Revenue
reached DKK 1,528 million, representing growth of
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 31 MARCH 2025
Corporate Release No 772/2025
Page 8
+4% CER (+3% DKK). The strategic brands reached
DKK 712 million, increasing by +12% CER (+9% DKK)
and representing 47% of revenue. The revenue growth
is mainly driven by the solid performance in the
quarter, with growth across all four key brands. Rexulti
®
was driven by increased demand in Canada and
favorable price and inventory effects in Brazil.
Brintellix/Trintellix
®
continued its strong trajectory,
with notable growth in Canada, Hong Kong, and Japan,
where it reached a record-high market share of 12.5%.
The Abilify LAI franchise maintained steady market
share gains in both Canada and Australia, reinforcing
its resilient performance. Vyepti
®
saw continued
growth, supported by ongoing launch uptake across all
active markets.
Performance of mature brands declined, primarily due
to generic erosion of Cipralex
®
in Japan and Canada,
and Deanxit
®
in China. The biggest markets are China,
Canada, Saudi Arabia, Brazil and Australia. 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 negative impact of DKK 71 million on revenue in
the first quarter of 2025, compared to a negative
impact of DKK 9 million in the same period last year.
2.3 GROSS PROFIT
DKK million
Q1 2025
Q1 2024
Change
(CER)
Change
(DKK)
Revenue
6,235
5,288
16%
18%
Cost of sales
1,084
1,009
7%
7%
thereof amortization of product rights
336
368
(11%)
(9%)
thereof other depreciation/amortization
59
53
13%
11%
Gross profit
5,151
4,279
19%
20%
Gross margin (%)
82.6%
80.9%
Adjusted gross profit
5,546
4,700
16%
18%
Adjusted gross margin (%)
88.9%
88.9%
Cost of sales reached DKK 1,084 million, increasing
by +7% CER (+7% DKK), mainly driven by a
combination of volume growth, higher personnel and
indirect costs, partially offset by lower amortization
costs due to fully amortized product rights of one of our
products.
Gross profit reached DKK 5,151 million, increasing by
+19% CER (+20% DKK). The gross margin was 82.6%
representing an increase of 1.7 percentage points.
Gross margin was mainly impacted by a combination
of higher revenue, favorable currency and hedging
effects as well as lower amortization 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 88.9% and was in line with the same
period last year.
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 31 MARCH 2025
Corporate Release No 772/2025
Page 9
2.4 EBIT AND ADJUSTED EBITDA
DKK million
Q1 2025
Q1 2024
Change
(CER)
Change
(DKK)
Revenue
6,235
5,288
16%
18%
Gross profit
5,151
4,279
19%
20%
thereof depreciation/amortization
395
421
(8%)
(6%)
Sales and distribution costs
1,872
1,789
2%
5%
thereof adjustments
(2)
-
-
-
thereof depreciation/amortization
23
22
5%
5%
S&D ratio
30.0%
33.8%
Administrative expenses
359
259
35%
39%
thereof adjustments
36
-
-
-
thereof depreciation/amortization
6
5
40%
20%
Administrative expenses ratio
5.8%
4.9%
Research and development costs
1,222
953
26%
28%
thereof adjustments
(5)
-
-
-
thereof depreciation/amortization
22
20
5%
10%
R&D ratio
19.6%
18.0%
Total operating expenses
3,453
3,001
13%
15%
OPEX ratio
55.4%
56.8%
EBIT (profit from operations)
1,698
1,278
33%
33%
Depreciation/amortization
446
468
(6%)
(5%)
EBITDA
2,144
1,746
22%
23%
EBITDA margin (%)
34.4%
33.0%
Restructuring expenses
(2)
-
-
-
Other adjustments
31
-
-
-
Adjusted EBITDA
2,173
1,746
24%
24%
Adjusted EBITDA margin (%)
34.9%
33.0%
Total operating expenses (OPEX) reached DKK 3,453
million, corresponding to an increase of +13% CER
(+15% DKK). The OPEX ratio declined by 1.4
percentage points to 55.4%. The development reflects
the strong revenue growth, offset by the continued
investments in R&D pipeline and sales and
promotional activities, along with higher
administrative expenses related to legal provisions.
Sales and distribution costs reached DKK 1,872
million, corresponding to an increase of +2% CER (+5%
DKK). The S&D ratio decreased by 3.8 percentage
points to 30.0%, reflecting strong revenue growth and
improved cost efficiency. Direct-to-consumer
campaigns for Rexulti
®
was offline during most of the
first quarter of 2024, corresponding to approximately
half of the increase in S&D costs. The slight cost
increase reflects the impact of capital reallocation
efforts, including resource redeployment following the
Trintellix
®
transition in the U.S. and structural
efficiencies achieved through ongoing optimization of
the commercial model. These savings have enabled
continued investment 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 359 million,
increasing by +35% CER (+39% DKK). The
administrative expense ratio reached 5.8%,
representing an increase of 0.9 percentage points.
Main drivers of the increase are Longboard integration
costs as well as higher personnel and legal costs due
to ongoing litigations.
Research and development costs reached DKK
1,222 million, with an R&D ratio of 19.6% increasing
+26% CER (+28% DKK) mainly driven by the
progression of the phase III preparations for
bexicaserin and amlenetug (anti-a-synuclein mAb) as
well as general higher discovery and development
costs across early-stage programs during first quarter
of 2025.
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 31 MARCH 2025
Corporate Release No 772/2025
Page 10
EBIT reached DKK 1,698 million, increasing by +33%
CER (+33% DKK) reflecting an improved gross profit
development and lower sales and distribution ratio,
offset by increased R&D costs due to the continued
pipeline progression and higher administrative
expenses.
Amortization of product rights amounted to DKK 336
million, corresponding to a decrease of -11% CER (-9%
DKK). Total amortization and depreciation reached
DKK 446 million, representing a decrease of -6% CER
(-5% DKK), mainly driven by fully amortized product
rights of one of our products since February 2024.
Adjusted EBITDA reached DKK 2,173 million
representing an increase of +24% CER (+24% DKK)
reflecting the strong revenue growth driven by
significant performance of strategic brands, despite
continued investments in building R&D pipeline. The
adjusted EBITDA margin was 34.9%, representing an
increase of 1.9 percentage points.
2.5 NET PROFIT AND ADJUSTED EPS
DKK million
Q1 2025
Q1 2024
Change
(DKK)
EBIT (profit from operations)
1,698
1,278
33%
Net financials, (income)/expenses
221
(29)
(862%)
Profit before tax
1,477
1,307
13%
Net profit
1,152
1,006
15%
thereof other adjustments
29
-
-
thereof depreciation/amortization
446
468
(5%)
thereof tax on adjustments
105
103
2%
EPS (DKK)
1.16
1.01
15%
Adjusted net profit
1,522
1,371
11%
Adjusted EPS (DKK)
1.53
1.38
11%
Net financial (income)/expenses amounted to an
expense of DKK 221 million, equivalent to a decrease
of 862% primarily driven by the higher interest costs
due to new debt obtained in connection with the
acquisition of Longboard as well as unfavorable
currency effects mainly due to USD.
The effective tax rate for the first quarter of 2025 was
22.0% (23.0% for the first quarter of 2024). The tax rate
is in line with the full-year expectation.
Net profit reached DKK 1,152 million, corresponding
to a growth of 15%.
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 1,522
million, increasing +11% and reflecting the EBIT
development.
Adjusted EPS was DKK 1.53, corresponding to an
increase of +11%.
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 31 MARCH 2025
Corporate Release No 772/2025
Page 11
2.6 CASH FLOW AND BALANCE SHEET
DKK million
Q1 2025
Q1 2024
Profit from operations (EBIT)
1,698
1,278
Cash flows from operating activities
632
961
Cash flows from investing activities
(111)
(94)
Cash flows from operating and investing activities (free cash flow)
521
867
Cash flows from financing activities
(2,480)
(760)
Net cash flow for the period
(1,959)
107
Cash flows from operating activities amounted to an
inflow of DKK 632 million compared to an inflow of DKK
961 million in the first quarter of 2024. This decrease
was primarily driven by higher prepaid tax, reflecting
the performance of the period.
Lundbeck’s net cash flows from investing activities
were an outflow of DKK 111 million compared to an
outflow of DKK 94 million in the first quarter 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 2,480 million compared to an
outflow of DKK 760 million in the first quarter of 2024
mainly driven by the repayment of the loan facility for
the acquisition of Longboard as well as higher
dividends paid to shareholders in March 2025.
The net cash outflow reached DKK 1,959 million
compared to an inflow of DKK 107 million in the first
quarter of 2024.
Net debt increased from a net cash position of DKK
799 million at the end of March 2024 to net debt of DKK
12,644 million at the end of March 2025, primarily due
to higher leverage following the acquisition of
Longboard. During the first quarter of 2025, the EUR
1.5 billion RCF was extended by one year, with a new
maturity date set for June 2027. The net debt/EBITDA
ratio is 2.3x at the end of March 2025 compared to
-0.2x at the end of March 2024. Interest-bearing debt
was DKK 15,341 million at the end of March 2025
compared to DKK 4,314 million at the end of March
2024.
On 31 March 2025, Lundbeck’s total assets amounted
to DKK 54,219 million compared to DKK 56,976 million
at the end of 2024.
On 31 March 2025, Lundbeck’s equity amounted to
DKK 24,571 million.
2.7 OUTLOOK
Financial guidance 2025
Based on the 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 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 largely due to
the stronger performance in revenue. Lundbeck now
expects the growth of adjusted EBITDA to reach 8% to
14% at CER in 2025.
The guidance includes the first impact from loss of
exclusivity (LoE) on strategic brands. The growth of the
Abilify LAI franchise is projected to be driven by the
continued increased conversion to the two-month
formulation, offsetting the anticipated impact of
generic entries in Europe in the later part of 2025.
Brintellix
®
/Trintellix
®
will be affected by the modified
collaboration with Takeda in the U.S. as well as generic
entry in Canada expected by mid-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 equal to CER.
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 31 MARCH 2025
Corporate Release No 772/2025
Page 12
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
between DKK 5.0 and 5.2 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
our dedicated efforts towards capital reallocation
initiatives within Sales, Distribution and Production, as
well as additional contributions from accelerated
revenue growth. Given the current exchange rates
against the Danish krone, growth in adjusted EBITDA
reported in DKK is expected to be around 0.5
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 loss of
DKK 135 to 185 million compared to a loss of DKK 52
million for 2024. Depreciation, amortization, and
impairment losses are expected to be in the range of
DKK 1.7 to 1.9 billion, compared to DKK 1,876 million
in 2024. Lundbeck anticipates financial items (net) to
result in a loss of approximately DKK 535 to 585 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, 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 5 February 2025)
As of 14 May 2025
Total revenue growth at CER
(7% to 10%)
8% to 11%
Adjusted EBITDA growth at CER
(5% to 11%)
8% to 14%
Other relevant financial information for FY 2025 at reported rates
Total revenue (IFRS) growth
1
Equal to CER
Adjusted EBITDA growth
1
Around 0.5 percentage points lower than at CER
Adjusted gross margin
2
88% to 89%
R&D costs
DKK 5.0 to 5.2 billion
Depreciation & amortization
DKK 1.7 to 1.9 billion
Net financials, (expenses)/gains
DKK -535 to -585 million
Effects from hedging, (losses)/gains
DKK -135 to -185 million
Effective tax rate
21% to 24%
Net cash/(net debt)
3
DKK -9 to -10 billion
1
Includes effects from hedging and exchange rate impact.
2
Adjusted gross margin is the gross margin excluding depreciation and amortization and other adjustments linked to sales.
3
Net cash/(net debt) is defined as Interest-bearing debt, cash, cash equivalents and securities, net.
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 31 MARCH 2025
Corporate Release No 772/2025
Page 13
Revenue at CER
DKK million
Q1 2025
Total revenue (IFRS)
6,235
Effects from hedging
(71)
Total revenue (IFRS) before hedging
6,306
Effects from exchange rate
143
Total revenue at CER
6,163
Increase/(decrease) in total revenue
18%
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
Q1 2025
Adjusted EBITDA
2,173
Effects from hedging
(71)
Adjusted EBITDA before hedging
2,244
Effects from exchange rate
68
Adjusted EBITDA at CER
2,176
Increase/(decrease) in adjusted EBITDA
24%
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 and excluding any business
development activities.
Lundbeck plans to ensure appropriate investments in
R&D and prelaunch activities for bexicaserin following
the successful closure of the acquisition of
Longboard. 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 31 MARCH 2025
Corporate Release No 772/2025
Page 14
2.8 LUNDBECK’S DEVELOPMENT PORTFOLIO
Lundbeck is developing several new and promising
medicines for the treatment of brain diseases.
The pipeline developments are summarized below.
1
CGRP: Calcitonin gene-related peptide.
2
Two phase III clinical trials, supporting registration in Asia, including China and Japan: SUNRISE, and SUNSET trials.
3
PACAP: Pituitary
adenylate cyclase activating peptide.
4
Adrenocorticotropic hormone. Two phase Ib trials are currently ongoing in Congenital Adrenal Hyperplasia and Cushing’s Disease. For
technical reasons, the latter has been officially categorized as a phase II trial to adhere to local requirements in Georgia.
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
Phase Ib trial ongoing
in TED (Thyroid Eye Disease).
Key developments in the quarter
Hormonal / neuropeptide signaling
Lu AG09222 – phase II
Lu AG09222 represents a potential new therapeutic
option for the treatment of migraine, which, unlike the
calcitonin gene-related peptide (CGRP) migraine
treatment drug class, is a monoclonal antibody
targeting pituitary adenylate cyclase-activating
polypeptide (PACAP). PACAP and its receptors are
broadly expressed in the nervous systems and
inflammatory cells. By interfering with the PACAP
signaling, there is a potential to affect multiple
headache disorders.
Lundbeck has initiated the PROCEED trial, an
interventional, randomized, double-blind, parallel-
group, placebo-controlled, dose-finding phase IIb trial
that is conducted in Europe, Japan, and the U.S. The
target population for this trial is defined as patients
diagnosed with migraine as outlined in the
International Classification of Headache Disorders
Third Edition (ICHD-3)ii and with treatment failure of 1-
4 different preventive migraine medications in the past
10 years. The PROCEED trial assesses the efficacy,
safety, and tolerability of Lu AG09222 versus placebo,
when administered once monthly for three months.
The PROCEED trial is intending to establish both the
optimal route of administration and dose of Lu
AG09222, through an adaptive design consisting of a
part A, in which Lu AG09222 is administered
subcutaneously and a part B, in which Lu AG09222 is
given IV. The initiation of the part B, IV dose-response
exploration in PROCEED is based on a pre-specified
futility interim analysis of part A, when about 75% of
the patients have been randomized. Based on this pre-
specified interim analysis outcome, Lundbeck switch
PROCEED to obtain further IV dose-response
information on Lu AG09222 in migraine prevention,
building further on findings from the previously
successful HOPE phase IIa trial evaluating IV
administration of Lu AG09222.
The part B of PROCEED is an interventional,
randomized, double-blind, parallel-group, placebo-
controlled, conducted in Europe, Japan, and the U.S. It
assesses 3 different doses of Lu AG09222 versus
placebo, administered intravenously once monthly for
three months. The part B of PROCEED is planned to
enroll approximately 395 patients.
The PROCEED trial is expected to be completed in the
first half of 2026 with planned pivotal phase III initiation
in the second half of 2026.
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)
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)
9
Neurology
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 31 MARCH 2025
Corporate Release No 772/2025
Page 15
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
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.
U.S. FDA has communicated the date for
brexipiprazole PTSD Psychopharmacologic Drugs
Advisory Committee (PDAC) meeting as 18 July 2025. If
approved, the brexpiprazole and sertraline
combination treatment will be the first U.S. FDA-
approved pharmacological treatment for PTSD in more
than 20 years.
Brexpiprazole – phase III in adolescent patients (13-
17 years old) with schizophrenia
A Type II variation to apply for a pediatric schizophrenia
indication (for adolescents aged 13 to 17 years) was
successfully submitted to the European Medicines
Agency (EMA) on 26 June 2024 and was followed by a
positive opinion from the Committee for Medicinal
Products for Human Use (CHMP) on 30 January 2025.
The CHMP recommendation was recently ratified by
European Commission on 7 March 2025.
The submission is based on the phase III trial 331-10-
234 in adolescent patients with schizophrenia
(NCT03198078), which demonstrated a significant
improvement for brexpiprazole compared to placebo.
In the trial, brexpiprazole was generally well tolerated,
and the safety profile was similar to that observed in
adult patients with schizophrenia. The trial forms part
of the brexpiprazole EMA Paediatric Investigation Plan.
Bexicaserin in Developmental and Epileptic
Encephalopathies (DEEs) – Phase III
In 2024, Lundbeck acquired Longboard with the lead
asset bexicaserin which holds blockbuster potential.
In September 2024, a global phase III trial was initiated
by Longboard, evaluating bexicaserin for the treatment
of seizures associated with Dravet Syndrome (DEEp
SEA trial), one of the rare epilepsies, and in November
2024 Longboard initiated a second phase III trial to
evaluate the efficacy of bexicaserin in Developmental
and Epileptic Encephalopathies (DEEs), including
Lennox-Gastaut Syndrome (LGS) (DEEp Ocean trial).
There is a strong unmet need across a broad range of
epilepsy indications, including DEEs. Among many
types of DEEs, only 4 have approved treatments so far.
Bexicaserin has shown encouraging anti-seizure
effects to date in preclinical and clinical studies, with
its next-generation super agonist mechanism
specifically targeting 5-HT2C receptors, supporting
bexicaserin’s potential to offer a highly differentiated
and best-in-class profile, and emphasized by having
U.S. FDA Break-Through Designation, while being
afforded Orphan Drug designation in both Dravet
Syndrome and Lennox-Gastaut Syndrome in the U.S.
Bexicaserin has the potential to address all DEEs, and
compared to the treatments currently available, e.g.,
fenfluramine, bexicaserin has greater selectivity,
designed to only bind 5-HT2C receptors.
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 31 MARCH 2025
Corporate Release No 772/2025
Page 16
On 30 January 2025, Lundbeck announced headline
results of the bexicaserin PACIFIC phase Ib/IIa 12
months Open-Label-Extension study evaluating
bexicaserin in patients with DEEs demonstrating a
durable response in seizure reduction and a favorable
safety and tolerability profile across a broad range of
DEE patients. These data provide further support to
bexicaserin’s potential to offer a highly differentiated
and best-in-class profile, and detailed data will be
presented at an upcoming conference in 2025.
On 12 February 2025, Lundbeck initiated the DEEp OLE
trial – a 12 months open-label extension trial of
patients continuing from both DEEp SEA and DEEp
OCEAN phase III trials.
Protein aggregation, folding and clearance
amlenetug (Lu AF82422) – phase III
Amlenetug is a monoclonal antibody (mAb) targeting
the pathological form of the protein alpha-synuclein
that is believed to play a pivotal role in the
development and progression of neurodegenerative
diseases such as multiple system atrophy (MSA),
Parkinson’s disease (PD), and other
synucleinopathies.
By targeting pathological alpha-synuclein with an
antibody that will inhibit aggregation and potentially
clear pathological alpha-synuclein from the brain, the
project aims to demonstrate delay of disease
progression and therapeutic effect on disease burden
and function.
Results from a phase II randomized, double-blind,
placebo-controlled exploratory proof-of-concept
(PoC) trial (AMULET) testing Lu AF82422 in MSA
patients was announced in January 2024. The trial
included 61 MSA patients from U.S. and Japan
randomized 2:1 to receive either Lu AF82422 or
placebo for 48-72 weeks. The primary endpoint in the
trial was slowing of progression of MSA as measured
by the Unified Multiple System Atrophy Rating Scale
(UMSARS) Total Score Part I and II, while the key
secondary endpoints included Modified UMSARS Part
I as well as several other clinical outcome measures
and biomarkers. The primary statistical approach
consisted of a Bayesian slope analysis. While the trial
did not reach statistical significance on its primary
endpoint, a trend towards slowing MSA disease
progression was observed in the group exposed to Lu
AF82422 compared to the placebo group, and
additional signals of efficacy were observed across
multiple clinical and biomarker endpoints. Lu AF82422
was generally well-tolerated.
Lundbeck initiated a phase III clinical trial (MASCOT) in
November 2024. The trial comprises 2 parts: A double-
blind period where participants are randomized to
receive either high or low doses of amlenetug, or
placebo for 72 weeks, followed by an open-label
extension period where all participants enrolled in the
trial are offered treatment with amlenetug. The aim of
the trial is to evaluate the efficacy, safety, and
tolerability of amlenetug in patients with MSA.
Amlenetug will be delivered as an intravenous infusion
every four weeks. The trial aims at enrolling 360 MSA
patients in North America, Europe, Asia and Australia.
Orphan drug designation for Lu AF82422 in MSA was
granted by EMA in April 2021, U.S. FDA in April 2024
and PMDA in Japan in March 2025. In addition,
SAKIGAKE pioneering drug designation was granted by
the Japanese Health Authorities (MHLW) in March
2023, and Fast Track Designation was granted by the
U.S. FDA in February 2025.
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 31 MARCH 2025
Corporate Release No 772/2025
Page 17
2.9 SUSTAINABILITY UPDATE
Lundbeck’s sustainability strategy aims to ensure that
we mitigate our most significant sustainability risks
and adverse impacts, while acting on the opportunities
to make a positive impact on the environment, patients
and the communities where we operate.
In this sustainability update, progress is presented for
Environmental, Social and Governance matters
supported by key performance metrics.
ENVIRONMENTAL PERFORMANCE
Category
1
Q1 2025
Q1 2024
2
Change (%)
Scope 1 GHG emissions (Tonne CO₂ₑ)
5,837
6,027
(3%)
Scope 2 GHG emissions (Market Based) (Tonne CO₂ₑ)
1,523
1,832
(17%)
Scope 1+2 GHG emissions (Tonne CO₂ₑ)
7,360
7,859
(6%)
Energy consumption (MWh)
33,656
33,685
(0%)
1
See Lundbeck Annual Report 2024 for accounting policies and definitions.
2
All comparative figures were updated to reflect the update of accounting policy with the implementation of Corporate Sustainability Reporting Directive in 2024.
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 quarter of 2025, Scope 1 + 2 GHG
emissions decreased by 6%, compared to the first
quarter of 2024. Scope 1 decreased by 3%, mainly due
to lower consumption of gas and oils, higher biooil
utilization as well as implementation of heat pumps in
Lumsås. Scope 2 emissions decreased by 17%,
mainly due to acquisition of renewable guarantee of
origin electricity certificate for Valbonne site and EU
sales subsidiaries, together with general
decarbonization of electricity grids.
Lundbeck remains on track to meet its climate targets
for Scope 1 + 2 GHG emissions, as the planned
actions in the low carbon transition plan will come into
effect.
Other topics
In 2022, traces of PFAS (per- and polyfluoroalkyl
substances) were found at Lundbeck’s Lumsås
production facility. The pollution stems from the use of
fire-retardant foam 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
Q1 2025
Q1 2024
Change
2
Gender balance in upper management (% underrepresented gender - female)
41.9%
35.2%
6.7
1
See Lundbeck Annual Report 2024 for accounting policies and definitions.
2
Variation in percentage points.
Inclusion, Diversity and Equity
Lundbeck embraces unique perspectives and
experiences of each individual enhancing our ability to
address complex challenges and drives 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
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 31 MARCH 2025
Corporate Release No 772/2025
Page 18
recognizes the target required in accordance with the
Danish Gender Balance Act to reach and maintain
gender balance in upper management.
In the first quarter of 2025, the underrepresented
gender balance in upper management increased to
41.9% female, compared to 35.2% in the first quarter
of 2024, an increase of 6.7 percentage points. This
positive development is the result of recent
organizational changes and a more structured
recruitment process designed to reduce bias, widen
the talent pool, and strengthen succession planning.
Promotions and new hires are now guided by objective,
data-driven criteria focused on skills and potential,
helping to build a more balanced and inclusive
leadership team.
HEALTH AND SAFETY
Category
1
Q1 2025
Q1 2024
Change (%)
Lost Time Incident Rate (LTIR)
0.8
2.9
(72%)
1
See Lundbeck Annual Report 2024 for accounting policies and definitions.
Health and Safety
The 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 quarter of 2025, the Lost Time Incident
Rate (LTIR) decreased significantly to 0.8, compared
to 2.9 in the same period last year. The positive
development is primarily driven by local initiatives
implemented at sites level, where targeted actions
resulted in this reduction in the first quarter of 2025. In
parallel, a global accident prevention campaign
launched in early 2025 has supported this progress by
encouraging safer work practices and strengthening
safety awareness through monthly focus topics.
2.10 GENERAL CORPORATE MATTERS
Pending legal proceedings
Lundbeck is involved in several legal proceedings,
including patent disputes and environmental matters,
the most significant of which are described below.
Some of these involve significant amounts and are
subject to considerable uncertainty. Management
continuously assesses the risks associated with the
legal proceedings, and their likely outcome.
Management is of the opinion that, apart from items
recognized in the financial statements, the outcome of
these legal proceedings and disputes are not probable
or cannot be reliably estimated in terms of amount or
timing. Such proceedings may, however, 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 has been granted
permission to appeal the decision to the Court of
Appeal and the substantive proceedings have
remained pending the 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
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 31 MARCH 2025
Corporate Release No 772/2025
Page 19
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 early 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 is scheduled in the second quarter of
2025 and Lundbeck current expects a first instance
court ruling in the second half of 2025.
Lundbeck has been informed about potential claims in
several other 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
defect litigation has been discontinued in Quebec. 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 2018, Lundbeck entered settlements with three of
four generic companies involved in an Australian
federal court case, in which Lundbeck was pursuing
patent infringement and damages claims over the sale
of escitalopram products in Australia. Lundbeck’s
case against the last of the four generic companies,
Sandoz Pty Ltd, went up to the High Court of Australia,
who has decided that Sandoz Pty Ltd infringed
Lundbeck’s escitalopram patent between 2009 and
2012. The High Court has sent the case back to the first
instance court for recalculation of the damages
awarded to Lundbeck in first instance which amounted
to AUD 26.3 million (DKK 121 million). Lundbeck’s
appeal of the Australian Patent Office’s decision to
grant Sandoz a license has now been decided, and the
license was substantially limited. The case has now
been finally settled thereby resolving all remaining
issues relating to escitalopram patent litigation in
Australia.
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 Alyogen
with respect to certain patents listed for Abilify
Maintena
®
in the U.S. and commenced patent
infringement proceedings against both companies.
The U.S. FDA will stay approval to Sun and Apotex 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 31 MARCH 2025
Corporate Release No 772/2025
Page 20
Registered Executive Management
Board of Directors
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 31 MARCH 2025
Corporate Release No 772/2025
Page 21
3 CONDENSED FINANCIAL STATEMENTS
CONDENSED STATEMENT OF PROFIT OR LOSS
DKK million
Q1 2025
Q1 2025
Revenue
Cost of sales
Gross profit
Sales and distribution costs
Administrative expenses
Research and development costs
Profit from operations (EBIT)
Net financials, (income)/expenses
(29 )
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
Q1 2025
Q1 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
(480 )
Exchange rate gains/losses on additions to net investments in foreign subsidiaries
(522 )
(40 )
Deferred gains/losses on cash flow hedge, exchange rate
(110 )
Deferred gains/losses on cash flow hedge, interest rate
(11 )
Deferred gains/losses on cash flow hedge, price
(8 )
(17 )
Exchange gains/losses, hedging (transferred to the hedged items)
Tax
Items that may be reclassified subsequently to profit or loss
(637 )
Other comprehensive income
(637 )
Comprehensive income
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 31 MARCH 2025
Corporate Release No 772/2025
Page 22
CONDENSED STATEMENT OF FINANCIAL POSITION
DKK million
31.03.2025
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
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 31 MARCH 2025
Corporate Release No 772/2025
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 2025
(208 )
Profit for the period
Other comprehensive income
(888 )
(637 )
Comprehensive income
(888 )
Distributed dividends, gross
(946 )
(946 )
Dividends received, treasury shares
Buyback of treasury shares
(20 )
(20 )
Incentive programs
Tax on other transactions in equity
(1 )
(1 )
Other transactions
(954 )
(954 )
Equity at 31 March 2025
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
(92 )
Comprehensive income
(92 )
Distribution of dividends, gross
(697 )
(697 )
Dividends received, treasury shares
Buyback of treasury shares
(43 )
(43 )
Incentive programs
Tax on other transactions in equity
Other transactions
(729 )
(729 )
Equity at 31 March 2024
(29 )
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 31 MARCH 2025
Corporate Release No 772/2025
Page 24
CONDENSED STATEMENT OF CASH FLOWS
DKK million
Q1 2025
Q1 2024
Profit from operations (EBIT)
Adjustments for non-cash items
Change in working capital
(894 )
(886 )
Cash flows from operations before financial receipts and payments
Financial receipts and payments
(47 )
Cash flows from ordinary activities
Income taxes paid
(626 )
(108 )
Cash flows from operating activities
Purchase and sale of intangible assets and property, plant and equipment
(111 )
(94 )
Cash flows from investing activities
(111 )
(94 )
Cash flows from operating and investing activities
(free cash flow)
Repayment of bank loans and borrowings
(1,492 )
Dividends paid in the financial year, net
(943 )
(694 )
Other financing activities
(45 )
(66 )
Cash flows from financing activities
(2,480 )
(760 )
Net cash flow for the period
(1,959 )
Cash and cash equivalents at beginning of period
Unrealized exchange gains/losses on cash and bank balances
(8 )
(4 )
Net cash flow for the period
(1,959 )
Cash and cash equivalents at end of period
Interest-bearing debt, cash, cash equivalents and securities, net, is composed as
follows:
Cash and cash equivalents
Interest-bearing debt
(15,341 )
(4,314 )
Net cash/(net debt)
(12,644 )
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 31 MARCH 2025
Corporate Release No 772/2025
Page 25
STATEMENT OF PROFIT OR LOSS – ADJUSTED EBITDA RECONCILIATION (Q1)
Q1 2025
Q1 2024
DKK million
Reported
Adjusted
Reported
Adjusted
Revenue
6,235
6,235
5,288
5,288
Cost of sales
1,084
689
1,009
588
Gross profit
5,151
5,546
4,279
4,700
Sales and distribution costs
1,872
1,851
1,789
1,767
Administrative expenses
359
317
259
254
Research and development costs
1,222
1,205
953
933
Profit from operations (EBIT)
1,698
-
1,278
-
Depreciation/amortization
446
-
468
-
EBITDA
2,144
2,173
1,746
1,746
EBITDA margin
34.4%
34.9%
33.0%
33.0%
Adjustments to EBITDA
Integration costs
-
-
-
-
Restructuring expenses
(2)
-
-
-
Gains/losses on divestment of businesses
-
-
-
-
Acquisition expenses
-
-
-
-
Other adjustments
31
-
-
-
Adjusted EBITDA
2,173
2,173
1,746
1,746
Adjusted EBITDA margin
34.9%
34.9%
33.0%
33.0%
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 31 MARCH 2025
Corporate Release No 772/2025
Page 26
4 NOTES
4.1 BASIS OF PREPARATION
The interim condensed consolidated financial statements for the first three months ended 31 March 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, for disclosures regarding inventory obsolescence see section 2.4 EBIT and adjusted
EBITDA and for disclosures regarding pending legal proceedings (contingent liabilities) see section 2.10 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
31 March 2025
Level 1
Level 2
Level 3
Financial assets
Other financial assets
1
1
-
30
Derivatives
1
-
267
28
Total
1
267
58
Financial liabilities
Contingent consideration
1
-
-
332
Derivatives
1
-
230
-
Bank debt²
-
10,968
-
Bond debt²
3,543
-
-
Total
3,543
11,198
332
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.
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 31 MARCH 2025
Corporate Release No 772/2025
Page 27
FINANCIAL CALENDAR 2025
20 August 2025: Financial statements for the first six months of 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 31 MARCH 2025
Corporate Release No 772/2025
Page 28
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.