XCSE:HLUN-B ESEF Annual Report
H. LUNDBECK A/S (XCSE:HLUN-B)
ESEF Annual Report
2025-11-18
For: 2025-09-30
View Original
Added on
September 22, 2026
CORPORATE RELEASE
11 NOVEMBER 2025
Corporate Release No 778/2025
Phone: +45 3630 1311
CVR-no.: 5675991 3
Page 1
Financial report for the period 1 January to 30 September 2025
Lundbeck delivers 14% CER revenue growth, reflecting
stronger momentum from Vyepti
®
and Rexulti
®
driven by
additional investments
Key highlights
Lundbeck’s total revenue grew by +14% CER
1
(+13% DKK) to DKK 18,537 million in the first nine months of 2025. Growth
in the U.S. and Europe was the driver of this strong performance.
• United States: DKK 9,955 million (+22% CER; +19% DKK)
• Europe: DKK 4,318 million (+13% CER; +13% DKK)
• International Operations: DKK 3,880 million (+0% CER; -4% DKK)
The revenue of Lundbeck’s strategic brands increased by +20% CER (+18% DKK), reaching DKK 14,260 million,
representing 77% of total revenue
• Rexulti
®
: DKK 4,695 million (+26% CER; +23% DKK)
• Brintellix
®
/Trintellix
®
: DKK 3,453 million (-1% CER; -3% DKK)
• Vyepti
®
: DKK 3,254 million (+57% CER; +54% DKK)
• Abilify LAI franchise
2
: DKK 2,858 million (+11% CER; +9% DKK)
EBITDA increased to DKK 6,207 million, growing +39% CER (+38% DKK) and adjusted EBITDA
3
reached DKK 6,272
million, growing +22% CER (+21% DKK), driven by continuous strong momentum across strategic brands fueled by the
strong performance of Vyepti
®
and Rexulti
®
. Lundbeck’s disciplined capital reallocation framework allows for both
investing for the future and delivering on the near-term targets, supported by a healthy cost mindset and continuous
optimization of capital deployment toward the highest-return opportunities. EBITDA growth was mainly impacted by
an impairment loss from one of the MAGLi projects recognized in the third quarter of 2024.
Financial guidance 2025 raised
On 11 November 2025, Lundbeck announced an increase in its full-year revenue and adjusted EBITDA guidance at CER.
Revenue is now expected to grow by 13% to 14% at CER, up from the previous forecast of 11% to 13%, compared to
the prior year’s revenue excluding hedging effects. Adjusted EBITDA growth is now projected at 22% to 25% at CER,
previously 16% to 21%, also excluding hedging effects. Further details can be found in section 2.8 Outlook.
Lundbeck’s President and CEO, Charl van Zyl said:
"In the third quarter, Lundbeck continued its strong financial performance, driven by higher-than-expected growth for
Vyepti
®
and Rexulti
®
in the U.S. The performance is a result of targeted investments enabled through our capital
reallocation program. This leads us to upgrade our guidance. During the quarter, we also announced a new commercial
operating model, under which 27 markets are transitioning to a partnership model. This approach frees up additional
capital for reinvestment in growth opportunities, including our transformed pipeline and key commercial focus
markets.”
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
9M 2025
9M 2024
Change
(CER)
1
Change
(DKK)
Q3 2025
Q3 2024
Change
(CER)
1
Change
(DKK)
Revenue
18,537
16,463
14%
13%
6,279
5,722
14%
10%
EBITDA
6,207
4,495
39%
38%
2,057
1,278
67%
61%
Adjusted EBITDA
6,272
5,196
22%
21%
2,051
1,831
16%
12%
EPS (DKK)
3.24
2.57
26%
1.11
0.78
42%
Adjusted EPS (DKK)
4.32
3.94
10%
1.44
1.30
11%
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 SEPTEMBER 2025
Corporate Release No 778/2025
Page 2
Recent events
On 27 October 2025, Lundbeck announced a strategic collaboration with OpenAI to transform how the company
innovates and operates across its entire value chain – from molecule to patient. Through the deployment of ChatGPT
Enterprise to its global workforce, Lundbeck empowers employees with AI capabilities designed to accelerate
discovery, enhance decision-making, and drive unprecedented efficiency. The collaboration marks a bold step toward
redefining innovation in brain health.
On 20 October 2025, Lundbeck and Contera Pharma announced a strategic research collaboration aiming to
accelerate the discovery and development of innovative oligonucleotide-based medicines for patients living with
serious neurological conditions, where significant unmet medical needs remain. Together, the companies will explore
novel RNA-targeting treatment approaches designed to deliver transformative benefits for patients worldwide.
On 13 October 2025, Lundbeck announced that its investigational drug bexicaserin, for the treatment of seizures
associated with Developmental and Epileptic Encephalopathies (DEEs), has been granted Breakthrough Therapy
Designation (BTD) by China's Center for Drug Evaluation (CDE). The BTD procedure is designed to accelerate the
development and review of innovative medicines for serious or life-threatening diseases with no adequate treatment
options, or where early evidence shows substantial advantages over existing therapies.
On 2 October 2025, Lundbeck announced that pipeline developments regarding amlenetug, a novel investigational
molecule for the potential treatment of Multiple System Atrophy (MSA), were presented at the 2025 International
Congress of Parkinson’s Disease and Movement Disorders
®
in Honolulu, Hawaii (5-9 October). At the congress,
Lundbeck shared Insights into the design of the phase III MASCOT trial and its use of innovative Bayesian progression
modeling methods.
On 20 September 2025, Lundbeck and Otsuka America Pharmaceutical, Inc., (Otsuka) announced that Otsuka has
received a Complete Response Letter (CRL) from the U.S. Food and Drug Administration (FDA) regarding the
supplemental New Drug Application (sNDA) for use of Rexulti
®
(brexpiprazole) in combination with sertraline as a
treatment of adults with post-traumatic stress disorder (PTSD). The CRL states that the FDA has completed their review
but cannot approve the application in the current form, as the application does not provide substantial evidence of
effectiveness to support the approval.
On 11 September 2025, Lundbeck announced a step forward in its commitment to advancing brain health by enhancing
its leadership in migraine with a comprehensive collection of datasets presented at the 2025 International Headache
Congress, which took place in São Paulo (10-13 September). Among data presented, Lundbeck announced the full
results of the 12-week, open-label extension of the RESOLUTION trial investigating eptinezumab for the prevention of
migraine in patients with chronic migraine and associated medication overuse headache (MOH) who also received
standardized patient education.
On 9 September 2025, Lundbeck announced a change to its commercial operating model, aimed at focusing resources
and capital on the highest-growth opportunities while ensuring continued patient access to our medicines. As a next
step in the continued execution of its Focused Innovator strategy, Lundbeck will transition its operations to a
partnership model in 27 markets in Europe and International Operations through new partnerships with Swixx Group,
Zuellig Pharma, and NewBridge Pharmaceuticals. The phased transition to the partnership model is expected to be
completed by December 2025 in all countries.
On 25 August 2025, Lundbeck announced that new data regarding bexicaserin, a novel treatment under investigation
for seizures associated with Developmental and Epileptic Encephalopathies (DEEs), were presented at the 36
th
International Epilepsy Congress (IEC) in Lisbon, Portugal (30 August – 3 September).
Conference call
Tomorrow at 13.00 CET, Lundbeck will be hosting a conference call for the financial community. You can find dial-ins
and a link for webcast online at www.lundbeck.com under the Investor section.
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 SEPTEMBER 2025
Corporate Release No 778/2025
Page 3
Strategy update – Focused Innovator
Lundbeck progresses well on the Focused Innovator Strategy laid out in the beginning of 2024.
Scaling for the Next Phase of Growth
Lundbeck is building a stronger foundation for scale and long-term value creation. Vyepti
®
and Rexulti
®
provide a
durable engine for reinvestment into innovation. With five to six mid to late-stage pipeline assets on track by 2026,
including amlenetug and bexicaserin, and efficiency gains from the new commercial operating model, Lundbeck is
structurally positioned for sustained profitability and growth driven by Rexulti
®
and Vyepti
®
. Building on strong cash
generation and late-stage visibility, Lundbeck is well placed to deliver on its 2027 mid-term targets and extend its
leadership in neuroscience well into the next decade.
Sustained growth from Strategic Brands
Lundbeck continues to demonstrate strong and consistent progress on its Focused Innovator strategy, with strategic
brands delivering revenue growth of +20% CER in the first nine months of 2025 and now representing 77% of total
revenue. Lundbeck's double-digit CER growth reflects the continued transformation of its commercial model toward
higher-value, innovation-driven franchises. Growth was led by Vyepti
®
, which continued to deliver double-digit CER
growth and maintained its strong momentum across all regions. Demand remained particularly strong in the U.S.,
supported by total patient growth (+35%), world-class persistency (58%), and increasing dosage, overall further fueled
by expanding access across Europe and International Operations. Rexulti
®
sustained above 20% growth for three
consecutive quarters and contributed to the strong growth in the first nine months of 2025, with targeted affordability
initiatives introduced earlier in 2025 now driving stronger patient access and demand in both the Major Depressive
Disorder (MDD) and agitation associated with dementia due to Alzheimer’s disease (AADAD) segments. This broad-
based strength underscores Lundbeck’s ability to combine focused commercial execution, portfolio discipline, and
operating leverage in support of sustained growth.
Pipeline Advancing Toward Late-Stage Inflection
Lundbeck advanced its late-stage pipeline during the quarter, reinforcing its commitment to deliver differentiated
innovation in brain health. In migraine, Vyepti
®
achieved a key regulatory milestone with FDA approval of its CHO
manufacturing process and submission to the European Medicines Agency, supporting long-term supply scalability
and cost efficiency. Lu AG09222 (anti-PACAP) continues to progress in phase IIb, with dose-response analyses guiding
pivotal design, while a dual-active VIP-PACAP molecule has entered pre-clinical development with intended indication
in cluster headache. In neuro-rare, amlenetug recruitment remains strong and remained positioned as a potential first
disease-modifying therapy for Multiple System Atrophy. Bexicaserin is advancing according to plan and was granted
Breakthrough Therapy Designation in China, further underscoring its global potential and the growing momentum
behind Lundbeck’s next wave of innovation.
Capital Efficiency Powering Innovation
Lundbeck delivered another strong operational and financial performance, demonstrating continued capital discipline
and cost efficiency while investing in innovation and growth. The company achieved an adjusted EBITDA margin of
33.8% in the first nine months of 2025, supported by solid revenue growth and active cost allocation management.
Strategic reallocation of resources within the Focused Innovator Strategy framework continues to fund late-stage R&D
programs (adjusted R&D spending increasing 22% CER in the first nine months of 2025) and launch readiness activities
without compromising profitability. Transition of 27 markets to a partnership-led model is progressing as planned and
will enhance Lundbeck’s flexibility and scalability across geographies. Reinvestment from these efficiencies, together
with a stronger balance sheet and operating cash flow of more than DKK 4.5 billion year to date, provides Lundbeck
with the capacity to advance its late-stage pipeline and support future launches. The company remains focused on
maintaining a robust financial foundation while driving sustainable, innovation-led growth.
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 SEPTEMBER 2025
Corporate Release No 778/2025
Page 4
CONTENT
1 Financial highlights .................................................................................................................... 5
2 Business performance ............................................................................................................... 6
2.1 Revenue by product .................................................................................................................... 6
2.2 Revenue by geographical area ..................................................................................................... 8
2.3 Gross profit ................................................................................................................................ 9
2.4 EBIT and adjusted EBITDA ......................................................................................................... 10
2.5 Net profit and adjusted EPS ...................................................................................................... 11
2.6 Cash flow and balance sheet .................................................................................................... 12
2.7 Summary of key developments in the third quarter of 2025 ......................................................... 13
2.8 Outlook ................................................................................................................................... 15
2.9 Lundbeck’s development portfolio ............................................................................................ 17
2.10 Sustainability update .............................................................................................................. 18
2.11 General corporate matters ...................................................................................................... 20
3 Condensed financial statements ............................................................................................... 23
4 Notes ....................................................................................................................................... 28
Financial calendar 2025 ............................................................................................................... 30
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 SEPTEMBER 2025
Corporate Release No 778/2025
Page 5
1 FINANCIAL HIGHLIGHTS
For the nine months ended 30 September
DKK million
9M 2025
9M 2024
Change
(CER)
1
Change
(DKK)
Revenue
18,537
16,463
14%
13%
Gross profit
15,516
13,304
18%
17%
Gross margin
83.7%
80.8%
Adjusted gross profit
2
16,280
14,563
13%
12%
Adjusted gross margin
87.8%
88.5%
Sales and distribution costs
5,714
5,746
2%
(1%)
S&D ratio
30.8%
34.9%
Administrative expenses
1,077
1,080
0%
0%
Administrative expenses ratio
5.8%
6.6%
Research and development costs
3,440
3,385
2%
2%
R&D ratio
18.6%
20.6%
Other operating expenses, net
385
-
-
-
EBIT (profit from operations)
4,900
3,093
59%
58%
EBIT margin
26.4%
18.8%
EBITDA
3
6,207
4,495
39%
38%
EBITDA margin
33.5%
27.3%
Adjusted EBITDA
4
6,272
5,196
22%
21%
Adjusted EBITDA margin
33.8%
31.6%
Net financials, (income)/expenses
773
54
-
-
Profit before tax
4,127
3,039
-
36%
Income taxes
908
486
-
87%
Effective tax rate (reported)
22.0%
16.0%
Net profit
3,219
2,553
-
26%
Adjusted net profit
5
4,289
3,911
-
10%
Other key numbers
Assets
53,193
39,516
-
35%
Equity
25,153
23,836
-
6%
Cash flows from operating and investing activities
(free cash flow)
4,151
4,134
-
0%
Net cash flow for the period
(1,146)
3,326
-
(134%)
Return on invested capital – rolling four quarters
14.7%
13.1%
Net debt/EBITDA – rolling four quarters
1.3
(0.8)
-
(263%)
Number of shares for the calculation of EPS (million)
992.0
991.5
-
0%
Earnings per share, basic (EPS) (DKK)
3.24
2.57
-
26%
Adjusted earnings per share, basic (DKK)
4.32
3.94
-
10%
1
Change at CER (Constant Exchange Rates) does not include effects from hedging.
2
Adjusted gross profit is the gross profit excluding depreciation and amortization and other adjustments linked to sales.
3
EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization, including impairment losses.
4
Adjusted EBITDA is defined as EBITDA adjusted by certain items, for details see note 4.3 Adjusted EBITDA.
5
Adjusted net profit is the net profit excluding depreciation and amortization and other adjustments, net of taxes.
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 SEPTEMBER 2025
Corporate Release No 778/2025
Page 6
2 BUSINESS PERFORMANCE
2.1 REVENUE BY PRODUCT
Revenue reached DKK 18,537 million representing
growth of +14% CER (+13% DKK). The strong
performance in strategic brands was driven by the U.S.
and Europe, growing +26% CER (+23% DKK) and +18%
CER (+18% DKK) , respectively. Approximately 84% of
the strategic brands growth was attributable to the
strong performance of Vyepti
®
and Rexulti
®
in the U.S.
in the first nine months of 2025. Vyepti
®
and Rexulti
®
sales in the U.S. grew +56% CER (+53% DKK) and +26%
CER (+24% DKK), respectively. The largest markets for
the strategic brands was the U.S., Spain, Canada, Italy
and France.
DKK million
9M 2025
9M 2024
Growth
(CER)
Growth
(DKK)
Q3 2025
Q3 2024
Growth
(CER)
Growth
(DKK)
Rexulti
®
4,695
3,806
26%
23%
1,656
1,425
24%
16%
Brintellix
®
/Trintellix
®
3,453
3,576
(1%)
(3%)
1,063
1,225
(9%)
(13%)
Vyepti
®
3,254
2,116
57%
54%
1,149
774
57%
48%
Abilify LAI franchise
2,858
2,618
11%
9%
956
893
11%
7%
Strategic brands
14,260
12,116
20%
18%
4,824
4,317
18%
12%
Cipralex
®
/Lexapro
®
1,573
1,627
0%
(3%)
483
511
(1%)
(5%)
Other pharmaceuticals
2,320
2,476
(5%)
(6%)
730
772
(1%)
(5%)
Mature brands
3,893
4,103
(3%)
(5%)
1,213
1,283
(1%)
(5%)
Other revenue
285
287
(1%)
(1%)
162
130
25%
25%
Total revenue before hedging
18,438
16,506
14%
12%
6,199
5,730
14%
8%
Effects from hedging
99
(43)
80
(8)
Total revenue
18,537
16,463
14%
13%
6,279
5,722
14%
10%
Strategic brands
The Focused Innovator Strategy amplifies Lundbeck’s
strategic brands representing the company’s growth
engine, driving revenue expansion, margin
improvement, and sustainable long-term value
creation.
Rexulti
®
(brexpiprazole) revenue reached DKK 4,695
million representing growth of +26% CER (+23% DKK).
In the U.S., revenue benefitted from continued strong
demand growth
1
in both agitation associated with
dementia due to Alzheimer’s disease (AADAD) and
major depressive disorder (MDD). Total prescriptions
(TRx) grew +23.5% year-over-year in the first nine
months of 2025, reaching all-time high market share of
2.69% in August, and contributing to +21.1% growth in
overall demand volume in the third quarter. In AADAD,
Rexulti
®
reached 4.35% market share within the
Alzheimer segment and accounted for 23.4% of total
U.S. Rexulti
®
prescriptions in July, up from 17.8% same
month of last year. In Europe and International
Operations, Rexulti
®
continued the strong and stable
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.
growth into the third quarter, driven by demand growth
in countries such as Spain (+117%), expanding market
share on the back of the 2024 launch, and Brazil
(+13%), maintaining market share in a growing market,
while Canada (+14%) continues the strong momentum
on the back of nationwide reimbursement. The
revenue distribution by region was 93%, 2% and 5% 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 3,453 million representing a decline of -1% CER
(-3% DKK), with strong performance in Europe. In
Europe, the brand continued to gain market share
across key markets, such as Italy (5.2% market share),
France (4.1% market share), and Spain (6.4% market
share). In International Operations, Japan maintained
over 12% market share in the third quarter of 2025,
resulting in +11% demand growth in the third quarter of
2025. The impact from generic competition was
greater than expected in the third quarter of 2025. In
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 SEPTEMBER 2025
Corporate Release No 778/2025
Page 7
Canada, this was primarily driven by earlier than
expected decline in demand for the product following
generic market entry, as well as by wholesalers
reducing inventory levels to a greater extent than
expected across the country. In addition, the brand
has experienced the continued price and volume
pressure from post–volume-based procurement (VBP)
in China, which remained stable compared with the
second quarter, along with ongoing generic erosion in
Brazil. The year-over-year revenue development
reflects the transfer of U.S. sales operations to Takeda,
effective 1 January 2025 as well as the Medicare Part D
redesign impacts. The revenue distribution by region
was 28%, 43% and 29% in the U.S., Europe and
International Operations, respectively. The largest
markets for this product are the U.S., Spain, Canada,
Italy and Japan.
Vyepti
®
(eptinezumab) delivered strong growth in the
first nine months of 2025, with revenue reaching DKK
3,254 million, an increase of +57% CER (+54% DKK).
Vyepti
®
maintained its strong momentum across all
regions. In the U.S., Vyepti
®
accelerated sequentially in
the third quarter of 2025, being the fastest-growing
aCGRP in the U.S., reaching 11.2% market share
during September through continued increase of new
patient starts as well as growth in existing patient base
through improved persistency with demand volume
growing by +46.8%. The performance was driven by
continued growth in treated patients, higher 300mg
utilization, and improved persistency and infusion
conversion rates across the Vyepti Infusion Network,
reflecting stronger patient adherence. In Europe and
International Operations, Vyepti
®
maintained absolute
growth momentum into the third quarter of 2025,
building on consistently strong demand growth across
key markets such as France (+96%), Spain (+73%),
Germany (+62%), Canada (+68%) and Italy (+116%).
aCGRP has expanded across all markets in overall
market share with Vyepti
®
outgrowing the market
growth. The revenue distribution by region was 87%,
9% and 4% in the U.S., Europe and International
Operations, respectively. The largest markets are the
U.S., France, Canada, Spain and U.A.E.
Abilify LAI franchise revenue reached DKK 2,858
million and grew +11% CER (+9% DKK). The franchise
delivered solid growth in the first nine months of 2025.
The Abilify LAI franchise in the U.S. grew in the third
quarter to reach +10% CER growth in the first nine
months of 2025 on the back of +9.5% growth in
demand volume in the third quarter of 2025 on an
expanding market share for the brands. Strong uptake
in total prescriptions (TRx) for Abilify Asimtufii
®
(63.1%
in September), which grew market share to reach 3.9%
in August as Lundbeck continue to source patients
from oral aripiprazole, other oral antipsychotics, LAIs
other than Abilify Maintena
®
and naïve patients. The
Abilify LAI franchise grew in Europe, driven by
continued market share gains following the launch of
Abilify Maintena
®
960mg, particularly in Spain (31% LAI
market share), France (32% LAI market share) and Italy
(42% LAI market share), underpinning the brand’s
ability to capture business from other antipsychotics.
Conversion reached 22% by the end of the third
quarter of 2025 in these countries. International
Operations reported continued demand growth of
Abilify Maintena
®
in Canada (+6%). Australia is
impacted by reduction in order volumes in anticipation
of generic entry for Abilify Maintena
®
, which is partially
offset by launch of Abilify Asimtufii
®
. 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,
Canada, Italy and Australia.
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 1,573 million and remained unchanged at CER
(-3% DKK). This performance is mainly impacted by the
continued generic erosion, particularly in Japan,
Canada and Italy, partially offset by price increases in
Argentina driven by inflation. Regional revenue
distribution was 68% and 32% in International
Operations and Europe, respectively, with China,
South Korea and Brazil as the largest markets.
Revenue from Other pharmaceuticals, which
comprises the remainder of Lundbeck’s products,
reached DKK 2,320 million representing a decline of
-5% CER (-6% DKK). The decrease reflects the
expected generic erosion of mature products such as
Northera
®
, Xenazine
®
and Deanxit
®
. This is offset by the
strong performance of Sabril
®
in the U.S. The largest
markets for Other pharmaceuticals are the U.S.,
China, France, South Korea and the UK.
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 SEPTEMBER 2025
Corporate Release No 778/2025
Page 8
2.2 REVENUE BY GEOGRAPHICAL AREA
DKK million
9M 2025
9M 2024
Growth
(CER)
Growth
(DKK)
Q3 2025
Q3 2024
Growth
(CER)
Growth
(DKK)
United States
Rexulti
®
4,346
3,512
26%
24%
1,540
1,323
24%
16%
Vyepti
®
2,834
1,858
56%
53%
1,000
678
58%
47%
Abilify LAI franchise
1,070
992
10%
8%
370
351
13%
5%
Trintellix
®
978
1,134
(11%)
(14%)
296
407
(19%)
(27%)
Strategic brands
9,228
7,496
26%
23%
3,206
2,759
25%
16%
Mature brands
727
846
(13%)
(14%)
225
276
(12%)
(18%)
Revenue – United States
9,955
8,342
22%
19%
3,431
3,035
21%
13%
Europe
Brintellix
®
1,473
1,282
15%
15%
497
435
14%
14%
Abilify LAI franchise
1,318
1,171
12%
13%
433
391
11%
11%
Vyepti
®
288
169
69%
70%
105
66
58%
59%
Rexulti
®
90
57
58%
58%
32
22
45%
45%
Strategic brands
3,169
2,679
18%
18%
1,067
914
17%
17%
Mature brands
1,149
1,136
2%
1%
383
384
1%
0%
Revenue – Europe
4,318
3,815
13%
13%
1,450
1,298
12%
12%
International Operations
Brintellix
®
/Trintellix
®
1,002
1,160
(10%)
(14%)
270
383
(25%)
(30%)
Abilify LAI franchise
470
455
8%
3%
153
151
10%
1%
Rexulti
®
259
237
19%
9%
84
80
14%
5%
Vyepti
®
132
89
53%
48%
44
30
57%
47%
Strategic brands
1,863
1,941
1%
(4%)
551
644
(8%)
(14%)
Mature brands
2,017
2,121
(2%)
(5%)
605
623
4%
(3%)
Revenue – International
Operations
3,880
4,062
0%
(4%)
1,156
1,267
(2%)
(9%)
Other revenue
285
287
(1%)
(1%)
162
130
25%
25%
Total revenue before hedging
18,438
16,506
14%
12%
6,199
5,730
14%
8%
Effects from hedging
99
(43)
80
(8)
Total revenue
18,537
16,463
14%
13%
6,279
5,722
14%
10%
Lundbeck’s five largest markets are the U.S., China,
Spain, Italy and Canada constituting 70% of the total
revenue.
United States revenue reached DKK 9,955 million
representing growth of +22% CER (+19% DKK) and
continued the quarterly streak of more than 20%
growth CER per quarter. The strategic brands reached
DKK 9,228 million, increasing +26% CER (+23% DKK)
and representing 93% of the revenue in this market.
Vyepti
®
was the primary growth contributor, with
growth accelerating in the third quarter, driven by a
+46% increase in TRx demand underpinned by strong
patient conversion supported by patient access and
direct to consumer promotional activities. The growth
was further fueled by increased 300mg dose usage,
now representing nearly half of total U.S. units. The
strong performance was reflected in the all-time-high
market share of 11.2% in September, underpinning the
exceptional performance as being the fastest-growing
aCGRP in the U.S. On top of improved conversion and
higher dosage, the growth was further supported by
sustained high persistency (62%). Rexulti
®
delivered
strong growth of +26% CER, supported by demand in
both MDD and AADAD indications, where market share
increased across all patient segments. TRx growth
reached +23%, with AADAD accounting for over 21% of
total prescriptions, up from 17% in the same period
last year. The Abilify LAI franchise growth in the third
quarter of 2025 was supported by continued TRx
growth of +10.6%, primarily from Abilify Asimtufii
®
,
which rose +57%. Growth in Abilify Maintena
®
was
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 SEPTEMBER 2025
Corporate Release No 778/2025
Page 9
impacted by gross-to-net headwinds linked to the
Medicare Part D redesign. Trintellix
®
reflects the effect
of the Takeda transition, effective 1 January 2025 as
well as the Medicare Part D redesign impacts. Mature
brands declined overall, with continued erosion for
Northera
®
, Onfi
®
and Xenazine
®
, offset by the strong
performance of Sabril
®
.
Europe revenue reached DKK 4,318 million
representing a growth of +13% CER (+13% DKK). The
strategic brands reached DKK 3,169 million, increasing
+18% CER (+18% DKK) and representing 73% of
revenue in this market. Solid growth in Europe in the
first nine months of 2025 reflected sustained demand
for Brintellix
®
and Vyepti
®
, together with the continued
rollout of Abilify Maintena
®
960mg across key markets.
Growth was particularly strong in Spain, Italy, the UK
and France, where demand momentum continued into
the third quarter. Vyepti
®
further expanded its market
share, underpinned by strong performance in France,
Italy and Spain in particular. Brintellix
®
also continued
to expand across markets, especially in Spain and
Italy. The largest markets in Europe are Spain, Italy,
France, Switzerland and the UK.
International Operations comprises all Lundbeck’s
markets outside the U.S. and Europe. Revenue
reached DKK 3,880 million and remained unchanged
at CER (-4% DKK). The strategic brands reached DKK
1,863 million, increasing by +1% CER (-4% DKK) and
representing 48% of revenue in this market. Despite
strong momentum in strategic brands such as Rexulti
®
and Vyepti
®
, driven by continued uptake in revenue and
market share expansion across key markets, and solid
performance of the Abilify LAI franchise across
countries, total revenue continued to decline in the
third quarter of 2025 in International Operations,
driven by generic competition for Brintellix
®
in Canada,
Brazil and China. The biggest markets are China,
Canada, Australia, Brazil and South Korea. China and
Canada constitute approximately 42% of the regional
revenue.
Effects from hedging
Lundbeck hedges a significant part of the revenue
currency risk for a period of 12-18 months. Hedging
had a positive impact of DKK 99 million on revenue in
the first nine months of 2025 contributing to mitigate
risks regarding the foreign exchange risks in our
revenue, compared to a negative impact of DKK 43
million in the same period last year.
2.3 GROSS PROFIT
DKK million
9M
2025
9M
2024
Change
(CER)
Change
(DKK)
Q3
2025
Q3
2024
Change
(CER)
Change
(DKK)
Revenue
18,537
16,463
14%
13%
6,279
5,722
14%
10%
Cost of sales
3,021
3,159
(3%)
(4%)
846
1,094
(19%)
(23%)
thereof adjustments
(389)
(2)
-
-
(389)
-
-
-
thereof amortization of product rights
977
1,093
(10%)
(11%)
317
362
(9%)
(12%)
thereof other depreciation/amortization
177
168
5%
5%
58
58
0%
0%
Gross profit
15,516
13,304
18%
17%
5,433
4,628
22%
17%
Gross margin (%)
83.7%
80.8%
86.5%
80.9%
Adjusted gross profit
16,280
14,563
13%
12%
5,419
5,048
12%
7%
Adjusted gross margin (%)
87.8%
88.5%
86.3%
88.2%
Cost of sales reached DKK 3,021 million, decreasing
by -3% CER (-4% DKK), mainly driven by the reversal of
the Vyepti
®
provision for inventory obsolescence of
DKK 389 million triggered by Vyepti
®
’s commercial
performance. In addition, the decrease was also
driven by lower amortization costs due to fully
amortized product rights, partially offset by increased
sales as well as costs related to a manufacturing
contract for amlenetug. Excluding the reversal of the
Vyepti
®
provision for inventory obsolescence, cost of
sales increased +10% CER (+8% DKK).
Gross profit reached DKK 15,516 million, increasing
by +18% CER (+17% DKK). The gross margin was
83.7% representing an increase of 2.9 percentage
points. Gross margin was mainly impacted by a
combination of higher revenue, the reversal of the
Vyepti
®
provision for inventory obsolescence and lower
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 SEPTEMBER 2025
Corporate Release No 778/2025
Page 10
amortization costs, partially offset by costs related to
a manufacturing contract for amlenetug.
Adjusted gross profit is the gross profit excluding
depreciation and amortization and other adjustments
linked to sales and cost of sales. The adjusted gross
margin was 87.8% representing a decrease of 0.7
percentage points primarily reflecting the effect of
costs related to a manufacturing contract for
amlenetug.
2.4 EBIT AND ADJUSTED EBITDA
DKK million
9M 2025
9M 2024
Change
(CER)
Change
(DKK)
Q3 2025
Q3 2024
Change
(CER)
Change
(DKK)
Revenue
18,537
16,463
14%
13%
6,279
5,722
14%
10%
Gross profit
15,516
13,304
18%
17%
5,433
4,628
22%
17%
thereof adjustments
(389)
(2)
-
-
(389)
-
-
-
thereof depreciation/amortization
1,153
1,261
(8%)
(9%)
375
420
(8%)
(11%)
Sales and distribution costs
5,714
5,746
2%
(1%)
1,896
1,952
3%
(3%)
thereof adjustments
36
8
338%
350%
1
8
(88%)
(88%)
thereof depreciation/amortization
67
66
3%
2%
22
22
5%
0%
S&D ratio
30.8%
34.9%
30.2%
34.1%
Administrative expenses
1,077
1,080
0%
0%
364
342
8%
6%
thereof adjustments
38
148
(74%)
(74%)
(3)
(2)
50%
50%
thereof depreciation/amortization
20
15
27%
33%
7
5
40%
40%
Administrative expenses ratio
5.8%
6.6%
5.8%
6.0%
Research and development costs
3,440
3,385
2%
2%
1,157
1,523
(22%)
(24%)
thereof adjustments
(5)
547
(101%)
(101%)
-
547
-
-
thereof depreciation/amortization
67
60
13%
12%
22
20
15%
10%
R&D ratio
18.6%
20.6%
18.4%
26.6%
Other operating expenses, net
385
-
-
-
385
-
-
-
thereof adjustments
385
-
-
-
385
-
-
-
Total operating expenses
10,616
10,211
5%
4%
3,802
3,817
3%
0%
OPEX ratio
57.3%
62.0%
60.6%
66.7%
EBIT (profit from operations)
4,900
3,093
59%
58%
1,631
811
109%
101%
Depreciation and amortization
1,307
1,402
(6%)
(7%)
426
467
(6%)
(9%)
Depreciation
285
273
5%
4%
94
92
2%
2%
Amortization
1,022
1,129
(9%)
(9%)
332
375
(9%)
(11%)
EBITDA
6,207
4,495
39%
38%
2,057
1,278
67%
61%
EBITDA margin (%)
33.5%
27.3%
32.8%
22.3%
Restructuring expenses
406
4
-
-
371
6
-
-
Integration costs
20
-
-
-
20
-
-
-
Other adjustments
(361)
697
(152%)
(152%)
(397)
547
(173%)
(173%)
Adjusted EBITDA
6,272
5,196
22%
21%
2,051
1,831
16%
12%
Adjusted EBITDA margin (%)
33.8%
31.6%
32.7%
32.0%
Total operating expenses (OPEX) reached DKK
10,616 million, corresponding to an increase of +5%
CER (+4% DKK). The OPEX ratio declined by 4.7
percentage points to 57.3%. The development
primarily reflects the strong revenue growth and lower
S&D ratio, partially offset by other operating expenses
related to the commercial restructuring provision
announced in September 2025 and higher R&D costs.
Adjusted for the effect of impairment loss of DKK 547
million related to one of the MAGLi projects recognized
in the third quarter of 2024, OPEX ratio declined by 1.4
percentage points in the first nine months of 2025.
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 SEPTEMBER 2025
Corporate Release No 778/2025
Page 11
Sales and distribution costs reached DKK 5,714
million, corresponding to an increase of +2% CER (-1%
DKK). The S&D ratio decreased by 4.1 percentage
points to 30.8%, primarily reflecting leverage from the
strong revenue growth and improved cost efficiency.
Additionally, the decrease in S&D ratio reflects the
redeployment of resources following the Trintellix
®
transition in the U.S., alongside disciplined resource
allocation and capital reallocation in line with the
Focused Innovator strategy. These savings have
enabled continued investments in strategic brands,
particularly Rexulti
®
and Vyepti
®
in the U.S., supporting
sales force expansion and the global roll-out of Vyepti
®
.
Administrative expenses reached DKK 1,077 million
and was in line with the same period last year. The
administrative expense ratio reached 5.8%,
representing a decrease of 0.8 percentage points.
Adjusting for non-recurring items in both periods,
underlying costs rose by DKK 107 million, mainly due
to inflation as well as continued investment in
Longboard integration.
Research and development costs reached DKK
3,440 million, with an R&D ratio of 18.6%, increasing
+2% CER (+2% DKK). The development in the first nine
months of 2025 reflects the continued commitment to
innovation and was primarily driven by advancing key
pipeline programs, including bexicaserin and
amlenetug (anti-α-synuclein), as well as ongoing
progress in anti-ACTH and anti-PACAP programs. In
addition, in the third quarter of 2024, Lundbeck
recognized an impairment loss of DKK 547 million on
part of the carrying amount of one of the MAGLi
projects following a negative data read out from a
phase I project. Adjusted for the MAGLI impairment
loss, R&D costs increased +22% CER (+21% DKK).
Other operating expenses, net reached DKK 385
million due to the already announced commercial
restructuring in September 2025.
EBIT reached DKK 4,900 million, increasing by +59%
CER (+58% DKK) reflecting a combination of improved
gross profit driven by strong sales growth, the reversal
of the Vyepti
®
provision for inventory obsolescence and
lower amortization costs as well as lower S&D ratio.
This performance was partially offset by other
operating expenses regarding the commercial
restructuring provision announced in September 2025
as well as costs related to a manufacturing contract for
amlenetug and higher R&D costs. EBIT growth was also
impacted by an impairment loss from one of the MAGLi
projects recognized in the third quarter of 2024.
Total amortization and depreciation reached DKK
1,307 million, representing a decrease of -6% CER
(-7% DKK), mainly driven by fully amortized product
rights of one product since February 2024.
Amortization of product rights amounted to DKK 977
million, corresponding to a decrease of -10% CER
(-11% DKK). Amortization of other intangible assets
corresponded to DKK 45 million in the first nine months
of 2025. Depreciation amounted to DKK 285 million,
corresponding to an increase of +5% CER (+4% DKK).
Adjusted EBITDA reached DKK 6,272 million
representing an increase of +22% CER (+21% DKK)
reflecting the sales growth driven by strong
performance of strategic brands, despite continued
investments in building the R&D pipeline and the
commercial investments to support the growth of
strategic brands. The adjusted EBITDA margin was
33.8%, representing an increase of 2.2 percentage
points.
2.5 NET PROFIT AND ADJUSTED EPS
DKK million
9M 2025
9M 2024
Change
(DKK)
Q3 2025
Q3 2024
Change
(DKK)
EBIT (profit from operations)
4,900
3,093
58%
1,631
811
101%
Net financials, (income)/expenses
773
54
-
219
79
177%
Profit before tax
4,127
3,039
36%
1,412
732
93%
Net profit
3,219
2,553
26%
1,101
777
42%
thereof other adjustments
65
701
(91%)
(6)
553
(101%)
thereof depreciation/amortization
1,307
1,402
(7%)
426
467
(9%)
thereof tax on adjustments
302
462
(35%)
92
224
(59%)
thereof tax adjustments
-
283
-
-
283
-
EPS (DKK)
3.24
2.57
26%
1.11
0.78
42%
Adjusted net profit
4,289
3,911
10%
1,429
1,290
11%
Adjusted EPS (DKK)
4.32
3.94
10%
1.44
1.30
11%
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 SEPTEMBER 2025
Corporate Release No 778/2025
Page 12
Net financial (income)/expenses amounted to an
expense of DKK 773 million in the first nine months of
2025, primarily driven by the higher interest costs due
to new debt obtained in connection with the
acquisition of Longboard as well as unfavorable
foreign exchange effects of DKK 342 million mainly due
to the depreciation of USD leading to the negative
impact through currency revaluation.
The effective tax rate for the first nine months of 2025
was 22.0% (23.0% for the first nine months of 2024).
The tax rate is in line with the full-year expectation.
Net profit reached DKK 3,219 million, corresponding
to a growth of 26%.
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 4,289
million, increasing +10%. The main difference from
reported EBIT to adjusted net profit is the net financials
development, primarily impacted by unfavorable
foreign exchange and higher interest costs related to
financial debts.
Adjusted EPS was DKK 4.32, corresponding to an
increase of +10%, in line with the adjusted net profit.
2.6 CASH FLOW AND BALANCE SHEET
DKK million
9M 2025
9M 2024
Q3 2025
Q3 2024
Profit from operations (EBIT)
4,900
3,093
1,631
811
Cash flows from operating activities
4,560
4,480
2,299
2,302
Cash flows from investing activities
(409)
(346)
(171)
(101)
Cash flows from operating and investing activities
(free cash flow)
4,151
4,134
2,128
2,201
Cash flows from financing activities
(5,297)
(808)
(1,292)
(24)
Net cash flow for the period
(1,146)
3,326
836
2,177
Cash flows from operating activities amounted to an
inflow of DKK 4,560 million compared to an inflow of
DKK 4,480 million in the first nine months of 2024. This
increase was primarily driven by higher EBIT and lower
trade and other payables, partially offset by a higher
prepaid tax in the first quarter of 2025.
Lundbeck’s net cash flows from investing activities
were an outflow of DKK 409 million compared to an
outflow of DKK 346 million in the first nine months of
2024. The investing activities mainly include capital
expenditures in property, plant and equipment.
Lundbeck’s net cash flows from financing activities
were an outflow of DKK 5,297 million compared to an
outflow of DKK 808 million in the first nine months of
2024. The increase primarily reflects repayments of
the Revolving Credit Facility (RCF) used for the
acquisition of Longboard. Additionally, a four-year EUR
500 million bond was issued in the second quarter of
2025 to refinance the RCF mentioned above. Higher
dividend payouts in March 2025 also contributed to the
outflow.
The net cash outflow reached DKK 1,146 million
compared to an inflow of DKK 3,326 million in the first
nine months of 2024.
Net debt increased from a net cash position of DKK
3,982 million at the end of September 2024 to a net
debt of DKK 9,085 million at the end of September
2025, primarily due to higher leverage following the
acquisition of Longboard. The net debt/EBITDA ratio is
1.3x at the end of September 2025 versus 1,8x at the
end of June 2025, compared to -0.8x at the end of
September 2024. Interest-bearing debt was DKK
12,564 million at the end of September 2025
compared to DKK 4,340 million at the end of
September 2024.
On 30 September 2025, Lundbeck’s total assets
amounted to DKK 53,193 million compared to DKK
56,976 million at the end of 2024 mainly driven by
intangible assets due to ongoing amortization and the
impact from translation of foreign currencies as well as
lower cash and cash equivalents reflecting
repayments of the Revolving Credit Facility used for
the acquisition of Longboard.
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 SEPTEMBER 2025
Corporate Release No 778/2025
Page 13
On 30 September 2025, Lundbeck’s total liabilities
amounted to DKK 28,040 million compared to DKK
31,966 million at the end of 2024. The decrease
primarily reflects repayments of the Revolving Credit
Facility used for the acquisition of Longboard, partially
offset by the issuance of a four-year EUR 500 million
bond in the second quarter of 2025.
On 30 September 2025, Lundbeck’s equity amounted
to DKK 25,153 million.
2.7 SUMMARY OF KEY DEVELOPMENTS IN THE THIRD QUARTER OF 2025
For the quarter ended 30 September
DKK million
Q3 2025
Q3 2024
Change
(CER)
1
Change
(DKK)
Revenue
6,279
5,722
14%
10%
Gross profit
5,433
4,628
22%
17%
Gross margin
86.5%
80.9%
Adjusted gross profit
2
5,419
5,048
12%
7%
Adjusted gross margin
86.3%
88.2%
Sales and distribution costs
1,896
1,952
3%
(3%)
S&D ratio
30.2%
34.1%
Administrative expenses
364
342
8%
6%
Administrative expenses ratio
5.8%
6.0%
Research and development costs
1,157
1,523
(22%)
(24%)
R&D ratio
18.4%
26.6%
Other operating expenses, net
385
-
-
-
EBIT (profit from operations)
1,631
811
109%
101%
EBIT margin
26.0%
14.2%
EBITDA
3
2,057
1,278
67%
61%
EBITDA margin
32.8%
22.3%
Adjusted EBITDA
4
2,051
1,831
16%
12%
Adjusted EBITDA margin
32.7%
32.0%
Net financials, expenses
219
79
-
177%
Profit before tax
1,412
732
-
93%
Income taxes
311
(45)
-
-
Effective tax rate (reported)
22.0%
(6.1%)
Net profit
1,101
777
-
42%
Adjusted net profit
1,429
1,290
-
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.
4
EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization. Adjusted EBITDA is defined as EBITDA adjusted by certain items, for details see
section 4 Notes, note 3 Adjusted EBITDA.
REVENUE
Revenue reached DKK 6,279 million representing a
growth of +14% CER (+10% DKK) in the third quarter of
2025. The increase in revenue is mainly driven by
strong performance across the strategic brands
reaching DKK 4,824 million, representing a growth of
+18% CER (+12% DKK), equivalent to 77% of total
revenue (see section 2.1) in the third quarter of 2025.
The increase in revenue was partly offset by
unfavorable currency effects primarily coming from
USD, CAD and BRL in the third quarter of 2025.
The performance is mainly driven by higher demand for
Rexulti
®
and Vyepti
®
primarily in the U.S. (+26% CER
and +56% CER, respectively). Moreover, Brintellix
®
/
Trintellix
®
revenue decreased despite the strong
performance in Europe, mainly driven by demand
growth in Spain (+17% CER), Italy (+11% CER) and
France (+7% CER). In Canada, the impact from generic
competition was greater than expected in the third
quarter of 2025, this was primarily driven by earlier
than expected decline in demand for the product
following generic market entry, as well as by
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 SEPTEMBER 2025
Corporate Release No 778/2025
Page 14
wholesalers reducing inventory levels to a greater
extent than expected across the country. The decline
in the U.S. reflects the transfer of U.S. sales operations
to Takeda, effective 1 January 2025 as well as the
Medicare Part D redesign impacts. The Abilify LAI
franchise grew in all regions, driven by strong demand
growth of Abilify Maintena
®
960mg in Spain, France and
Germany as well as Abilify Asimtufii
®
in the U.S. Mature
brands decreased -1% CER (-5% DKK) due to the
continued generic erosion.
GROSS PROFIT
Cost of sales decreased to DKK 846 million
decreasing by -19% CER (-23% DKK) mainly driven by
the reversal of the Vyepti
®
provision for inventory
obsolescence of DKK 389 million. In addition, the
decrease was also driven by lower amortization costs
due to fully amortized product rights, partially offset by
increased sales as well as costs related to a
manufacturing contract for amlenetug. Excluding the
reversal of Vyepti
®
provision for inventory
obsolescence, cost of sales increased +16% CER
(+13% DKK).
In the third quarter of 2025, gross profit reached DKK
5,433 million increasing by +22% CER (+17% DKK). The
gross margin was 86.5% representing an increase of
5.6 percentage points. Gross margin was mainly
impacted by a combination of higher revenue, the
reversal of the Vyepti
®
provision for inventory
obsolescence and lower amortization costs, partially
offset by costs related to a manufacturing contract for
amlenetug. Adjusted gross margin was 86.3% in the
third quarter of 2025 representing a decrease of 1.9
percentage point primarily reflecting the effect of costs
related to a manufacturing contract for amlenetug.
EBIT AND ADJUSTED EBITDA
Total operating expenses (OPEX) reached DKK 3,802
million corresponding to an increase of +3% CER (+0%
DKK). The OPEX ratio decreased by 6.1 percentage
points primarily driven by the strong revenue growth
and lower S&D ratio, partially offset by higher R&D
costs. Adjusted for the effect of impairment loss of
DKK 547 million related to the MAGLi projects
recognized in the third quarter of 2024, OPEX ratio
increased by 3.5 percentage points in the third quarter
of 2025.
Sales and distribution costs reached DKK 1,896
million corresponding to an increase of +3% CER (-3%
DKK). The S&D ratio decreased by 3.9 percentage
points in the third quarter of 2025 primarily driven by
strong revenue growth and improved cost efficiency.
As Lundbeck has limited variable sales and
distribution costs, significant revenue growth
translates into meaningful ratio improvement.
Administrative expenses reached DKK 364 million
increasing by +8% CER (+6% DKK) mainly impacted by
inflation and continued investment in Longboard
integration. The administrative expense ratio reached
5.8%, decreasing by 0.2 percentage points.
Research and development costs reached DKK
1,157 million corresponding to a decrease of -22% CER
(-24% DKK) with an R&D ratio of 18.4%. The
development in the third quarter of 2025 reflects the
continued commitment to innovation and was
primarily driven by advancing key pipeline programs,
including bexicaserin and amlenetug (anti-α-
synuclein), as well as ongoing progress in anti-ACTH
and anti-PACAP programs. In addition, in the third
quarter of 2024, Lundbeck recognized an impairment
loss of DKK 547 million on part of the carrying amount
of one of the MAGLi projects following a negative data
read out from a phase I project. Adjusted for the
impairment loss of DKK 547 million prior year, R&D
costs increased +21% CER (+19% DKK).
Other operating expenses, net reached DKK 385
million due to the already announced commercial
restructuring in September 2025.
EBIT reached DKK 1,631 million increasing by +109%
CER (+101% DKK) reflecting a combination of
improved gross profit driven by strong sales growth,
the reversal of the Vyepti
®
provision for inventory
obsolescence and lower amortization costs as well as
lower S&D ratio. This performance was partially offset
by other operating expenses regarding the commercial
restructuring provision announced in September 2025
and higher R&D costs. EBIT growth was also impacted
by an impairment loss from one of the MAGLi projects
recognized in the third quarter of 2024.
Total amortization, depreciation and impairment
losses reached DKK 426 million representing a
decrease of -6% CER (-9% DKK) mainly driven by lower
product rights amortization. Amortization of product
rights amounted to DKK 317 million corresponding to
a decrease of -9% CER (-12% DKK). Amortization of
other intangible assets corresponded to DKK 15
million in the third quarter of 2025. Depreciation
amounted to DKK 94 million, corresponding to an
increase of +2% CER (+2% DKK).
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 SEPTEMBER 2025
Corporate Release No 778/2025
Page 15
Adjusted EBITDA reached DKK 2,051 million
representing an increase of +16% CER (+12% DKK)
reflecting the strong revenue growth driven by
performance of strategic brands, which offsets the
continued investment in the R&D pipeline and the
commercial investments to support the growth of
strategic brands. The adjusted EBITDA margin was
32.7% representing an increase of 0.7 percentage
points.
NET PROFIT AND ADJUSTED EPS
Net financial (income)/expenses reached DKK 219
million driven by unfavorable foreign exchange due to
the depreciation of USD and higher interest costs
related to financial debts.
The effective tax rate for the third quarter of 2025 was
22.0%.
Net profit reached DKK 1,101 million corresponding to
an increase of +42%.
Adjusted net profit reached DKK 1,429 million,
representing an increase of +11%, reflecting the EBIT
development including unfavorable foreign exchange
and higher interest costs related to financial debts.
2.8 OUTLOOK
Financial guidance 2025
On 11 November 2025, Lundbeck announced an
increase in its full-year revenue and adjusted EBITDA
guidance at constant exchange rates (CER).
Based on the strong performance of Vyepti
®
and
Rexulti
®
, revenue is now expected to grow by 13% to
14% at CER (previously 11% to 13%) compared to the
prior year’s revenue excluding hedging effects. The
upgrade reflects higher-than-expected demand driven
by additional investments in these two strategic
brands.
Our expectations for adjusted EBITDA growth have
also been raised, primarily driven by the higher
contribution from Vyepti
®
and Rexulti
®
, as well as
effective execution of Lundbeck’s capital reallocation
program. Lundbeck now expects adjusted EBITDA
growth of 22% to 25% at CER (previously 16% to 21%)
in 2025.
The updated guidance continues to include the
expected initial impact from loss of exclusivity (LoE) on
Brintellix
®
in Canada, while the generic entry for Abilify
Maintena
®
in Europe now is expected in 2026.
Brintellix
®
/Trintellix
®
will continue to be affected by the
modified collaboration with Takeda in the U.S. as well
as the generic entry in Canada in June 2025. The
underlying erosion of mature brands is expected to
continue, thereby expected to show a mid-single-digit
revenue decline. Given the current exchange rates
against the Danish krone, sales growth reported in DKK
is expected to be approximately 1.5 percentage lower
to CER.
As a central component of our Focused Innovator
strategy, Lundbeck remains committed to invest in
research and development, advancing both our late-
stage and early development pipeline. In 2025, we
anticipate an acceleration of investments in R&D,
including the integration of Longboard and the initiated
phase III clinical trials of bexicaserin and amlenetug.
Lundbeck anticipates increasing R&D investments up
to DKK 5.0 billion in 2025, compared to DKK 3,954
million in 2024 (excluding the MAGLi impairment loss
communicated in October 2024). This significant
increase in R&D investments is financed by the
dedicated efforts towards capital reallocation
initiatives across our full value chain, as well as
additional contributions from accelerated revenue
growth. Lundbeck’s capital reallocation program has
accelerated ahead of expectations in the first nine
months of 2025. Given the current exchange rates
against the Danish krone, growth in adjusted EBITDA
reported in DKK is expected to be around 1 percentage
points lower than at CER.
The 2025 guidance underscores Lundbeck’s ability
and focus to sustain profitability while expanding and
progressing the pipeline.
Effects from hedging are expected to reach a gain
around DKK 300 million compared to a loss of DKK 52
million for 2024. Depreciation, amortization, and
impairment losses are expected to be around 1.8
billion, compared to DKK 1,876 million in 2024.
Lundbeck anticipates financial items (net) to result in
a loss of approximately 750 million following the
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 SEPTEMBER 2025
Corporate Release No 778/2025
Page 16
acquisition of Longboard in 2024, compared to an
income of DKK 449 million in 2024. The effective tax
rate for 2025 is expected to range between 21% and
24%, compared to 15.5% in 2024.
This guidance assumes no significant changes in the
global or regional macroeconomic and political
environment that would impact Lundbeck’s business,
including major healthcare reforms, legislative
changes, or legal outcomes. It also assumes stable
currency exchange rates from current level,
particularly the U.S. dollar against the Danish krone,
and reflects current estimates of gross-to-net
developments in U.S. sales. The guidance excludes
potential effects from new significant business
development transactions, significant impairments of
intangible assets in 2025, and any shifts in trade policy,
such as pharmaceutical tariffs or further healthcare
reforms.
Revenue at CER
DKK million
9M 2025
Total revenue (IFRS)
18,537
Effects from hedging
99
Total revenue (IFRS) before hedging
18,438
Effects from exchange rate
(385)
Total revenue at CER
18,823
Increase/(decrease) in total revenue
13%
Increase/(decrease) in total revenue at CER
1
14%
1
Total revenue at CER for the period divided by total revenue (IFRS) before hedging for the comparative period.
Adjusted EBITDA at CER
DKK million
9M 2025
Adjusted EBITDA
6,272
Effects from hedging
99
Adjusted EBITDA before hedging
6,173
Effects from exchange rate
(194)
Adjusted EBITDA at CER
6,367
Increase/(decrease) in adjusted EBITDA
21%
Increase/(decrease) in adjusted EBITDA at CER
1
22%
1
Adjusted EBITDA at CER for the period divided by adjusted EBITDA before hedging for the comparative period.
Mid-term targets
Based on organic growth, the company expects
revenue to show a mid-single digit compound annual
growth rate (CAGR) over the mid-term period (2023 to
2027). The company maintains its target for adjusted
EBITDA-margin of more than 30% at the end of the mid-
term period in 2027, to account for the impact of the
Longboard acquisition, progression of the pipeline and
excluding any business development activities.
Lundbeck plans to ensure appropriate investments in
R&D and prelaunch activities for bexicaserin and
amlenetug following the successful closure of the
acquisition of Longboard. Several R&D projects are
expected to mature in the period, including projects
Financial guidance for 2025
(Previous 13 August 2025)
As of 11 November 2025
Total revenue growth at CER
(11% to 13%)
13% to 14%
Adjusted EBITDA growth at CER
(16% to 21%)
22% to 25%
Other relevant financial information for FY 2025 at reported rates
Total revenue (IFRS) growth
1
Around 1.5 percentage points lower than at CER
Adjusted EBITDA growth
1
Around 1 percentage point lower than at CER
Adjusted gross margin
2
Around 88%
R&D costs
Up to DKK 5.0 billion
Depreciation & amortization
Around DKK 1.8 billion
Net financials, (expenses)/gains
Around DKK (750 million)
Effects from hedging, (losses)/gains
Around DKK 300 million
Effective tax rate
21% to 24%
Net cash/(net debt)
3
Around DKK (9.0 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 SEPTEMBER 2025
Corporate Release No 778/2025
Page 17
such as Lu AF28996 (D
1
/D
2
agonist). Moreover, in
accordance with the Focused Innovator strategy,
Lundbeck has initiated its most significant capital
reallocation program in its history to sustain the
company’s growth with increased focus on innovation.
The mid-term targets exclude potential effects from
new significant business development transactions,
significant impairments of intangible assets in 2025,
and any shifts in trade policy, such as pharmaceutical
tariffs or further healthcare reforms.
Forward-looking statements
Forward-looking statements are subject to risks,
uncertainties, and inaccurate assumptions. This may
cause actual results to differ materially from
expectations. Various factors may affect future
results, including interest rates and exchange rate
fluctuations, delay or failure of development projects,
production problems, unexpected contract breaches
or terminations, governance-mandated or market-
driven price decreases for products, introduction of
competing products, Lundbeck’s ability to
successfully market both new and existing products,
exposure to product liability and other lawsuits,
changes in reimbursement rules and governmental
laws, and unexpected growth in expenses.
2.9 LUNDBECK’S DEVELOPMENT PORTFOLIO
Lundbeck is developing several new and promising
medicines for the treatment of brain diseases.
The pipeline developments are summarized below.
1
CGRP: Calcitonin gene-related peptide.
2
Two phase III clinical studies completed, supporting registration in Asia, including China and Japan: SUNRISE, and SUNSET trials.
3
PACAP: Pituitary adenylate cyclase activating peptide.
4
ACTH: Adrenocorticotropic hormone. Two phase Ib trials are currently ongoing in Congenital Adrenal Hyperplasia and
Cushing’s Disease. For technical reasons, officially categorized as a phase II trial to adhere to local requirements in some countries.
5
Acts as a partial agonist at 5-HT
1A
and
dopamine D
2
receptors at similar potency, and an antagonist at 5-HT
2A
and noradrenaline alpha1B/2C receptors.
6
Complete Response Letter Received 20 September 2025.
7
Post-
traumatic stress disorder.
8
The DEEp clinical program consists of two-phase III trials in Dravet Syndrome (DEEpSEA) and DEEs and Lennox-Gastaut Syndrome (DEEpOCEAN).
9
Monoacylglycerol lipase inhibitor (“MAGLipase”).
10
Dopamine receptor D
1
and D
2
.
11
Phase Ib trial ongoing in TED (Thyroid Eye Disease).
Key developments in the quarter
Circuitry / neuronal biology
Brexpiprazole in Post-Traumatic Stress Disorder
(PTSD)
On 20 September 2025, a Complete Response Letter
(CRL) was issued by the FDA regarding the sNDA for
use of Rexulti® (brexpiprazole) in combination with
sertraline as a treatment of adults with PTSD. The CRL
states that the FDA has completed their review but
cannot approve the application in the current form, as
the application does not provide substantial evidence
of effectiveness to support the approval.
This follows the review of the sNDA for Rexulti
(brexpiprazole) in combination with sertraline as a
potential treatment for PTSD by the FDA’s
Psychopharmacologic Drugs Advisory Committee
(PDAC) in July 2025. Following a thorough review of the
data, the committee voted 1–10, concluding that the
efficacy of brexpiprazole, when initiated concurrently
with sertraline, has not been established for the
treatment of PTSD based on the evidence presented.
Lundbeck filed a supplemental new drug application
(sNDA) for brexpiprazole in combination with
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, 6
PTSD
7
Bexicaserin (5HT
2C
agonist)
Developmental and Epileptic Encephalopathies
DEEp
8
MAGLi program
9
Neurology
Lu AF28996 (D
1
/D
2
agonist)
10
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)
11
Neurology
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 SEPTEMBER 2025
Corporate Release No 778/2025
Page 18
sertraline for the treatment of adults with PTSD in June
2024.
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.
Bexicaserin in Developmental and Epileptic
Encephalopathies (DEEs) – Phase III
In October 2025 bexicaserin was granted
Breakthrough Therapy Designation (BTD) by the Center
for Drug Evaluation (CDE) in China for the treatment of
seizures associated with DEEs, highlighting
bexicaserin’s potential to address significant unmet
medical needs of patients and their caregivers living
with DEEs in China.
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.
In 2024, Lundbeck acquired Longboard with the lead
asset bexicaserin which holds blockbuster potential.
A global phase III program (DEEp) has been initiated,
evaluating bexicaserin for the treatment of seizures
associated with Dravet Syndrome in the DEEp SEA
trial, as well as seizures associated with
Developmental and Epileptic Encephalopathies
(DEEs), including Lennox-Gastaut Syndrome (LGS) in
the DEEp Ocean trial.
2.10 SUSTAINABILITY UPDATE
Lundbeck’s sustainability strategy aims to ensure that
we mitigate our most significant sustainability risks
and adverse impacts, while acting on the opportunities
to make a positive impact on the environment, for
patients, and the communities where we operate.
This sustainability update presents progress on key
sustainability matters and metrics.
ENVIRONMENTAL PERFORMANCE
Category
1
9M 2025
9M 2024
2
Change (%)
Scope 1 GHG emissions (Tonne CO₂e)
15,278
16,557
(8%)
Scope 2 GHG emissions (market-based) (Tonne CO₂e)
4,256
5,333
(20%)
Scope 1+2 GHG emissions (Tonne CO₂e)
19,534
21,890
(11%)
Energy consumption (MWh)
82,439
83,454
(1%)
1
See Annual Report 2024 for accounting policies and definitions.
2
All comparative figures were updated to reflect the implementation of Corporate Sustainability Reporting Directive in 2024, e.g., inclusion of emissions from affiliates. This is
reflected in the updated accounting policy.
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 SEPTEMBER 2025
Corporate Release No 778/2025
Page 19
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 nine months of 2025, Scope 1 + 2 GHG
emissions decreased by 11%, compared to the first
nine months of 2024. Scope 1 GHG emissions
decreased by 8%, compared with the same period last
year, primarily reflecting the increasing share of
electric and hybrid vehicles in the company’s fleet.
Emissions from production sites and affiliates
remained broadly stable. Scope 2 GHG emissions
decreased by 20%, mainly due to the acquisition of
Guarantees of Origin electricity certificates for the
Valbonne site and EU sales affiliates, along with the
general decarbonization of electricity grids.
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 end of 2025.
SOCIAL PERFORMANCE
Category
1
9M 2025
9M 2024
2
Change
3
Gender balance in upper management (% underrepresented gender - female)
40.7%
42.6%
(1.9)
1
New accounting policy: Upper management includes all members of Executive Leadership Team (ELT) who report to the Board of Directors, as stated in their employment
contract, which corresponds to layer 1 as defined in the Gender Balance Act. Additionally, it includes employees who report directly to a member of ELT and hold formal people
management responsibilities. These individuals correspond to layer 2 in the Gender Balance Act.
2
9M 2024 data has been restated following an update to the accounting policy, which affected the classification of upper management roles. For previously published
Corporate Releases in 2024, data was reported for senior management and is therefore not fully comparable to the figures reported in this release.
3
Variation in percentage points.
Inclusion, Diversity and Equity
Lundbeck embraces the unique perspectives and
experiences of each individual enhancing our ability to
address complex challenges and driving our
commitment to improving brain health. Our ethos and
culture foster an environment which fuels creativity,
enhances decision-making, and drives innovation
where every colleague is empowered to contribute,
collaborate, and bring perspectives that reflect the
communities we serve every day. Lundbeck
recognizes the target required in accordance with the
Danish Gender Balance Act to reach and maintain
gender balance in upper management.
In the first nine months of 2025, the
underrepresented gender balance in upper
management decreased to 40.7% female, compared
to 42.6% in the first nine months of 2024, a decrease of
1.9 percentage points. The change primarily reflects
organizational adjustments and external recruitments
during the period, where a higher proportion of
leadership appointments were male, leading to a slight
decline in the overall share of the underrepresented
gender. Lundbeck’s commitment to a diverse
leadership pipeline is reinforced through initiatives
such as the global Enterprise Leadership Program
launched in the third quarter of 2025. By combining
leadership development with an unbiased recruitment
approach, Lundbeck strengthens succession planning
and supports progress toward gender balance targets.
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 SEPTEMBER 2025
Corporate Release No 778/2025
Page 20
HEALTH AND SAFETY
Category
1
9M 2025
9M 2024
Change (%)
Lost Time Incident Rate (LTIR)
1.9
3.1
(39%)
1
See Annual Report 2024 for accounting policies and definitions.
Health and Safety
The health and safety of our workplace is a priority at
Lundbeck, and we are committed to fostering a safety
culture that minimizes work-related accidents. To
support this, we closely monitor the frequency,
number, and severity of incidents, enabling us to
establish action plans and set ambitious safety
objectives.
In the first nine months of 2025, the Lost Time Incident
Rate (LTIR) decreased to 1.9, compared to 3.1 in the
first nine months of 2024. The positive development
represents a -39% overall reduction in accidents
resulting in absence compared to last year. The
improvement reflects the effectiveness of site-specific
safety initiatives, particularly in Valbonne, France
where ergonomic improvements have had a significant
impact. Additionally, the global prevention campaign
Take Care, launched in early 2025, continues to
strengthen safety awareness and promote safer work
practices by focusing on a dedicated safety topic each
month.
Other topics
In connection with the announced commercial
restructuring on 9 September 2025, Lundbeck
has conducted sustainability due diligence as part of
the selection of the new commercial partners.
Lundbeck has also carried out impact assessments
and put action plans in place to mitigate potential
negative impact on patients and people in the
countries that are in scope of this change.
2.11 GENERAL CORPORATE MATTERS
Pending legal proceedings
Lundbeck is involved in several legal proceedings,
including patent disputes and environmental matters,
the most significant of which are described below.
Some of these involve significant amounts and are
subject to considerable uncertainty. Management
continuously assesses the risks associated with the
legal proceedings, and their likely outcome.
Management is of the opinion that, apart from items
recognized in the financial statements, the outcome of
these legal proceedings and disputes are not probable
or cannot be reliably estimated in terms of amount or
timing. Further, ongoing proceedings may develop
over time, and new proceedings may occur, in a way
which could have a material impact on the Group’s
financial position and/or cash flows.
In June 2013, Lundbeck received the European
Commission’s decision that agreements concluded
with four generic competitors concerning citalopram
violated competition law. The decision included fining
Lundbeck EUR 93.8 million (approximately DKK 700
million). Lundbeck paid and expensed the fine in the
third quarter of 2013. In March 2021, the European
Court of Justice rejected Lundbeck’s final appeal of the
European Commission’s decision. So-called “follow-
on claims” for reimbursement of alleged losses,
resulting from violation of competition law, often arise
when decisions and fines issued by the European
Commission are upheld by the European Court of
Justice. The below mentioned “follow-on claims” are
ongoing or threatened. Lundbeck disagrees with all
claims and intends to defend itself against them.
At the end of first quarter 2023, the UK health
authorities served their claim form on Lundbeck and
several generic companies, and Lundbeck filed its
defense in the third quarter of 2023. The hearing on
whether the claim is time-barred was held in the
second quarter of 2024 and the Competition Appeal
Tribunal has subsequently issued a decision in favor of
the UK health authorities. Lundbeck was granted
permission to appeal the decision to the Court of
Appeal, and the Court of Appeal issued a decision in
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 SEPTEMBER 2025
Corporate Release No 778/2025
Page 21
favor of the UK health authorities in the second quarter
of 2025. Lundbeck has filed an application for
permission to appeal the time-barring decision to the
Supreme Court with the Courts of Appeal.
In late October 2021, Lundbeck received a writ of
summons from a German health care company
claiming compensation for an alleged loss of profit
plus interest payments, allegedly resulting from
Lundbeck’s conclusion of agreements with two of the
four generic competitors, which were comprised by
the EU Court of Justice ruling. Lundbeck filed its first
defense in May 2022, and the parties have
subsequently exchanged additional pleadings. The
first instance court hearing was held in the second
quarter of 2024, and Lundbeck currently expects a first
instance court ruling in 2025 or 2026. The first instance
court ruling may be appealed, and it make take several
years before a final conclusion is reached by the
German courts.
In October 2024, Lundbeck received a claim form from
the health authority in one of the regions
(comunidades autónomas) in Spain and in November
2024 Lundbeck filed its defense. The first instance
court hearing was held in the second quarter of 2025,
and a first instance ruling was issued in the third
quarter of 2025. The court dismissed the health
authority’s claim based on time-barring. The health
authority has appealed the decision.
Lundbeck has been informed about potential claims in
several European countries, however, it is still
uncertain whether the potential claims will be actively
pursued.
In Canada, Lundbeck is involved in 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
(already approved by court) and Ontario (court
approval of the discontinuance in Ontario is expected
in 2025). A settlement agreement has been signed by
the parties in the Abilify Maintena
®
cases and has been
approved by the courts in Quebec and Ontario. In the
Rexulti
®
matter, a settlement agreement was signed by
the parties on 13 June 2025, and court approval of the
settlement is expected in the fourth quarter of 2025.
Lundbeck received a Civil Investigative Demand
(“CID”) from the U.S. Department of Justice (“DOJ”) in
March 2020. The CID seeks information regarding the
sales, marketing, and promotion (including the
promotional speaker program) of Trintellix
®
. Lundbeck
is cooperating with the DOJ.
Otsuka and Lundbeck have received paragraph IV
certifications from Sun Pharma, Apotex and Alvogen
with respect to certain of the patents listed for Abilify
Maintena
®
in the U.S. and commenced patent
infringement proceedings against all three companies.
The FDA will stay approval to Sun, Apotex and Alvogen
until 30 months from receipt of the respective
paragraph IV certifications or a court decision in Sun’s
and/or Apotex’ favor.
In June 2022 in the U.S., several entities, created for
the purpose of receiving assignment of claims from
payors providing health insurance coverage pursuant
to Medicare Parts C and D and Medicaid, filed a
complaint against Lundbeck and others. The
complaint alleges that Lundbeck and the other
defendants conspired to increase the unit price and
quantity dispensed of Xenazine
®
. The case was
dismissed with prejudice earlier in 2023 and is
currently under appeal.
In June 2023 in the U.S., Humana Inc., an insurer, filed
a complaint against Lundbeck U.S. legal entities. The
complaint alleges that Lundbeck engaged in an illegal
kickback scheme to increase the sales and sale price
of Lundbeck’s Xenazine
®
. The complaint alleges that
Lundbeck’s activities targeted Humana Inc. and other
private Medicare insurers who were forced to bear the
costs of the alleged illegally subsidized drug sales.
Lundbeck denies the allegations in the complaint and
intends to defend itself.
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 SEPTEMBER 2025
Corporate Release No 778/2025
Page 22
Registered Executive Leadership Team
Board of Directors
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 SEPTEMBER 2025
Corporate Release No 778/2025
Page 23
3 CONDENSED FINANCIAL STATEMENTS
CONDENSED STATEMENT OF PROFIT OR LOSS
DKK million
9M 2025
9M 2024
Q3 2025
Q3 2024
Revenue
Cost of sales
Gross profit
Sales and distribution costs
Administrative expenses
Research and development costs
Other operating expenses, net
Profit from operations (EBIT)
Net financials, (income)/expenses
Profit before tax
Tax on profit for the period
(45 )
Profit for the period
Earnings per share, basic (EPS) (DKK)
Earnings per share, diluted (DEPS) (DKK)
STATEMENT OF COMPREHENSIVE INCOME
DKK million
9M 2025
9M 2024
Q3 2025
Q3 2024
Profit for the period
Actuarial gains/losses
Tax
Items that will not be reclassified subsequently to profit or loss
Exchange rate gains/losses on investments in foreign subsidiaries
(1,493 )
(105 )
(67 )
(447 )
Exchange rate gains/losses on additions to net investments in
foreign subsidiaries
(1,483 )
(29 )
Deferred gains/losses on cash flow hedge, exchange rate
(61 )
Deferred gains/losses on cash flow hedge, interest rate
Deferred gains/losses on cash flow hedge, price
(8 )
(14 )
(1 )
Exchange gains/losses, hedging (transferred to the hedged items)
(99 )
(80 )
Tax
(13 )
(77 )
Items that may be reclassified subsequently to profit or loss
(2,152 )
(61 )
(156 )
(178 )
Other comprehensive income
(2,152 )
(61 )
(156 )
(178 )
Comprehensive income
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 SEPTEMBER 2025
Corporate Release No 778/2025
Page 24
CONDENSED STATEMENT OF FINANCIAL POSITION
DKK million
30.09.2025
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
(764 )
Hedging reserve
(208 )
Retained earnings
Equity
Retirement benefit obligations
Deferred tax liabilities
Provisions
Bank debt and bond debt
Lease liabilities
Other payables
Non-current liabilities
Retirement benefit obligations
Provisions
Trade payables
Lease liabilities
Income taxes payable
Other payables
Current liabilities
Liabilities
Equity and liabilities
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 SEPTEMBER 2025
Corporate Release No 778/2025
Page 25
STATEMENT OF CHANGES IN EQUITY
DKK million
Share
capital
Foreign
currency
translation
reserve
Hedging
reserve
Retained
earnings
Total
equity
Equity at 1 January 2025
(208 )
Profit for the period
Other comprehensive income
(2,652 )
(2,152 )
Comprehensive income
(2,652 )
Distributed dividends, gross
(946 )
(946 )
Dividends received, treasury shares
Buyback of treasury shares
(20 )
(20 )
Incentive programs
Tax on other transactions in equity
Other transactions
(924 )
(924 )
Equity at 30 September 2025
(764 )
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
(128 )
(61 )
Comprehensive income
(128 )
Distribution of dividends, gross
(697 )
(697 )
Dividends received, treasury shares
Buyback of treasury shares
(46 )
(46 )
Incentive programs
Tax on other transactions in equity
Other transactions
(701 )
(701 )
Equity at 30 September 2024
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 SEPTEMBER 2025
Corporate Release No 778/2025
Page 26
CONDENSED STATEMENT OF CASH FLOWS
DKK million
9M 2025
9M 2024
Q3 2025
Q3 2024
Profit from operations (EBIT)
Adjustments for non-cash items
Change in working capital
(516 )
(559 )
Cash flows from operations before financial receipts and
payments
Financial receipts and payments
(339 )
(149 )
(20 )
Cash flows from ordinary activities
Income taxes paid
(848 )
(395 )
(35 )
(102 )
Cash flows from operating activities
Purchase and sale of intangible assets and property, plant and
equipment
(409 )
(346 )
(171 )
(101 )
Cash flows from investing activities
(409 )
(346 )
(171 )
(101 )
Cash flows from operating and investing activities
(free cash flow)
Proceeds from loans and issue of bonds
Repayment of bank loans and borrowings
(7,983 )
(1,269 )
Dividends paid in the financial year, net
(943 )
(694 )
Other financing activities
(87 )
(114 )
(23 )
(24 )
Cash flows from financing activities
(5,297 )
(808 )
(1,292 )
(24 )
Net cash flow for the period
(1,146 )
Cash and cash equivalents at beginning of period
Unrealized exchange gains/losses on cash and bank balances
(39 )
(14 )
(4 )
(8 )
Net cash flow for the period
(1,146 )
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
(12,564 )
(4,340 )
(12,564 )
(4,340 )
Net cash/(net debt)
(9,085 )
(9,085 )
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 SEPTEMBER 2025
Corporate Release No 778/2025
Page 27
STATEMENT OF PROFIT OR LOSS – ADJUSTED EBITDA RECONCILIATION (9M AND Q3)
9M 2025
9M 2024
DKK million
Reported
Adjusted
Reported
Adjusted
Revenue
18,537
18,537
16,463
16,463
Cost of sales
3,021
2,257
3,159
1,900
Gross profit
15,516
16,280
13,304
14,563
Sales and distribution costs
5,714
5,611
5,746
5,672
Administrative expenses
1,077
1,019
1,080
917
Research and development costs
3,440
3,378
3,385
2,778
Other operating expenses, net
385
-
Profit from operations (EBIT)
4,900
-
3,093
-
Depreciation/amortization
1,307
-
1,402
-
EBITDA
6,207
6,272
4,495
5,196
EBITDA margin
33.5%
33.8%
27.3%
31.6%
Adjustments to EBITDA
Integration costs
20
-
-
-
Restructuring expenses
406
-
4
-
Gains/losses on divestment of businesses
-
-
-
-
Acquisition expenses
-
-
-
-
Other adjustments
(361)
-
697
-
Adjusted EBITDA
6,272
6,272
5,196
5,196
Adjusted EBITDA margin
33.8%
33.8%
31.6%
31.6%
Q3 2025
Q3 2024
DKK million
Reported
Adjusted
Reported
Adjusted
Revenue
6,279
6,279
5,722
5,722
Cost of sales
846
860
1,094
674
Gross profit
5,433
5,419
4,628
5,048
Sales and distribution costs
1,896
1,873
1,952
1,922
Administrative expenses
364
360
342
339
Research and development costs
1,157
1,135
1,523
956
Other operating expenses, net
385
-
Profit from operations (EBIT)
1,631
-
811
-
Depreciation/amortization
426
-
467
-
EBITDA
2,057
2,051
1,278
1,831
EBITDA margin
32.8%
32.7%
22.3%
32.0%
Adjustments to EBITDA
Integration costs
20
-
-
-
Restructuring expenses
371
-
6
-
Gains/losses on divestment of businesses
-
-
-
-
Acquisition expenses
-
-
-
-
Other adjustments
(397)
-
547
-
Adjusted EBITDA
2,051
2,051
1,831
1,831
Adjusted EBITDA margin
32.7%
32.7%
32.0%
32.0%
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 SEPTEMBER 2025
Corporate Release No 778/2025
Page 28
4 NOTES
4.1 BASIS OF PREPARATION
The interim condensed consolidated financial statements for the first nine months ended 30 September 2025, have
been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU and additional Danish
disclosure requirements for interim financial reporting of listed companies. The interim condensed consolidated
financial statements do not include all the information and disclosures required in the annual financial statements and
should be read in conjunction with the Group’s annual consolidated financial statements at 31 December 2024,
published 5 February 2025. The accounting policies, judgements and significant estimates are consistent with those
applied in the Annual Report 2024.
Further IAS 34 disclosure requirements for interim financial reporting are included in section 2, Business Performance.
For disclosures regarding revenue and segment information see section 2.1 Revenue by product and section 2.2
Revenue by geographical area and for disclosures regarding pending legal proceedings (contingent liabilities) see
section 2.11 General corporate matters.
As part of the acquisition of Longboard (Longboard Pharmaceuticals, Inc) on 2 December 2024, Lundbeck is finalizing
the purchase price allocation assessment, which is expected to be reflected in our consolidated financial statements
2025 in line with the IFRS requirements.
A number of new amendments came into effect from 1 January 2025. The Group did not have to change its accounting
policies or make retrospective adjustments as a result of adopting these amended standards.
4.2 FAIR VALUE MEASUREMENT
Financial assets and financial liabilities measured or disclosed at fair value
DKK million
30 September 2025
Level 1
Level 2
Level 3
Financial assets
Other financial assets
1
4
-
27
Derivatives
1
-
486
27
Total
4
486
54
Financial liabilities
Contingent consideration
1
-
-
379
Derivatives
1
-
132
-
Bank debt²
-
4,479
-
Bond debt²
7,373
-
-
Total
7,373
4,611
379
1
Measured at fair value
2
Disclosed at fair value
The fair value of listed securities is based on publicly quoted prices of the invested assets. The fair value of derivatives
is calculated by applying recognized measurement techniques, whereby assumptions are based on the market
conditions prevailing at the balance sheet date. The fair value of contingent consideration is calculated as the
discounted cash outflows (DCF method) from future milestone payments, taking probability of success into
consideration. The fair value of other financial assets is calculated through the financial performance of the market
inputs (i.e. interest swap rates) and other market conditions prevailing at the balance sheet date. The carrying amount
of bank and bond debt is believed to be equal to or close to fair value as the interest is variable for these instruments.
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 SEPTEMBER 2025
Corporate Release No 778/2025
Page 29
4.3 ADJUSTED EBITDA
Adjusted EBITDA is the main performance indicator measuring ongoing operational profitability and is used internally
and externally. To permit a better understanding of the underlying operational performance, the operating result is
adjusted to exclude depreciation and amortization, impairment losses and reversals of impairment losses, as well as
adjustments restricted to the following categories: (i) Integration expenses, (ii) Restructuring expenses, (iii)
Gains/losses on divestment of businesses, (iv) Acquisition expenses, (v) Other adjustments.
Adjusted EBITDA, adjusted gross profit, adjusted net profit and adjusted EPS are non-IFRS performance measures.
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 SEPTEMBER 2025
Corporate Release No 778/2025
Page 30
FINANCIAL CALENDAR 2026
3 February 2026: Deadline for the company’s receipts of shareholder proposals for the Annual
General Meeting
4 February 2026: Corporate release for the full year 2025
4 February 2026: Annual Report 2025
18 March 2026: Lundbeck Annual General Meeting
23 March 2026: Dividends for 2025 at the disposal of shareholders (if proposed/approved)
13 May 2026: Financial statements for the first three months of 2026
19 August 2026: Financial statements for the first six months of 2026
11 November 2026: Financial statements for the first nine months of 2026
Lundbeck contacts
Investors:
Media:
Jens Høyer
Anders Crillesen
Vice President, Head of Investor Relations
Head of Media Relations, Corp. Communication
+45 30 83 45 01
+45 27 79 12 86
About H. Lundbeck A/S
Lundbeck is a biopharmaceutical company focused exclusively on brain health. With more than 70 years of experience
in neuroscience, we are committed to improving the lives of people with neurological and psychiatric diseases.
Brain disorders affect a large part of the world’s population, and the effects are felt throughout society. With the rapidly
improving understanding of the biology of the brain, we hold ourselves accountable for advancing brain health by
curiously exploring new opportunities for treatments.
As a focused innovator, we strive for our research and development programs to tackle some of the most complex
neurological challenges. We develop transformative medicines targeting people for whom there are few or no
treatments available, expanding into neuro-specialty and neuro-rare from our strong legacy within psychiatry and
neurology.
We are committed to fighting stigma and we act to improve health equity. We strive to create long term value for our
shareholders by making a positive contribution to patients, their families and society as a whole.
Lundbeck has approximately 5,700 employees in more than 50 countries and our products are available in more than
80 countries. For additional information, we encourage you to visit our corporate site www.lundbeck.com and connect
with us via LinkedIn.
FINANCIAL REPORT FOR THE PERIOD 1 JANUARY TO 30 SEPTEMBER 2025
Corporate Release No 778/2025
Page 31
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.