H. Lundbeck A/S
Ottiliavej 9
2500 Valby
Denmark
CVR no. 56759913
Annual Report 2025
2
2025 in brief
Key highlights 7
Key events 8
Letter from the Chair and CEO 9
Business and strategy
Strategy update 12
Value chain and business
model 14
Markets and products 15
Science and innovation 18
Pipeline 23
Business performance
Financial performance review 25
Business performance 26
Financial guidance and outlook
2026 31
Summary for the group 2021-
2025 33
Sustainabilty performance 36
2026 Sustainability targets 37
Corporate governance
Governance framework 39
Board of Directors 41
Executive Leadership Team 43
Risk management 45
Key risks 46
Internal controls 47
The Lundbeck share 48
Sustainability Statement
General information 52
Environment 64
Social 83
Governance 113
List of appendices 120
Financial Statements
Consolidated Financial
Statements 130
Financial Statements of the
Parent Company 188
Management’s statement 201
Independent Auditor’s Reports 203
Additional information
(part of Management Review)
Adjusted EBITDA Reconciliation 212
Contents
Management Review
Financial Statements and
additional information
Remuneration Report
Corporate Governance Report
Management Review
Annual Report 2025
4
Elliott was born having seizures on the first day of life.
His parents kept noticing suspicious movements, but
their pediatrician said, ‘It’s fine’, and despite their per-
sistent questioning, the spasms went undiagnosed for
months.
’When I googled Elliott’s mutation, Google literally said:
”We have no results for you”,’ says Gabi, who is a full-
Caregiver’s perspective
“Exhausting and an honor”: Caring for Elliott
and leading the change across the DEEs
Gabrielle Conecker is the mother of
13-year-old Elliott, who lives with
SCN8A, a developmental and epilep-
tic encephalopathy (DEE). From day
one of Elliott’s life, with seizures and
thousands of hours spent in the hos-
pital, the family’s reality has been re-
lentless – and so has Gabi’s drive to
change it.
Elliott,
living with SCN8A-DEE, together with his sister
and his mother, caregiver Gabrielle Conecker
Management Review
Annual Report 2025
5
time caregiver for Elliott. It was only in 2012 that
SCN8A was first linked to pediatric epilepsy.
Care that never clocks out
Living with SCN8A, which can impact many systems, El-
liott faces multiple challenges. A major one is hypoto-
nia, which is low muscle tone affecting his ability to
move independently and the function of many of his
internal organs. For example, when Elliott gets sick, he
cannot cough, and he often ends up in intensive care,
intubated and sedated.
In addition to respiratory difficulties, Elliott also strug-
gles with bladder issues, GI issues, vision impairment,
and the inability to easily communicate what he needs
or how he is feeling. Gabi and her husband are vigilant
– 24/7 every day of the year. There is no vacation from
SCN8A and other DEEs.
’I still mask everywhere because we cannot risk an-
other hospitalization,’ says Gabi and continues:
’Our days are packed. Often, we feel more like nurses
and therapists than mom and dad, but if I had to tell
the world one thing, it is that caregiving for Elliott is ex-
hausting – and an honor.’
From powerless to purposeful
At the time of diagnosis, Elliott’s parents found them-
selves alone. There was no group to join, no clinical ev-
idence, no prognosis, nothing.
Establishing weekly ‘citizen scientists’ meetings gather-
ing real-world data and sharing back practical guid-
ance to families living with SCN8A is one of the corner-
stones of the work Gabi leads at the International
SCN8A Alliance.
The SCN8A Alliance team has led many critical efforts
to move the SCN8A field forward, including the devel-
opment of a 10-year longitudinal SCN8A Registry, the
first consensus on the diagnosis and treatment of
SCN8A, and most recently, an inaugural SCN8A Re-
search Roadmap that identifies critical gaps in SCN8A
and a path to address them. These, among other ef-
forts, have led to two clinical trials for the disorder in
less than 10 years.
Resilience, hope – and partners
Elliott’s spirit is the main thing that keeps the couple
going:
‘I cannot think of a stronger human being than our
kid,’ says Gabi.
’There is little I can do to completely stop seizures, but
I believe advocacy is where I truly can have an impact.
What I want to see is faster translation and data-shar-
ing so learning reaches patients sooner,’ says Gabi, re-
ferring to her enormous efforts to advance improved
treatments for SCN8A and other DEEs.
’With better tools and true collaboration, we will get
there faster.’
When rare is shared
Additionally, Gabi helped create another collaborative
effort called DEE-P Connections, which brings together
more than 50 DEE patient advocacy groups to provide
targeted resources to caregivers of children living with
these disorders, empower them to be powerful advo-
cates for their children, and engage them in critical re-
search efforts to collectively advance treatments for
the DEEs.
Their largest research effort The Inchstone Project –
brings together caregivers, researchers, clinicians, and
industry partners working together to break down bar-
riers that limit clinical trial inclusion and ensure there
are clinical trial assessment measures that can capture
the small but meaningful inchstones of progress those
with DEEs make. Ultimately, this work will be critical to
ensuring that treatments which bring meaningful
change to the broad community of those living with
DEEs are brought to market.
SCN8A-DEE
SCN8A developmental and epileptic encepha-
lopathy (SCN8A-DEE) is a severe genetic disor-
der. It is caused by mutations in the SCN8A
gene, which leads to epilepsy, intellectual dis-
ability, and developmental delay or regres-
sion, often starting in infancy.
’Behind every
milestone we hoped
for, there was
another challenge.
We kept going.’
Management Review / 2025 in brief
Annual Report 2025
7
Key highlights
Financials
1
Sustainability
Value for patients
Patients
reached in 2025
5
Access coverage
6
reflecting broader patient access
to our medicines than in 2024
Value for people
Gender in upper
management
(male%
female%)
7
Inclusion score
8
in the
annual employee
satisfaction survey
Value for planet
Reduction in scope 1 & 2
scope 3 higher than the
baseline year 2019
9
Recovery of selected
organic solvents used
in chemical production
Annual Report 2025
7
1 Unless otherwise stated, information is at reported rates (DKK). 2 Change at CER (Constant Exchange Rates) does not include effects from hedging. 3 For details of the non-IFRS measure ‘adjusted EBITDA’, see Adjusted EBITDA Reconciliation on page 212. 4 Latest outlook, 11
November 2025. 5 Estimated number of patients reached, based on 2025 sales data for Lundbeck products. Patients reached has been restated from full-year patients in million to number of patients (page 106-107). 6 Access Coverage tracks the proportion of reimbursement listings
for our medicines that have been achieved through negotiated public reimbursement, making our medicines available to patients under public reimbursement schemes (page 106-107). 7 Upper management comprises of the Executive Leadership Team (ELT) and employees at the
same level as ELT, as well as employees who report directly to ELT and have people management responsibilities in Lundbeck. 8 The score is calculated based on the aggregation of responses to the question on sense of belonging at the company. For further information on our
inclusion score, refer to page 93. 9 Reduction in scope 1 & 2 greenhouse gas emissions vs. 2019 Science Based Targets initiatives (SBTi) target baseline and increase in scope 3 greenhouse gas emissions from purchased goods and services, upstream transportation and distribution,
and business travel vs. 2019 SBTi target baseline.
Management Review / 2025 in brief
Total revenue
24,630DKKm
13% growth CER
2
compared to 2024
Revenue strategic brands
19,011DKKm
19% growth CER
2
compared to 2024
Adjusted EBITDA
3
7,881DKKm
24% growth CER
2
compared to 2024
27.8m
77%
62%
8.2
58%
42%
-47%
+8%
Outlook 2025
Total revenue
growth at CER
2
Adjusted EBITDA
growth at CER
2
Latest outlook
4
13% - 14%
22% - 25%
Realized 2025
13%
24%
Sales growth
Adjusted
EBITDA margin
Initial outlook
7% - 10%
5% - 10%
Latest outlook
13% - 14%
22% - 25%
Management Review / 2025 in brief
Annual Report 2025
8
We aspire to impact patients, people, and society through leading innovation
within neuro-specialty and neuro-rare fields, while delivering sustainable growth.
Key events
Advancing our Focused Innovator Strategy
Growth
• Focusing investments to support growth in key markets for Vyepti and
Rexulti.
• Increase R&D spend to build a pipeline that can unlock future growth
opportunities.
• Programmatic near-to-market business development.
… in 2025
Innovation
• Scale neuro-specialty position.
• Build neuro-rare franchise.
• Build upon psychiatry core and longstanding commitment to
neuroscience.
… in 2025
Funding
• Investments in innovation and growth
supported by a disciplined capital reallocation
of DKK 1.3-1.5 billion by 2027.
… in 2025
Strong performance
Revenue
+13% CER
Strategic brands
+19% CER
Vyepti
+59% CER
Rexulti
+23% CER
Building neuro-rare
franchise
Advanced treatments for
multiple system atrophy
and developmental and
epileptic encephalopathies
reached late-stage devel-
opment.
Strategic reallocation of resources
• Transition to partner-led commercial operating model enhanc-
ing flexibility and scalability,
• Funding of late-stage R&D programs, increasing R&D spending
10% CER,
• Strong cash flow generation, advancing late-stage pipeline and
support future launches.
Scaling neuro-
specialty position
Studies reinforced the clini-
cal strength of Vyepti in
migraine, and the progres-
sion of anti-PACAP ad-
dressed a gap in migraine
treatment.
Management Review / 2025 in brief
Annual Report 2025
9
We are proud providers of innovative medicines that
address brain disorders with high unmet needs. As
one of the few pharmaceutical companies solely focus-
ing on brain health, the world depends on Lundbeck
more than ever. Neurological conditions are the lead-
ing cause of disability and the second leading cause of
death globally, affecting 3.4 billion people
1
and ac-
counting for nearly 19 million deaths per year
2
. These
staggering statistics underscore the importance of our
purpose and our responsibility to patients worldwide.
Our commitment to improving access to health for
those in need remains at the core of everything we do.
From early research and development to sales and dis-
tribution, patients’ perspectives are integral to our de-
cision-making processes.
Aiming at enabling patients and societies to benefit
from our medicines, we strive to improve access to our
treatments through an ongoing collaboration with
healthcare systems and those responsible for access
and reimbursement.
Transforming to ensure growth
In 2025, we continued to execute the Focused Innova-
tor Strategy, driving the transformation of our busi-
ness, and fully integrating a focused innovator mind-
set. Strategically, we focus on neuro-rare and neuro-
specialty conditions, expanding from our strong legacy
within psychiatry and neurology.
In a rapidly developing field of science, we are continu-
ously adopting new ways of working and improving
efficiency to be able to shift resources to innovation. In
2025, our people delivered an outstanding execution
of the transformation program, enabling us to acceler-
ate investments aimed at long-term growth. By 2027,
we are aiming to have reallocated DKK 1.3-1.5 billion
to fund innovation and investments in our strategic
brands and the markets where we serve patients best.
In 2025, we transitioned to a partner-led commercial
model in 27 markets, focusing resources where we can
make the greatest impact for patients and society. This
partner-led model is part of the reallocation of funds
for further investment in key growth areas and our in-
novative pipeline, supporting continued progress to-
ward the breakthrough neuroscience therapies of to-
morrow.
While reducing operational complexity and focusing
on our resources, the new commercial model means
that we said goodbye to 602 employees across the 27
countries affected. We have supported the employees
impacted in the best possible way to ensure a respon-
sible and orderly process.
Excellent performance
This year, Lundbeck employees around the world ex-
celled in generating the highest revenue ever rec-
orded in our business’s history, demonstrating excep-
tional operational performance while advancing our
pipeline in differentiated neuroscience assets, scaling
our neuro-specialty position, and building a neuro-rare
franchise.
The excellent performance translated into an in-
creased number of patients served, and we saw dou-
ble-digit growth, driven primarily by our strategic
brands, Rexulti
®
and Vyepti
®
. The total revenue grew
by +13% CER (+12% DKK) to DKK 24,630 million
3
in
2025.
Pipeline to deliver long-term growth
Equally important to securing long-term growth, we
continued building a sustainable pipeline set to deliver
breakthrough products and long-term sustainable
growth.
With a rapidly improving understanding of the biology
of the brain, we hold ourselves accountable for
Letter from the Chair and CEO
Improving access to health for those in need
2025 has been a truly remarkable year, marked by record-breaking results
and double-digit growth. In our relentless pursuit to advance brain health,
we have focused on transforming our business to secure long-term growth
while improving patients’ access to our innovative treatments within
neurology and psychiatry.
1 IHME Brain Health Atlas. 2 Journal of Global Health, 2023. 3 Unless otherwise stated, information is at reported rates (DKK).
Management Review / 2025 in brief
Annual Report 2025
10
advancing brain health by curiously exploring new op-
portunities for treatments.
Now, we have a transformed pipeline with strong mo-
mentum toward late-stage assets within neuro-rare
and neuro-specialty.
Particularly two of these, bexicaserin targeting devel-
opmental and epileptic encephalopathies (DEEs) and
amlenetug targeting multiple system atrophy (MSA),
make Lundbeck a leader in innovation within neuro-
rare, potentially redefining treatments for over half a
million patients worldwide, improving the lives of pa-
tients and their caregivers.
Guiding access to health
In 2025, our treatments reached 27.8 million patients
1
,
and we have introduced the new patient access met-
rics designed to guide our efforts toward equitable ac-
cess goals. These new guiding metrics include two an-
nual performance indices: Access Coverage and Time
to Access Indicator. Our patient access metrics help us
measure progress in reaching eligible patients by ex-
amining how successfully certain Lundbeck medicines
with marketing authorization have secured public re-
imbursement, enabling patient use. The metrics also
track and offer stakeholder transparency on how
swiftly positive national reimbursement decisions are
achieved compared to standard industry benchmarks.
The patient access metrics are part of our Sustainabil-
ity Strategy and are a central part of Lundbeck’s con-
stant focus on strengthening our patient-centric ap-
proach, addressing the UN Sustainable Development
Goals (SDGs), in particular No. 3: Good Health and
Wellbeing for all. Our sustainability performance in
2025 is described on page 36 and in the Sustainability
Statement section of this report.
Our people: The heart of Lundbeck
At Lundbeck, we recognize that attracting and retain-
ing a skilled and diverse workforce is essential to our
success. We are committed to foster a culture of inclu-
sion, equity and belonging, while embracing diverse
perspectives to better serve patients and community.
In 2025, we introduced our new Code of Ethics, em-
phasizing trust, integrity, and transparency. The pur-
pose of the code is to help all employees navigate the
complexities of our industry. The code reflects our ex-
pected behaviors and the culture of being a focused
innovator.
Trust is the foundation of every successful relationship.
When we act with integrity and transparency, we earn
the trust of those we serve and collaborate with. This is
crucial for fostering long-term partnerships and ensur-
ing that Lundbeck continues to make a positive impact
on the lives of patients worldwide.
We want to take this opportunity to thank Lundbeck’s
employees. Their hard work and dedication are trans-
forming the lives of people living with brain disorders.
We thank everyone for supporting the excellent execu-
tion of our objectives and for continuing to innovate to
advance brain health.
Dorothea Wenzel
Chair of the Board of Directors
Charl van Zyl
President and CEO
1 Estimated number of patients reached, based on 2025 sales data for Lundbeck products.
Management Review / 2025 in brief / Business and strategy
Annual Report 2025
12
As Lundbeck continues to advance brain health, our
focus on innovation, unmet patient needs, and opera-
tional excellence ensures that we remain at the fore-
front of neuroscience. With a clear vision and strong
execution, Lundbeck is poised to deliver lasting impact
and drive growth into the next decade and beyond.
Strategic brands drive growth
The strength of Lundbeck’s strategic brands has been
a cornerstone of our transformation journey. In 2025,
these brands delivered an impressive +19% revenue
CER growth. This sustained performance underscores
the effectiveness of the commercial execution and the
impact of our Focused Innovator Strategy. Strategic
brands now account for 77% of total revenue, reflect-
ing their central role in our long-term trajectory.
In 2025, we successfully reallocated capital to
strengthen strategic brands and transform our pipe-
line in line with the Focused Innovator Strategy’s target
of disciplined capital reallocation of DKK 1.3-1.5 billion
by 2027. The targeted investment in strategic brands
will ensure that they remain the driving force behind
future growth.
Leading the charge are Vyepti
®
and Rexulti
®
, which
have demonstrated significant demand expansion
across both established and recently launched indica-
tions. Vyepti
®
achieved +59% CER growth, maintaining
its position as the fastest-growing injectable anti-CGRP
therapy in the U.S. This momentum reflects strong
market uptake, particularly in addressing unmet needs
in migraine treatment. Meanwhile, Rexulti
®
recorded
+23% CER growth, driven by increased share in the
major depressive disorder (MDD) segment and the agi-
tation associated with dementia due to Alzheimer’s dis-
ease (AADAD) segment.
These results highlight Lundbeck’s strategic focus on
patient needs, supported by initiatives to drive new pa-
tient starts, improve market access, and enhance treat-
ment persistence. Additionally, the performance of
Brintellix
®
and the Abilify LAI franchise has established
a solid foundation that serves as the cornerstone for
Lundbeck’s mid-term growth, ensuring Lundbeck re-
mains well positioned to deliver sustained value to pa-
tients and our shareholders.
Progress of innovative pipeline
Lundbeck’s pipeline continues to evolve, with signifi-
cant progress achieved in 2025. In our relentless pur-
suit to advance brain health, we focus on scaling our
neuro-specialty position and building a neuro-rare
franchise, expanding from our strong legacy within
psychiatry and neurology. This prioritization reflects
our commitment to delivering innovative therapies
with first-in-class or best-in-class potential.
Research and development investments increased by
10% CER, supporting the transformation of our pipe-
line profile. We made strong progress and now have a
transformed pipeline with strong momentum toward
late-stage assets within neuro-rare and neuro-spe-
cialty. We anticipate potential breakthroughs in neuro-
specialty areas targeting Parkinson’s disease and mi-
graine prevention, as well as in neuro-rare areas tar-
geting developmental and epileptic encephalopathies
(DEEs) and multiple system atrophy (MSA).
Amlenetug (anti-alpha-synuclein) targeting MSA, and
bexicaserin, targeting DEEs, are both progressing
through phase III trials. These assets represent prom-
ising opportunities to address brain disorders with
high unmet need, further cementing Lundbeck’s ambi-
tions in neuro-rare.
Also, in neuro-rare, notable pipeline milestones include
the orphan drug designation granted to Asedebart (Lu
AG13909, anti-ACTH) in both the U.S. and EU for the
treatment of congenital adrenal hyperplasia. This de-
velopment validates Lundbeck’s entry into targeted
Strategy update
Driving growth into the next decade
In 2025, Lundbeck performed impressively, demonstrating tangible pro-
gress on our Focused Innovator Strategy. We delivered sustained growth
from our strategic brands, advanced the pipeline significantly, and sharp-
ened our commercial focus, allowing us to reallocate funds for further in-
vestments in key growth areas and our innovative pipeline.
Management Review / 2025 in brief / Business and strategy
Annual Report 2025
13
neuro-hormonal disorders, underscoring our ability to
address medical needs in niche areas.
In the neuro-specialty area, results from two studies
reinforced the clinical strength of Vyepti
®
in migraine
treatment. Lu AG09222 (anti-PACAP), which represents
a potential new therapeutic option for the treatment of
migraine, also progressed in line with expectations.
Scaling for next phase of growth
Lundbeck’s Focused Innovator Strategy emphasizes
disciplined capital deployment and operational excel-
lence, enabling us to balance investments in innova-
tion with profitability. In 2025, we achieved +24% ad-
justed EBITDA growth at CER, despite significantly
higher R&D investments.
Continuing the execution of our Focused Innovator
Strategy, we transitioned to a partner-led commercial
operating model in 27 countries. With this transition
we are focusing resources and capital on the highest
growth opportunities while ensuring continued patient
access to our medicines through three partnerships
with Swixx Group, Zuellig Pharma, and New-Bridge
Pharmaceuticals.
This new commercial operating model sustains our
long-term strategy and deepens our commitment to
serving patients. By reducing complexity and shifting
resources to markets and brands with the greatest
growth potential, we are focusing capital to accelerate
progress on our strategic priorities. We continued to
invest in launch readiness activities, ensuring that we
remain an agile company, responsive to emerging op-
portunities and able to further solidify our position as a
leader in neuroscience innovation.
Our commercial model in the U.S. is increasingly differ-
entiated through a patient-centric and data-driven ap-
proach, driving deeper engagement, faster uptake,
and stronger persistency for Vyepti
®
and Rexulti
®
.
In Europe and International Operations, targeted in-
vestments in priority markets are unlocking significant
growth potential. Vyepti
®
has now been launched in 30
countries, delivering triple-digit growth in several ma-
jor EU markets. These achievements reflect Lundbeck’s
ability to adapt its commercial strategies to local mar-
ket dynamics while maintaining global consistency in
execution. In June, the SUNRISE trial confirmed efficacy
of Vyepti
®
in Asian population with chronic migraine,
and we initiated discussions with relevant regulatory
authorities with the aim of making eptinezumab availa-
ble for people suffering from migraine across Asia.
An essential part of Lundbeck’s Focused Innovator
Strategy is the capital reallocation program, through
which several decisions have been made to support
funding for growth and innovation. In connection with
this, Lundbeck has initiated a planned divestment of a
non-core production site in Italy, which will further re-
duce complexity in a non-strategic area for Lundbeck.
Our people are key drivers of success
Lundbeck’s transformation strategy places strong em-
phasis on people and culture as key drivers of success.
We are committed to cultivating a purposeful, innova-
tion-led environment grounded in psychological safety,
cross-functional collaboration, and agile decision-mak-
ing. Our culture is founded on behaviors of curiosity,
adaptability, and accountability, which are important
values in high-performing teams.
We continuously work to maintain a culture of respect
and safe working conditions for employees, value
chain partners, and patients. The 100% completion
rate of the annual e-learning on our Code of Ethics is a
testament to this.
In order to support our leaders, we have rolled out an
Enterprise Leadership Program, equipping them with
the mindset and capabilities to deliver business value
today while driving sustainable transformation. By em-
bracing an enterprise-wide perspective and consist-
ently modeling our behaviors, leaders at Lundbeck
play a pivotal role in unlocking the full potential of
every employee.
A strategic update to the corporate Long-Term Incen-
tive (LTI) Program was implemented in 2025 to ensure
alignment with the talent market, enhance employee
engagement, and link performance KPIs to our Fo-
cused Innovator Strategy – ultimately driving sustaina-
ble value for shareholders.
Building an industry-leading neuroscience company
Our long-term ambition remains clear: to be posi-
tioned as a premier neuroscience company impacting
patients, people, and society through leading innova-
tion within neuro-specialty and neuro-rare, and deliv-
ering sustainable growth.
Access to health for those in need is at the core of
everything we do. In 2025, our main actions included
updating our Access to Health Strategy to guide our
efforts towards equitable access goals, including an
Equity-based Tiered Pricing position and new patient
access metrics.
In addition, Lundbeck recognizes the importance of
doing right by our people, minimizing impacts on the
environment, and conducting our business ethically.
In 2025, Lundbeck continued to work towards our cli-
mate and circularity aspirations, including continuously
expanding the collaboration with suppliers on the
challenging task of lowering our collective climate foot-
print. We finished the construction of a new chemical
recovery unit at one of our sites. This will both increase
recycling rates and reduce our GHG emissions.
We are committed to integrating sustainable practices
throughout our operations, driving both short-term
actions and long-term aspirations towards a sustaina-
ble future. Our Sustainability Strategy progress in 2025
and targets for our sustainability efforts in 2026 are
described on page 36 of this report.
Management Review / 2025 in brief / Business and strategy
Annual Report 2025
14
Value chain and business
model
At Lundbeck, we exist to advance brain health and transform lives;
by discovering, developing, and commercializing treatments that make a
difference to people affected by psychiatric and neurological disorders.
1 ESRS 2, SBM-1 paragraph 42, 42(a), 42(b), and 42(c). *Subject to limited assurance.
Management Review / 2025 in brief / Business and strategy
Annual Report 2025
15
Total revenue, products
*
23,964 DKKm
Other revenue & effects from hedging
*
666 DKKm
1 ESRS 2, SBM-1 paragraph 40(a)ii. 2 Lundbeck has own presence in the following countries: Austria, Australia, Belgium, Brazil, Canada, China & Hong Kong, Denmark, Finland, France, Germany, Ireland, Italy, Japan, Korea, Netherlands, Norway, Portugal,
Sweden, Spain, Switzerland, United Kingdom, United States. 3 ESRS 2, SBM-1, paragraph 40(b). *Subject to limited assurance. 4 The figures exclude other revenue of DKK 387 million and positive hedging effects of DKK 279 million.
U.S.
Europe
International
Operations
Revenue
4,858 DKKm
Share of group revenue
4
20%
Revenue strategic brands
2,398 DKKm
Revenue
5,819 DKKm
Share of group revenue
4
24%
Revenue strategic brands
4,282 DKKm
Revenue
13,287 DKKm
Share of group revenue
4
56%
Revenue strategic brands
12,331 DKKm
Management Review / 2025 in brief / Business and strategy
Annual Report 2025
16
Products
Strategic brands
Revenue (DKKm)
3,776
% of total revenue
15%
Revenue (DKKm)
4,554
% of total revenue
19%
Revenue (DKKm)
6,205
% of total revenue
25%
Revenue (DKKm)
4,476
% of total revenue
18%
1 ERSR 2, SBM-1 paragraph 40(a)i. *Subject to limited assurance. 2 Abilify long-acting injectable (LAI) franchise comprises following products: Abilify Maintena
®
, Abilify Maintena
®
960 mg and Abilify Asimtufii
®
.
10%
CER
23%
CER
59%
CER
4%
CER
Management Review / 2025 in brief / Business and strategy
Annual Report 2025
17
3%
CER
Products
1 ESRS 2, SBM-1 paragraph 40(a)i. *Subject to limited assurance.
Mature brands
Revenue (DKKm)
1,955
Revenue (DKKm)
2,998
% of total revenue
8%
% of total revenue
12%
2%
CER
Management Review / 2025 in brief / Business and strategy
Annual Report 2025
18
Lundbeck is dedicated to neuroscience. We have the
heritage, expertise, and passion to translate leading
science into transformative treatments. Opportunities
to make a difference are huge: the unmet needs of pa-
tients are enormous, and the number of affected peo-
ple is rising. At the same time, neuroscience is at the
forefront of scientific breakthroughs, with rapid tech-
nological, medical, and regulatory advances driving in-
novation of new treatments.
Over the past year, we have continued to build our
pipeline as the engine for sustainable growth. With
more than 70 years’ strong legacy in neuroscience and
improving the lives of people, we are focusing on scal-
ing our position in neuro-specialty and building a
neuro-rare franchise with 5-6 mid/late-stage assets
and an adequate number of phase I projects. Now, we
have a transformed pipeline set to deliver break-
through products and long-term sustainable growth.
In 2025, we successfully progressed the pipeline
through rigorous development processes that define
how we operate by letting the biology, the molecule,
and the patient speak.
Our R&D organization focusses on promising biology,
and works with innovative discovery research using,
for example CLiPr and Blood Brain Barrier shuttle tech-
nologies. We are de-risking the early pipeline by letting
the biology speak. In this manner, we bring promising
projects quickly forward to early clinical proof of
concept, and we invite patients to guide us in the late
development phase.
Neuro-specialty highlights
Vyepti – migraine prevention – phase III
In late 2025, we continued the roll-out of Vyepti
®
(epti-
nezumab), with filings in South Korea, Japan and China.
In June, the full results of the phase III registra-
tional SUNRISE trial were presented at the European
Academy of Neurology 2025 Annual Congress. The
trial confirmed the efficacy of Vyepti
®
in the Asian pop-
ulation with chronic migraine, with eptinezumab
demonstrating statistically significant reductions in
mean monthly migraine days (MMDs) compared with
placebo. Patients receiving eptinezumab were four
times more likely to achieve a reduction of ≥75% in
MMDs within the first four weeks compared to pla-
cebo.
Also in June, the full results of the phase IV RESOLU-
TION trial demonstrated robust efficacy of Vyepti
®
in
otherwise difficult-to-treat patients. Patients treated
with eptinezumab reported rapid reductions in pain
severity by week 2 compared to placebo, alongside a
significant reduction in the use of acute migraine med-
ication.
In October, the U.S. Food and Drug Administration
(FDA) reviewed and acknowledged the clinical rele-
vance of the RELIEF data, approving its inclusion as the
third clinical study in the U.S. Prescribing Information
(USPI) for Vyepti. The clinical section of the USPI now
highlights that Vyepti demonstrated efficacy within two
hours after the start of infusion in patients eligible for
preventive treatment who were experiencing a mi-
graine attack at the time of administration.
Lu AG09222 – migraine prevention (anti-PACAP) –
phase II
The phase II asset Lu AG09222 represents a potential
new therapeutic option for the treatment of migraine,
which, unlike the calcitonin gene-related peptide
(CGRP) migraine treatment drug class, is a monoclonal
antibody targeting pituitary adenylate cyclase-activat-
ing polypeptide (PACAP). PACAP and its receptors are
broadly expressed in the nervous systems and inflam-
matory cells. By interfering with the PACAP signaling,
Science and innovation
Driving innovation of new treatments
In 2025, the significant pipeline progress reflects the continued evolution of
Lundbeck’s differentiated neuroscience portfolio, including an increased fo-
cus on assets targeting neuro-rare and neuro-specialty conditions. On our
way from unmet needs to transformative treatments, we combine internal
innovation with external partners’ research.
Management Review / 2025 in brief / Business and strategy
Annual Report 2025
19
there is potential to affect multiple symptoms of head-
ache disorders.
In March, following the recruitment of approximately
75% of the patients in the subcutaneous administra-
tion dose-finding part of the PROCEED trial, a pre-spec-
ified interim analysis triggered an expansion of the
trial by initiating an intravenous (IV) dose-finding part.
The PROCEED trial is designed to explore different
doses and routes of administration of Lu AG09222 in
patients with migraine for whom one to four previous
preventive treatments had failed to provide a benefit.
PROCEED is an interventional, randomized, double-
blind, parallel-group, placebo-controlled, dose-finding
phase IIb trial conducted in Europe, Japan and the U.S.
Lu AF28996 – Parkinson’s disease – phase Ib
Lu AF28996 addresses the greatest unmet need in
Parkinson’s disease in the large underserved patient
population with motor complications. Lu AF28996 of-
fers sustained D
1
and D
2
receptor stimulation, achieved
by back-and-forth conversion of metabolites serving as
a reservoir, leading to activation of both the direct and
indirect pathways.
In 2025, phase 1b open-label data in patients with mo-
tor fluctuations or complications showed an impactful
effect on GOOD On-time, positioning Lu AF28996 as
first-in-class oral dopamine-like agonist in Parkinson´s
disease (PD) delivering prolonged well-controlled
motor functioning without inducing troublesome dys-
kinesia.
MAGLi – neurology
In the early development portfolio the MAGLi com-
pound Lu AG12947, emanating from the acquisition of
Abide, is progressing through a set of phase I enabling
studies exploring the potential of this innovative com-
pound.
Neuro-rare franchise highlights
Bexicaserin – developmental and epileptic
encephalopathies (DEEs) – phase III
In Q4 2024, Lundbeck acquired Longboard Pharma-
ceuticals with the lead asset bexicaserin which holds
blockbuster potential and initiated the global phase III
program consisting of DEEp-SEA, evaluating bexi-
caserin for the treatment of seizures associated with
Dravet syndrome, one of the rare DEEss, as well as
DEEp-OCEAN evaluating the efficacy of bexicaserin in
other developmental and epileptic encephalopathies
(DEEs). DEEs are the most severe childhood-onset rare
epilepsies, characterized by drug-resistant seizures,
frequent epileptic activity on electroencephalography
(EEG), and developmental slowing or regression.
In January 2025, Lundbeck announced the headline re-
sults of the bexicaserin PACIFIC phase 1b/2a 12
months open-label-extension study evaluating bexi-
caserin in patients with DEEs. The trial was designed to
evaluate the long-term (up to 52 weeks), safety, tolera-
bility, and efficacy of bexicaserin in individuals with a
DEE. In August, the full data were presented: During
the OLE, a median reduction of 59.3% in countable
motor seizure frequency was observed, with 55% of
participants experiencing sustained reductions of
≥50% compared to baseline before the PACIFIC trial,
reinforcing durability of response and validating its
progression to phase III-trials. In December 2025, OLE
follow-up data presented at the American Epilepsy So-
ciety meeting showed sustained seizure response in
patients followed up to 24 months.
The innovative potential of bexicaserin, with its unique
5-HT
2C
super-agonist mechanism of action, positions
us to address significant unmet needs in severe epi-
lepsies across DEEs including Dravet and Lennox-Gas-
taut syndromes. Bexicaserin was granted break-
through therapy designation by the FDA in 2024 and
by Chinese health authorities in September 2025
based on its potential to address all DEEs. Market en-
try is expected in 2028. Compared to the treatments
currently available, e.g. fenfluramine, bexicaserin has
greater selectivity and specificity, designed to bind only
5-HT
2C
receptors. Among the more than 50 ILAE (Inter-
national League Against Epilepsy) defined DEEs, only
four have approved treatments so far.
Amlenetug – multiple system atrophy
Lu AF82422 – phase II
Lu AF82422 is a monoclonal antibody (mAb) targeting
the pathological form of the protein alpha-synuclein
which is believed to play a pivotal role in the develop-
ment and progression of neurodegenerative diseases
such as multiple system atrophy (MSA), Parkinson’s dis-
ease (PD), and other synucleinopathies.
By targeting pathological alpha-synuclein with an anti-
body that inhibits aggregation and potentially clears
pathological alpha-synuclein from the brain, the pro-
ject aims to demonstrate a delay in disease progres-
sion and a therapeutic effect on disease burden and
function. Lundbeck has obtained orphan drug desig-
nation for MSA from the EMA (April 2021), FDA (April
2024) and MHLW (Ministery of Health, Labour, and
Welfare) (February 2025) as well as SAKIGAKE pioneer-
ing drug designation from the Japanese health author-
ities (March 2023) and Fast track designation from the
FDA (February 2025).
Building on the phase II randomized, double-blind, pla-
cebo-controlled exploratory proof-of-concept (PoC)
trial AMULET testing Lu AF82422 in 61 MSA patients in
the U.S. and Japan, and showing convincing trends of
slowing MSA, Lundbeck initiated the phase III clinical
trial MASCOT in November 2024.
Lundbeck aims to deliver the first disease-modifying
treatment option in MSA with an expected market en-
try in 2029.
Asedebart (Lu AG13909) – phase I/II
Asedebart is a first-in-class monoclonal antibody with
the potential to offer a treatment alternative to pa-
tients suffering from conditions related to the hypo-
thalamic-pituitary-adrenal (HPA) axis, leading to
Management Review / 2025 in brief / Business and strategy
Annual Report 2025
20
increased levels of adrenocorticotropic hormone
(ACTH). By binding to ACTH with high affinity,
Asedebart aims to reduce elevated ACTH levels, poten-
tially providing therapeutic benefits for individuals with
neurohormonal dysfunctions.
Lundbeck initiated a first-in-human trial in patients
with congenital adrenal hyperplasia (CAH) in December
2022, and a trial in Cushing’s disease (CD) in June 2024.
In 2025, Lundbeck received orphan drug designation
in the U.S. and EU for Asedebart for the treatment of
patients with congenital adrenal hyperplasia. The or-
phan drug designation was granted to Asedebart by
the FDA on 12 May 2025 and the European Medicines
Agency (EMA) on 20 June 2025.
Asedebart (anti-ACTH) is progressing in line with ex-
pectations, positioning the pipeline to deliver a new
generation of therapies with first-in-class or best-in-
class potential.
CD40L blocker – central nervous system (CNS)
disorders
Lu AG22515 – phase Ib
Pursuing the CD40-CD40L interaction, Lundbeck is tap-
ping into well-described and clinically validated biology
potentially involved in multiple CNS disorders. By tar-
geting the CD40L pathway, which is involved in the ac-
tivation of complex T-cell mediated autoimmune re-
sponses, Lu AG22515 represents a novel approach in
the treatment landscape of auto-immune and neuro-
immunological diseases. Blocking CD40L inhibits both
B and T cell activations without direct clearance of B
cell populations and holds strong promise in treating a
wide range of autoimmune-related CNS disorders.
Lu AG22515 is a CD40L/human serum-albumin Fab
bispecific fusion protein that blocks the CD40L/CD40
pathway through direct competition with CD40 of
CD40L, thereby affecting adaptive and innate immune
responses. Lu AG22515 is a promising therapeutic
candidate being developed under a licensing and col-
laboration agreement between Lundbeck and AprilBio
Co., Ltd.
In October 2024, Lundbeck initiated the first clinical
trial of it’s CD40L blocker, Lu AG22515, in patients. The
proof-of-concept (PoC) trial will evaluate the efficacy,
safety, and tolerability of Lu AG22515 as a potential
treatment for thyroid eye disease (TED), an autoim-
mune condition causing a debilitating, disfiguring, and
potentially blinding periocular disease. The open label
24-week TED phase Ib trial is planned to enroll 19 pa-
tients.
In November 2025, data were presented from interim
analyses providing an early signal of detection and
paving the way to progress the program. Data shows a
clear reduction in the autoantibody anti-TSHR and an
estimated mean change from baseline on proptosis of
>2 mm within a clinically relevant timeframe.
Lu AG22515 exhibits high potency, an extended half-
life due to its SAFA technology, and an improved safety
profile compared to other immunosuppressing MoAs
and holds great potential in multiple indications.
Psychiatry core
Brexpiprazole in post-traumatic stress disorder
(PTSD) – phase III
On 20 September 2025, a complete response letter
(CRL) was issued by the FDA regarding the sNDA for
the use of Rexulti
®
(brexpiprazole) in combination with
sertraline as a treatment for adults with PTSD. The CRL
states that the FDA has completed its review but can-
not approve the application in its current form, as the
application does not provide substantial evidence of
effectiveness to support approval. Lundbeck has de-
cided not to invest further into the development of
PTSD.
This follows the review of the sNDA for Rexulti (brex-
piprazole) in combination with sertraline as a potential
treatment for PTSD by the FDA’s Psychopharmacologic
Drugs Advisory Committee (PDAC) in July 2025. Follow-
ing a thorough review of the data, the committee
voted 1–10, concluding that the efficacy of brexpipra-
zole, 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 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-Admin-
istered PTSD Scale (CAPS-5) total score for brexpipra-
zole and sertraline combination therapy versus ser-
traline 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. 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 brex-
piprazole in combination with sertraline were con-
sistent 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.
Management Review / 2025 in brief / Business and strategy
Annual Report 2025
21
Brexpiprazole in adolescent patients (13-17 years
old) with schizophrenia – phase III
The European Commission (EC) and SwissMedic ap-
proved the pediatric schizophrenia indication (for ado-
lescents aged 13 to 17 years) in March and December
2025, respectively.
The approvals are based on the phase III trial 331-10-
234 in adolescent patients with schizophrenia
(NCT03198078), which demonstrated a significant im-
provement for brexpiprazole compared to placebo. In
the trial, brexpiprazole was generally well tolerated,
and the safety profile was similar to that observed in
adult patients with schizophrenia.
Aripiprazole – two-month long-acting injectable (LAI)
formulation
In January 2025, Health Canada approved a supple-
mental New Drug Submission (sNDS) for the two-
month formulation which is an innovative addition to
the long-acting injectable (LAI) franchise and has pa-
tent protection until the early part of the next decade.
Based on pharmacokinetic modelling, the FDA ac-
cepted in March 2025 an update of the USPIs for
Abilify Asimtufii
®
and Abilify Maintena
®
with a one-day
initiation regimen (1-IR) in addition to the currently ap-
proved initiation regimens, Patients stabilized on oral
Abilify are now able to initiate the every-two-month
Abilify Asimtufii
®
treatment regimen in a single day by
administering one injection of Abilify Asimtufii
®
960
mg, one injection of Abilify Maintena
®
400 mg, and a
single oral dose of Abilify 20 mg. For Abilify Maintena
®
,
the 1-IR consists of two separate injections of Abilify
Maintena
®
400 mg and a single oral dose of Abilify 20
mg.
Vortioxetine – pediatric development program in
major depressive disorder (MDD) in Japan
Given the large unmet medical need and the absence
of medicines approved in Japan for the treatment of
MDD in children, Lundbeck has decided to initiate a
pediatric development program in collaboration with
its alliance partner Takeda.
The phase III trial is a randomized, double-blind, pla-
cebo-controlled 10-week study evaluating the efficacy
and safety of flexible-dose vortioxetine (10-20mg) in
MDD in adolescents aged 12-17 years. The first pediat-
ric patient in Japan was randomized in January 2026.
In August 2024, based on the development program,
Lundbeck and Takeda received a positive opinion from
the Japanese Pharmaceutical Affairs Council Commit-
tee on Drug I of the Ministry of Health, Labour and
Welfare, granting vortioxetine a two-year extension
until 2029 of the re-examination period for the adult
indication in MDD. This means that vortioxetine’s loss
of exclusivity in Japan will be extended by two years.
This extension is unrelated to the phase III trial out-
come.
Generating innovation through collaboration
As a focused innovator, we continue harnessing both
internal and external innovation to progress our pipe-
line. We are committed to advancing science, from in-
novations born in-house or externally, to develop new
and better treatment options. We are open to partner-
ships to accelerate our efforts and bring medicines to
patients even faster. And we always strive to be the
partner of choice.
Breakthroughs in biomarkers, genetics, treatment mo-
dalities, and artificial intelligence are revolutionizing
neuroscience R&D at a fast pace. These technological
advancements are deepening our understanding of
the biology of brain disorders, expanding the target
landscape, and opening new avenues for transforma-
tive research.
At Lundbeck, we recognize that rapid innovation de-
mands agility and adaptability to seize emerging op-
portunities, both internally and externally.
The newly established External Innovation Unit within
Lundbeck’s R&D is dedicated to fostering life science
innovation through early stage, collaborative partner-
ships with biotech communities, industry leaders, and
academic institutions. These alliances enable us to co-
create the future of brain health, combining over 70
years of neuroscience expertise and R&D excellence,
with external specialism and innovation
1
.
Driving future therapies through external innovation
Early-stage partnerships are central to Lundbeck’s ap-
proach. They allow us to exchange insights and exper-
tise, creating shared value in the pursuit of common
goals. As a Focused Innovator, we actively pursue tar-
gets with well described biology for the highest likeli-
hood of success. We put our strategic focus on part-
nerships across the respective fields of brain diseases
within neuroscience.
In October 2025, we announced a new strategic part-
nership with Contera Pharma to advance RNA-target-
ing medicines for serious neurological conditions. RNA
therapies are a class of treatments that utilize ribonu-
cleic acid (RNA) molecules to treat or manage diseases.
These therapies work by targeting specific genetic pro-
cesses within cells, offering a precise and innovative
approach to addressing various medical conditions.
This partnership reflects Lundbeck’s long-term strat-
egy to strengthen pipeline both internally and through
external collaborations with scientific innovators. By in-
corporating RNA therapeutics into our research port-
folio, we broaden our capabilities and ensure we re-
main at the forefront of innovation in brain health.
Support from Michael J. Fox Foundation
With the support from the world-renowned Michael J.
Fox Foundation, Lundbeck is combining its bio-marker
discoveries with leading microfluidic experts at the
Danish Technical University (DTU) to develop a state-
of-the-art biomarker assay for Parkinson’s disease (PD).
The project Quantitative SAAs for alpha-synuclein from
1 For more information about Lundbeck’s External Research & Innovation Unit, please visit www.lundbeck.com
Management Review / 2025 in brief / Business and strategy
Annual Report 2025
22
various matrices, is an attempt to develop assays for
samples such as skin and saliva.
With a second grant from the Michael J. Fox Founda-
tion, Lundbeck is leading the discovery of a radioligand
as a marker of neuroinflammation for PD and other
brain diseases in collaboration with experts in positron
emission tomography (PET) at Aarhus University. The
grant concluded in 2025, having facilitated the identifi-
cation of several novel molecules with promising prop-
erties. Additionally, it enabled the establishment of an
efficient workflow between Lundbeck and Aarhus Uni-
versity, laying the foundation for continued collabora-
tion on markers for neuroinflammation.
Lundbeck is a longtime partner of the Parkinson's Pro-
gression Markers Initiative (PPMI) biomarker program
at the Michael J. Fox Foundation, where we participate
in the advisory board and several working groups.
Partners contribute to PPMI through financial and in-
kind donations and are play a leading role in providing
feedback on study parameters through the Partner
Scientific Advisory Board. Lundbeck also act as an advi-
sor in the foundation’s Quantitative Biomarker initia-
tive, evaluating new programs to develop new bi-
omarkers.
Lighthouse Life Science
In 2025, Lundbeck continued leading the public-pri-
vate partnership Lighthouse Life Science, which aims
to promote better health outcomes, greater equity in
health, and economic growth. Under Lundbeck’s
leadership from 2023 to 2025, the partnership’s focus
has been on mental health. The Lighthouse initiative
aims to support the national 10-year psychiatry plan
set by the Danish government, with special attention
to three key priority areas: children and adolescents
with mental health challenges, enhanced treatment for
severe mental disorders, and anti-stigma information
campaigns. Addressing mental health challenges re-
quires strong collaboration across public and private
stakeholders. Innovative solutions are essential to sup-
port individuals facing psychological difficulties and to
strengthen overall mental health across society.
Driving innovation with AI
Lundbeck has a continued ambition to systematically
harness AI across R&D to lead the way in AI-enabled
clinical assets, cut late-stage development timelines
through real-time adaptive trials, and automate core
R&D workflows. This transformation will be fueled by
bold partnerships in research and development and
targeted investments in internal AI talent, redefining
what is possible in neuroscience innovation.
In April 2025, Lundbeck made an enterprise roll out of
Scite.ai, a powerful AI-enabled literature review tool.
Scite.ai streamlines literature review by using AI to
contextualize citations, helping users quickly assess
the credibility of sources and enabling fast review of
vast amounts of peer-reviewed journals.
In May 2025, Lundbeck became one of the first phar-
maceutical companies to collaborate with the Danish
Centre for AI Innovation (DCAI), gaining privileged ac-
cess to Gefion, one of the world’s most powerful AI su-
percomputers. This collaboration represents a pivotal
step in our Focused Innovator Strategy, and supple-
ments Lundbeck’s Science Cloud, a state-of-the-art
platform on Amazon Web Services (AWS), providing
on-demand infrastructure for computing needs, and
facilitating daily innovation.
In 2025, Lundbeck also continued its strategic partner-
ship with Iambic Therapeutics to leverage AI-driven
drug discovery for neurological diseases, specifically
targeting unmet needs such as migraine. The collabo-
ration is approaching a key pre-clinical milestone. Iam-
bic’s proprietary AI platform, including its Neu-
ralPLexer protein-ligand structure prediction engine,
has enabled rapid design-make-test cycles, signifi-
cantly enhancing our ability to address complex neuro-
logical targets that have historically been difficult to
modulate.
Additionally, Lundbeck collaborates with Logica, inte-
grating Valo Health’s AI-powered Opal Computational
Platform™ and Charles River’s drug discovery expertise
to complement in-house molecule discovery, applying
AI to both small- and large-molecule discovery pro-
jects.
Advanced AI tools empower our regulatory and clinical
experts. The combination of the Vivpro Biointelligence
software platform and ChatGPT’s deep research func-
tionality has been selected as the most promising
solution for generating insights from publicly available,
unstructured data. These tools support smarter, faster
decision-making for both pipeline and business devel-
opment initiatives, enhancing decision quality by inte-
grating regulatory and safety insights directly into
pipeline decisions and reducing cycle times. This sup-
ports Lundbeck’s Focused Innovator Strategy by
strengthening data-driven decisions to increase pro-
gram and trial success rates.
Lundbeck expects to be able to accelerate late-stage
clinical trials and is actively mapping solutions for digi-
tal and AI-powered clinical trial execution with a focus
on patient recruitment, site selection, and enrollment
monitoring. Furthermore, the preparation of regula-
tory documents is considered an area that will reap
significant benefits from digitalization/AI augmenta-
tion, leading to increased productivity and shortening
of cycle times. To this end, Lundbeck is actively piloting
GenAI tools for structured authoring. Finally, AI and
other digital tools are being explored to aid medical
documentation and other authors by ensuring con-
sistency, clarity, and regulatory compliance while auto-
mating repetitive tasks.
Innovation in treatment
Please refer to section S4 in the Sustainability
Statement on page 98 for more on Lundbeck’s
approach to innovation in treatment.
Management Review / 2025 in brief / Business and strategy
Annual Report 2025
23
Pipeline
1 CGRP: Calcitonin gene-related peptide. 2 Two phase III clinical trials completed, supporting registration in Asia. 3 PACAP: Pituitary adenylate cyclase activating peptide. 4 Dopamine receptor D1 and D2. 5 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. 6 TED: thyroid eye disease 7 MAGLi: monoacylglycerol lipase (“MAGlipase”) inhibitor.
Late Development
Early Development
Management eview / 2025 in brief / Business and strategy / Business performance
Annual Report 2025
24
Business
performance
25 Financial performance review
26 Business performance
31 Financial guidance and outlook 2026
33 Summary for the group 2021-2025
36 Sustainability
Management Review / 2025 in brief / Business and strategy / Business performance
Annual Report 2025
24
Management Review / 2025 in brief / Business and strategy / Business performance
Annual Report 2025
25
In 2025, Lundbeck’s total revenue reached DKK 24,630
million, representing growth of +13% CER (+12% DKK),
driven primarily by strong performance in the U.S. and
Europe growing +24% CER (+20% DKK) and +17% CER
(+17% DKK), respectively.
The revenue of Lundbeck’s strategic brands increased
by a record +19% CER (+15% DKK), reaching DKK
19,011 million, representing 77% of total revenue.
Vyepti
®
grew by 59% CER, and Rexulti
®
by 23% CER.
Strong profitability growth
EBITDA increased to DKK 7,140 million, representing
growth of +38% at CER (+39% DKK), while adjusted
EBITDA reached DKK 7,881 million, increasing by +24%
at CER (+24% DKK). The improvement in profitability
was driven by continued strong performance of
Lundbeck’s strategic brands, primarily Vyepti
®
and
Rexulti
®
, combined with operating leverage from disci-
plined capital reallocation and a strong cost culture
and partially offset by the impairment loss from the
planned divestment of a non-core production site in It-
aly. These actions enabled continued investment in
growth while maintaining a clear focus on near-term
delivery and value creation.
EBITDA growth was partly offset by higher R&D ex-
penses, reflecting deliberate investments in targeted
projects, innovation, the execution of Lundbeck’s Fo-
cused Innovator Strategy and one-time costs as part of
Lundbeck’s capital reallocation program.
EPS reached DKK 3.22, increasing by +2% DKK and ad-
justed EPS reached DKK 5.26, growing +5% DKK, re-
flecting the strong EBIT performance, partially offset
by higher financial expenses and income taxes.
In line with our dividend policy, it is proposed to pay
out a dividend of DKK 1.15 per share or DKK 1,145 mil-
lion which is an increase of +21% compared to 2024.
Financial performance review
Record 2025 performance positions
Lundbeck for continued growth
2025 was a record year for Lundbeck, delivering strong performance with
double-digit growth.
1 The 2024 comparative figure has been changed to ensure comparability between the years.
Key figures
DKKm
2025
2024
Change (CER)
Change (DKK)
Revenue
24,630
22,004
13%
12%
EBITDA
7,140
5,146
38%
39%
Adjusted EBITDA
7,881
6,347
24%
24%
EPS (DKK)
3.22
3.17
2%
Adjusted EPS (DKK)
1
5.26
5.01
5%
Management Review / 2025 in brief / Business and strategy / Business performance
Annual Report 2025
26
Approximately 90% of the strategic brands growth was
attributable to the strong performance of Vyepti
®
and
Rexulti
®
in the U.S. in 2025. Vyepti
®
and Rexulti
®
sales
in the U.S. grew +58% CER (+53% DKK) and +23% CER
(+19% DKK), respectively. The largest markets for the
strategic brands were the U.S., Spain, Canada, Italy and
France.
Strategic brands
The Focused Innovator Strategy amplifies Lundbeck’s
strategic brands representing the company’s growth
engine, driving revenue expansion, margin improve-
ment, and sustainable long-term value creation.
Rexulti
®
(brexpiprazole) revenue reached DKK 6,205
million representing growth of +23% CER (+19% DKK).
In the U.S., continued strong demand growth in both
agitation associated with dementia due to Alzheimer’s
disease (AADAD) and major depressive disorder (MDD)
drove the revenue growth. Total prescriptions (TRx)
grew +24.2% year-over-year in 2025, reaching all-time
high market share of 2.86% during December. In
AADAD, Rexulti
®
reached 4.6% market share within the
Alzheimer segment and accounted for 24.4% of total
U.S. Rexulti
®
prescriptions in November, reflecting a
continued expansion. In Europe and International Op-
erations, Rexulti
®
continued the stable growth into the
fourth quarter, driven by demand growth in countries
such as Spain (+72%), expanding market share on the
back of the 2024 launch, Italy (+12%), and Brazil
(+10%), maintaining market share in a growing market,
while Canada (+11%) maintained momentum on the
back of nationwide reimbursement. The revenue distri-
bution by region was 93%, 2% and 5% in the U.S., Eu-
rope and International Operations, respectively. The
largest markets are the U.S., Brazil, Canada, Australia
and Mexico.
Brintellix
®
/Trintellix
®
(vortioxetine) revenue reached
DKK 4,554 million representing a decline of -4% CER
(-6% DKK), with continued strong double digit growth
in Europe, where the brand continued to gain market
share across key markets in the fourth quarter of
2025, such as Italy (5.7% market share), France (4.5%
market share), and Spain (6.4% market share). In Inter-
national Operations, Japan hit 12.6% market share dur-
ing the fourth quarter of 2025, resulting in +11% de-
mand growth in the quarter. Generic competition in
Canada, starting in the second quarter of 2025 led to
continued erosion in the second half of the year. In ad-
dition, continued price and volume pressure from
post–volume-based procurement (VBP) in China and
continued generic erosion in Brazil added to the reve-
nue decline. The year-over-year revenue development
reflects the transfer of U.S. sales operations to Takeda,
effective on 1 January 2025 as well as the Medicare
Part D redesign impacts. The revenue distribution by
region was 28%, 44% and 28% in the U.S., Europe and
International Operations, respectively. The largest
markets for this product are the U.S., Spain, Canada, It-
aly and Japan.
Vyepti
®
(eptinezumab) delivered strong growth in
2025, with revenue reaching DKK 4,476 million, an in-
crease of +59% CER (+54% DKK). Vyepti
®
maintained its
strong momentum across all regions. In the U.S.,
Vyepti
®
continued to accelerate into the fourth quarter
of 2025, maintaining its position as the fastest-growing
aCGRP in the U.S., reaching record-high 11.8% market
share during December through continued increase of
Business performance
The strong performance in strategic brands was driven by the U.S. and Eu-
rope, growing +24% CER and + 17% CER, respectively.
Revenue per region
• United States: DKK 13,287 million (+21%
CER; +17% DKK)
• Europe: DKK 5,819 million (+13% CER;
+13% DKK)
• International Operations: DKK 4,858
million (-3% CER; -7% DKK)
Revenue strategic brands
• Rexulti
®
: DKK 6,205 million (+23% CER;
+19% DKK)
• Brintellix
®
/Trintellix
®
: DKK 4,554 million
(-4% CER; -6% DKK)
• Abilify LAI franchise: DKK 3,776 million
(+10% CER; +8% DKK)
• Vyepti
®
: DKK 4,476 million (+59% CER; +54%
DKK)
Management Review / 2025 in brief / Business and strategy / Business performance
Annual Report 2025
27
new patient starts, increased VIN enrolments, Rx-to-fill
conversion and positive 300mg utilization with de-
mand volume growing by +46.4% for November 2025
year-to-date versus prior year. In Europe and Interna-
tional Operations, Vyepti
®
maintained absolute growth
momentum into the fourth quarter of 2025 delivering
+63% growth in 2025 versus prior year. This was
achieved through consistently strong demand growth
across key markets such as France (+81%), Spain
(+78%), Germany (+63%), Canada (+54%) and Italy
(+122%). The aCGRP market continues to grow
strongly across all markets, with Vyepti
®
outgrowing
the market across all key markets. The revenue distri-
bution by region was 87%, 9% and 4% in the U.S., Eu-
rope and International Operations, respectively. The
largest markets are the U.S., France, Canada, Spain
and U.A.E.
Abilify LAI franchise revenue reached DKK 3,776 mil-
lion and grew +10% CER (+8% DKK). The franchise de-
livered solid growth in 2025. The Abilify LAI franchise in
the U.S. grew to reach +9% CER growth in 2025 on the
back of +7% growth in demand volume in the fourth
quarter of 2025 on an expanding market share for the
brands. Strong uptake in total prescriptions (TRx) for
Abilify Asimtufii
®
(61.1% for November 2025 year-to-
date versus prior year), which grew market share to
reach 4.3% in November as Lundbeck continue to
source patients from oral aripiprazole, other oral anti-
psychotics, 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 (32% LAI market share), France (32% LAI market
share) and Italy (42% LAI market share), underpinning
the brand’s ability to capture business from other anti-
psychotics. Conversion reached 23% by the end of the
fourth quarter of 2025 in these countries. In Interna-
tional Operations, Australia benefitted from delayed
generic entry, leading to +9% growth in demand in the
fourth quarter of 2025, while Canada maintained mar-
ket share amid a flattening market growth. The reve-
nue distribution by region was 37%, 46% and 17% in
the U.S., Europe and International Operations, respec-
tively. The largest markets are the U.S., Spain, Canada,
Australia and Italy.
Mature brands
Lundbeck’s mature brands comprise established neu-
roscience treatments that provide stable cash genera-
tion and a solid earnings base, supporting continued
investment in innovation and future growth opportuni-
ties.
Cipralex
®
/Lexapro
®
(escitalopram) revenue reached
DKK 1,955 million, a decrease of -2% CER (-5% DKK).
This performance is mainly impacted by the continued
generic erosion, particularly in Japan, Canada and Italy,
partially offset by demand growth in a few other mar-
kets. Regional revenue distribution was 65% and 35%
in International Operations and Europe, respectively,
with China, South Korea, Italy and Brazil as the largest
markets.
Revenue from Other pharmaceuticals, which com-
prises the remainder of Lundbeck’s products, reached
DKK 2,998 million, representing a decline of -3% CER
(-6% DKK). The decrease reflects the expected generic
erosion of mature products such as Northera
®
, Xena-
zine
®
and Deanxit
®
. This was offset by the strong per-
formance of Sabril
®
in the U.S. The largest markets for
Other pharmaceuticals are the U.S., China, France,
South Korea and the UK.
Revenue by geographical area
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 13,287 million
representing growth of +21% CER (+17% DKK) main-
taining more than 19% growth CER across all quarters
of 2025. The strategic brands reached DKK 12,331 mil-
lion, increasing +24% CER (+20% DKK) and represent-
ing 93% of the revenue in this market. Vyepti
®
was the
primary growth contributor, with growth accelerating
in the fourth quarter, driven by a +46.4% increase in
TRx (November 2025 year-to-date) demand under-
pinned by new patient starts, strong patient conver-
sion, improved persistency and increased 300mg utili-
zation. The strong performance was reflected in the
all-time-high market share of 11.8% during December,
underpinning the exceptional performance as being
the fastest-growing aCGRP in the U.S. On top of im-
proved conversion and higher dosage, the growth was
Total revenue
DKKm
2025
2024
Growth (CER)
Growth (DKK)
Rexulti
®
6,205
5,202
23%
19%
Brintellix
®
/Trintellix
®
4,554
4,847
(4%)
(6%)
Vyepti
®
4,476
2,909
59%
54%
Abilify LAI franchise
3,776
3,504
10%
8%
Strategic brands
19,011
16,462
19%
15%
Cipralex
®
/Lexapro
®
1,955
2,048
(2%)
(5%)
Other pharmaceuticals
2,998
3,180
(3%)
(6%)
Mature brands
4,953
5,228
(3%)
(5%)
Other revenue
387
366
6%
6%
Total revenue before hedging
24,351
22,056
13%
10%
Effects from hedging
279
(52)
Total revenue
24,630
22,004
13%
12%
Management Review / 2025 in brief / Business and strategy / Business performance
Annual Report 2025
28
further supported by best-in-class persistency. Rexulti
®
delivered strong growth of +23% CER (+19% DKK), sup-
ported by growth in both MDD and AADAD indications,
where market share increased across all patient seg-
ments. TRx growth reached +24.2%, with AADAD ac-
counting for over 24% of total prescriptions. The Abilify
LAI franchise growth in the fourth quarter of 2025 was
supported by continued TRx growth, primarily from
Abilify Asimtufii
®
, which rose +61.1% November 2025
year-to-date versus prior year. Growth in Abilify
Maintena
®
was impacted by gross-to-net headwinds
linked to the Medicare Part D redesign. Trintellix
®
re-
flects the effect of the Takeda transition, effective 1
January 2025 as well as the Medicare Part D redesign
impacts. Mature brands declined overall, with contin-
ued erosion for Northera
®
, Onfi
®
and Xenazine
®
, offset
by stable performance of Sabril
®
.
Europe revenue reached DKK 5,819 million represent-
ing a growth of +13% CER (+13% DKK). The strategic
brands reached DKK 4,282 million, increasing +17%
CER (+17% DKK) and representing 74% of revenue in
this market. The solid growth in Europe was driven by
Vyepti
®
at +65% CER growth over 2024 and Brintellix
®
with +15% CER growth over 2024. Both brands saw
continued market share expansion across key markets.
Additionally, the Abilify LAI franchise grew at +11% CER
over 2024, driven by the rollout of Abilify Maintena
®
960mg, now launched in 23 markets and with an aver-
age conversion rate of 20%. Overall growth was partic-
ularly strong in Spain, Italy, the UK and France, where
demand momentum continued into the fourth
quarter. The largest markets in Europe are Spain, Italy,
France and Switzerland.
International Operations comprises all Lundbeck’s
markets outside the U.S. and Europe. Revenue
reached DKK 4,858 million, a decrease of -3% CER (-7%
DKK). The strategic brands reached DKK 2,398 million,
unchanged at CER (-5% DKK), and representing 49% of
revenue in this market. Despite strong momentum in
strategic brands such as Rexulti
®
and Vyepti
®
with 18%
CER and 60% CER growth respectively over 2024 as
well as market share expansion across key markets,
and solid performance of the Abilify LAI franchise
across countries, total revenue continued to decline in
the fourth quarter of 2025 in International Operations,
driven by generic competition for Brintellix
®
in Canada,
Brazil and China. The biggest markets are China, Can-
ada, Australia, Brazil and South Korea. China and Can-
ada constitute approximately 41% of the regional reve-
nue.
Effects from hedging
Lundbeck hedges a significant part of the currency
revenue risk for a period of 12-18 months. Hedging
had a positive impact of DKK 279 million (DKK -52 mil-
lion in 2024) on revenue in 2025 contributing to miti-
gate risks regarding the foreign exchange risks in our
revenue.
Total revenue
DKKm
2025
2024
Growth (CER)
Growth (DKK)
United States
Rexulti
®
5,745
4,811
23%
19%
Vyepti
®
3,908
2,557
58%
53%
Abilify LAI franchise
1,385
1,311
9%
6%
Trintellix
®
1,293
1,596
(15%)
(19%)
Strategic brands
12,331
10,275
24%
20%
Mature brands
956
1,050
(6%)
(9%)
Revenue – United States
13,287
11,325
21%
17%
Europe
Brintellix
®
2,008
1,750
15%
15%
Abilify LAI franchise
1,758
1,579
11%
11%
Vyepti
®
395
239
65%
65%
Rexulti
®
121
82
45%
48%
Strategic brands
4,282
3,650
17%
17%
Mature brands
1,537
1,496
4%
3%
Revenue – Europe
5,819
5,146
13%
13%
International Operations
Brintellix
®
/Trintellix
®
1,253
1,501
(12%)
(17%)
Abilify LAI franchise
633
614
9%
3%
Rexulti
®
339
309
18%
10%
Vyepti
®
173
113
60%
53%
Strategic brands
2,398
2,537
0%
(5%)
Mature brands
2,460
2,682
(5%)
(8%)
Revenue – International Operations
4,858
5,219
(3%)
(7%)
Other revenue
387
366
6%
6%
Total revenue before hedging
24,351
22,056
13%
10%
Effects from hedging
279
(52)
Total revenue
24,630
22,004
13%
12%
Management Review / 2025 in brief / Business and strategy / Business performance
Annual Report 2025
29
Gross profit
Cost of sales reached DKK 4,265 million increasing by
+3% CER (+1% DKK) mainly driven by costs related to a
manufacturing contract for amlenetug as well as an
environmental provision, partly offset by the reversal
of the Vyepti
®
provision for inventory obsolescence of
DKK 389 million, triggered by Vyepti
®
’s commercial
performance. In addition, lower amortization costs due
to fully amortized product rights also supported the
development. Excluding the extraordinary items, cost
of sales increased +9% DKK primarily impacted by the
one-time costs related to a manufacturing contract for
amlenetug and lower amortization costs.
Gross profit reached DKK 20,365 million, increasing by
+16% CER (+15% DKK). The gross margin was 82.7%
representing an increase of 1.9 percentage points.
Gross margin was mainly driven 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 manufactur-
ing contract for amlenetug.
Adjusted gross profit is the gross profit excluding de-
preciation and amortization and other adjustments
linked to sales and cost of sales. The adjusted gross
margin was 87.5% representing a decrease of 0.9 per-
centage points primarily reflecting costs related to a
manufacturing contract for amlenetug.
EBIT and adjusted EBITDA
Total operating expenses (OPEX) reached DKK 15,090
million, corresponding to an increase of +13% CER
(+4% DKK). The OPEX ratio declined by 4.6 percentage
points to 61.3%. The development primarily reflects
the strong revenue growth and lower S&D ratio, par-
tially offset by higher R&D costs and the impact of
costs with the commercial restructuring and an impair-
ment loss regarding the planned divestment of a non-
core production site in Italy. Adjusted for the extraordi-
nary items in 2025 and 2024, OPEX ratio improved by
3.6 percentage points in 2025, largely driven by reve-
nue leverage, partially offset by higher R&D costs.
Sales and distribution costs reached DKK 7,743 mil-
lion, corresponding to a decrease of -2% CER (-5%
DKK). The S&D ratio decreased by 5.6 percentage
points to 31.4%, primarily reflecting leverage from the
strong revenue growth and improved cost efficiency.
The S&D ratio development reflects the successful exe-
cution of the Focused Innovator Strategy in 2025 in-
cluding the Trintellix
®
transition in the U.S., alongside
disciplined resource allocation and capital reallocation.
The resulting savings enabled continued investments
in strategic brands, particularly Rexulti
®
and Vyepti
®
in
the U.S., supporting sales force expansion and the
global roll-out of Vyepti
®
.
Administrative expenses reached DKK 1,483 million,
corresponding to a slight increase of +4% CER (+3%
DKK). The administrative expenses ratio decreased by
0.5 percentage points to 6.0%.
Research and development costs reached DKK 4,895
million, with an R&D ratio of 19.9%, increasing by +10%
CER (+9% DKK). The development in 2025 reflects the
continued commitment to innovation and was primar-
ily driven by advancing key pipeline programs, includ-
ing bexicaserin and amlenetug (anti-α-synuclein), as
well as ongoing progress in anti-ACTH and anti-PACAP
programs. In addition, in 2024, Lundbeck recognized
an impairment loss of DKK 547 million on part of the
carrying amount of one of the MAGLi projects follow-
ing a negative data read out from a phase I project.
Adjusted for the MAGLi impairment loss, R&D costs in-
creased +26% CER (+24% DKK), and R&D ratio in-
creased 1.9 percentage points.
Other operating expenses, net reached DKK 969 mil-
lion, increasing by +131% CER (+131% DKK), primarily
reflecting an impairment loss as part of the planned di-
vestment of a non-core production site in Italy and
commercial restructuring costs.
EBIT reached DKK 5,275 million, increasing by +59%
CER (+61% DKK) reflecting a combination of improved
gross profit driven by strong sales growth and lower
S&D ratio. This performance was partially offset by
higher R&D costs and higher other operating ex-
penses primarily driven by the commercial restructur-
ing announced in September 2025 and the impair-
ment loss from the planned divestment of a non-core
production site in Italy. 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 amounted to
DKK 1,865 million (DKK 1,876 million in 2024). The de-
velopment was driven by higher amortizations costs
from an intangible asset recognized as part of the ac-
quisition of Longboard. In addition, the first quarter of
2024 was partially affected by costs associated with
fully amortized product rights of one product. Amorti-
zation of product rights amounted to DKK 1,294 mil-
lion, corresponding to a decrease of -8% CER (-10%
DKK). Amortization of other intangible assets corre-
sponded to DKK 189 million in 2025. Depreciation
amounted to DKK 382 million, corresponding to an in-
crease of +4% CER (+3% DKK).
Adjusted EBITDA reached DKK 7,881 million, repre-
senting an increase of +24% CER (+24% DKK) reflecting
the sales growth driven by strong performance of stra-
tegic brands, despite continued investments in build-
ing the R&D pipeline and the execution of the capital
reallocation program in line with the Focused Innova-
tor Strategy. The adjusted EBITDA margin increased
to 32.0% (28.8% in 2024), representing an increase of
3.2 percentage points.
Net profit and adjusted EPS
Net financial (income)/expenses amounted to an ex-
pense of DKK 788 million in 2025, primarily driven by
the higher interest costs of DKK 497 million due to
new debt obtained in connection with the acquisition
Management Review / 2025 in brief / Business and strategy / Business performance
Annual Report 2025
30
of Longboard as well as unfavorable foreign exchange
effects of DKK 349 million mainly due to the USD de-
preciation.
The effective tax rate in 2025 was 28.9% (15.5% for
2024). The effective tax rate is negatively impacted by a
one-off item related to the conclusion of an agreement
with the tax authorities for the transfer of Vyepti
®
product right as well as the effect of an impairment
loss regarding the planned divestment of a non-core
production site in Italy and the new commercial oper-
ating model, where it is not expected that tax deducti-
bility can be utilized. In addition, the effective tax rate
for 2024 was positively impacted by the reversal of an
uncertain tax provision related to a tax audit closed.
Net profit reached DKK 3,192 million, corresponding
to a growth of 2%.
Adjusted net profit is the net profit excluding depreci-
ation and amortization and other adjustments, net of
taxes. Adjusted net profit reached DKK 5,223 million,
increasing by +5%. The main difference from reported
EBIT to adjusted net profit is driven by a combination
of strong performance and the execution of the capital
reallocation program in line with the Focused Innova-
tor Strategy, partially offset by higher financial ex-
penses and income taxes.
Adjusted EPS was DKK 5.26, corresponding to an in-
crease of +5%, in line with the adjusted net profit.
Cash flow and balance sheet
Cash flows from operating activities amounted to an
inflow of DKK 5,481 million compared to an inflow of
DKK 3,326 million in 2024. This increase was driven by
strong EBIT growth and a significant working-capital
improvement versus last year, with 2024 impacted by
acquisition-related settlements/transaction costs and
2025 reflecting higher receivables and inventory build
partly offset by higher payables.
Lundbeck’s net cash flows from investing activities
were an outflow of DKK 611 million compared to an
outflow of DKK 15,286 million in 2024. The develop-
ment in investing activities mainly reflects investments
in property, plan and equipment, whereas 2024 was
highly impacted by the acquisition of Longboard.
Lundbeck’s net cash flows from financing activities
had an outflow of DKK 6,062 million compared to an
inflow of DKK 11,629 million in 2024. The increase pri-
marily reflects deleveraging through loan repayments
and refinancing via a Eurobond, compared with 2024
which included significant debt funding related to the
acquisition of Longboard. The net cash outflow
reached DKK 1,192 million compared to an outflow of
DKK 331 million in 2024.
Net debt decreased from DKK 12,182 million at 31 De-
cember 2024 to a net debt of DKK 8,379 million at 31
December 2025, primarily due to higher leverage fol-
lowing the acquisition of Longboard in 2024. The net
debt/EBITDA ratio was 1.2x at the end of December
2025 compared to 2.4x at the end of December 2024.
Interest-bearing debt was DKK 11,812 million at 31
December 2025 compared to DKK 16,846 million at 31
December 2024.
On 31 December 2025, Lundbeck’s total assets
amounted to DKK 52,054 million (DKK 57,660 million at
31 December 2024) mainly driven by intangible assets
due to ongoing amortization, the impact from transla-
tion of foreign currencies as well as lower cash and
cash equivalents reflecting repayments of the Revolv-
ing Credit Facility used for the acquisition of Long-
board.
On 31 December 2025, Lundbeck’s total liabilities
amounted to DKK 27,151 million (DKK 32,650 million at
31 December 2024). The decrease primarily reflects re-
payments of the Revolving Credit Facility used for the
acquisition of Longboard, partially offset by the issu-
ance of a four-year EUR 500 million bond in the second
quarter of 2025.
On 31 December 2025, Lundbeck’s equity amounted
to DKK 24,903 million.
Distribution of profit
In line with Lundbeck’s dividend policy, it is proposed
to pay out a dividend of DKK 1.15 per share or DKK
1,145 million which is an increase of +21% compared
to 2024. The proposed dividends correspond to ap-
proximately 36% of the net profit and 30% of net profit
adjusted for the impairment loss of the planned divest-
ment of a non-core production site in Italy.
Management Review / 2025 in brief / Business and strategy / Business performance
Annual Report 2025
31
Despite an accelerating impact from generic competi-
tion across several brands, Lundbeck anticipates con-
tinued growth, driven by sustained momentum in its
strategic growth products.
Vyepti
®
and Rexulti
®
are expected to remain the pri-
mary growth drivers in 2026, supported by continued
demand expansion, geographic penetration, and on-
going lifecycle initiatives. The Abilify LAI franchise is ex-
pected to continue to benefit from conversion to two-
monthly formulations. However, the generic environ-
ment is expected to intensify in 2026, with the primary
generic headwind driven by aripiprazole LAI in Europe,
Australia, and Canada, partially offset by continued up-
take of two-monthly formulations. Mature brands are
expected to continue their structural decline.
Overall, Lundbeck expects revenue growth of 5% to
8% at constant exchange rates (CER) in 2026.
Based on current exchange rates against the Danish
krone, reported revenue growth in DKK is expected to
be lower than CER.
In addition, 2026 revenue guidance includes an ex-
pected inventory build at partners recognized as sales
of approximately DKK 0.5 billion, reflecting Lundbeck’s
partner model for non-key markets. This impact is spe-
cific to 2026 and relates to inventory positioning within
the partner channel and is not expected to be a recur-
ring driver of revenue growth.
As a core pillar of the Focused Innovator Strategy,
Lundbeck remains committed to investing in research
and development to drive long-term value creation. Fol-
lowing the significant increase in R&D investments in
2025, Lundbeck expects R&D spending to increase fur-
ther in 2026 to the range of DKK 5.5 to 5.9 billion,
reflecting continued progression of late-stage develop-
ment programs, including bexicaserin and amlenetug,
as well as sustained investment in early- and mid-stage
pipeline assets. The actual level of R&D spending will
be determined by outcomes at relevant R&D mile-
stones over the course of the year.
Financial guidance and outlook 2026
Lundbeck expects 2026 to be a year of continued execution of the Focused
Innovator strategy, building on the strong performance delivered in 2025,
sustaining growth through innovation and execution.
Revenue at CER
DKKm
2025
2024
Total revenue (IFRS)
24,630
22,004
Effects from hedging
279
(52)
Total revenue (IFRS) before hedging
24,351
22,056
Effects from exchange rate
(671)
(396)
Total revenue at CER
25,022
22,452
Increase/(decrease) in total revenue (IFRS)
12%
11%
Increase/(decrease) in total revenue at CER
1
13%
14%
Adjusted EBITDA at CER
DKKm
2025
2024
Adjusted EBITDA
7,881
6,347
Effects from hedging
279
(52)
Adjusted EBITDA before hedging
7,602
6,399
Effects from exchange rate
(300)
(211)
Adjusted EBITDA at CER
7,902
6,610
Increase/(decrease) in adjusted EBITDA
24%
12%
Increase/(decrease in adjusted EBITDA at CER
2
24%
20%
1 Total revenue at CER for the period divided by total revenue (IFRS) before hedging for the comparative period. 2 Adjusted EBITDA at CER for the period divided by adjusted EBITDA before hedging for the comparative period.
Management Review / 2025 in brief / Business and strategy / Business performance
Annual Report 2025
32
Adjusted EBITDA growth is expected to be in the range
of 4% to 12% at CER in 2026. This reflects continued op-
erating leverage from strategic brands, benefits from
capital reallocation and productivity initiatives, and dis-
ciplined cost management. These factors strongly con-
tribute to limiting the impact from higher R&D invest-
ments, increased COGS, and accelerating generic com-
petition. At current exchange rates, Adjusted EBITDA
growth reported in DKK is expected to be significantly
lower than CER.
Overall, Lundbeck’s 2026 guidance underscores the
company’s ability to navigate increasing generic pres-
sure – primarily driven by Abilify Maintena
®
– while sus-
taining growth and profitability and continuing to invest
for long-term value creation, reinforcing its position as
a focused innovator in neuroscience.
This guidance assumes no significant changes in the
global or regional macroeconomic and political environ-
ment 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 guid-
ance excludes potential effects from new significant
business development transactions, significant impair-
ments of intangible assets, and any shifts in trade policy,
such as pharmaceutical tariffs or further healthcare re-
forms.
Mid-term targets
Based on organic growth, the company expects reve-
nue 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 am-
lenetug following the successful closure of the acquisi-
tion of Longboard.
In addition, several R&D projects are expected to ma-
ture and progress in the period. Moreover, in accord-
ance with the Focused Innovator Strategy, Lundbeck
has initiated the most significant capital reallocation
program in its history to sustain the company’s growth
with increased focus on innovation.
The mid-term targets exclude potential effects from
new significant business development transactions, sig-
nificant impairments of intangible assets in 2026, and
any shifts in trade policy, such as pharmaceutical tariffs
or further healthcare reforms. As 2026 progresses,
Lundbeck will provide an update on the mid-term tar-
gets.
Financial guidance for FY 2026
Total revenue growth at CER
5% to 8%
Adjusted EBITDA growth at CER
4% to 12%
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.
Other relevant financial information for FY 2026 at reported rates
Total revenue (IFRS) growth
1
Around 4 percentage point lower than at CER
Adjusted EBITDA growth
1
Around 9 percentage points lower than at CER
Adjusted gross margin
2
Around 88%
R&D costs
DKK 5.5 to 5.9 billion
Depreciation & amortization
DKK 1.7 to 1.9 billion
Net financials, (expenses)/gains
DKK -300 to -400 million
Effects from hedging, (losses)/gains
DKK -10 to -50 million
Effective tax rate
20% to 23%
Net cash/(net debt)
3
DKK -4.0 to -5.0 billion
Forward-looking statements
Forward-looking statements are subject to
risks, uncertainties, and inaccurate assump-
tions. 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 mar-
ket-driven price decreases for products, intro-
duction of competing products, Lundbeck’s
ability to successfully market both new and
existing products, exposure to product liabil-
ity and other lawsuits, changes in reimburse-
ment rules and governmental laws, and unex-
pected growth in expenses.
Management Review / 2025 in brief / Business and strategy / Business performance
Annual Report 2025
33
Equity and liabilities (DKKm)
2025
2024
2023
2022
2021
Equity
24,903
25,010
22,045
20,779
18,279
Non-current liabilities
3
18,298
24,070
7,372
8,474
7,556
Current liabilities
8,853
8,580
7,990
8,199
8,818
Total equity and liabilities
3
52,054
57,660
37,407
37,452
34,653
Summary for the group 2021-2025
Statement of profit or loss (DKKm)
2025
2024
2023
2022
2021
Revenue
24,630
22,004
19,912
18,246
16,299
Gross profit
20,365
17,774
15,427
14,295
12,651
Adjusted gross profit
1,2
21,561
19,453
17,580
16,133
14,173
Research and development costs
4,895
4,501
3,457
3,754
3,823
Profit from operations (EBIT)
5,275
3,270
3,195
2,852
2,010
Operating profit before depreciation and amortization
(EBITDA)
7,140
5,146
5,207
4,663
3,720
Adjusted operating profit before depreciation and amor-
tization (Adjusted EBITDA)
1,2
7,881
6,347
5,652
4,823
3,990
Net financials, (income)/expenses
788
(449)
202
378
429
Profit before tax
4,487
3,719
2,993
2,474
1,581
Profit for the year
3,192
3,143
2,290
1,916
1,318
1 For details of the non-IFRS measure ‘adjusted EBITDA’, see Adjusted EBITDA Reconciliation on page 212. 2 New key figures were introduced from 2023 and disclosed comparatively for 2022 and 2021. 3 The 2024 comparative figures have been restated to
reflect the final purchase price allocation as disclosed in the consolidated Financial Statements note 5.1 Business combination. 4 In 2021-2025, securities amounted to DKK 0.
Assets (DKKm)
2025
2024
2023
2022
2021
Non-current assets
3
39,271
44,650
24,118
26,040
26,041
Inventories
4,473
3,983
4,427
4,046
3,031
Receivables
4,877
4,363
3,852
3,818
3,302
Cash, bank balances, and securities
4
3,433
4,664
5,010
3,548
2,279
Total assets
3
52,054
57,660
37,407
37,452
34,653
Statement of cash flows (DKKm)
2025
2024
2023
2022
2021
Cash flows from operating activities
5,481
3,326
4,080
3,519
2,272
Cash flows from investing activities
(611)
(15,286)
(498)
(1,892)
(610)
Cash flows from operating and investing activities (free
cash flow)
4,870
(11,960)
3,582
1,627
1,662
Cash flows from financing activities
(6,062)
11,629
(2,085)
(387)
(3,336)
Interest-bearing debt, cash, bank balances, and securi-
ties, net, year-end
3
(8,379)
(12,182)
711
(2,183)
(3,189)
Management Review / 2025 in brief / Business and strategy / Business performance
Annual Report 2025
34
Summary for the group 2021-2025
Summary for the group key figures
2025
2024
2023
2022
2021
Adjusted gross margin (%)
1
87.5
88.4
88.3
88.4
87.0
EBIT margin (%)
21.4
14.9
16.0
15.6
12.3
EBITDA margin (%)
29.0
23.4
26.2
25.6
22.8
Adjusted EBITDA margin (%)
1
32.0
28.8
28.4
26.4
24.5
Research and development ratio (%)
19.9
20.5
17.4
20.6
23.5
Return on equity (%)
12.8
13.4
10.7
9.8
7.5
Equity ratio (%)²
47.8
43.4
58.9
55.5
52.7
Invested capital (DKKm)
33,282
37,192
21,334
22,962
21,468
Return on invested capital (%)
10.6
9.4
11.0
9.9
7.9
Net debt/EBITDA
1.2
2.4
(0.1)
0.5
0.9
Effective tax rate (%)
28.9
15.5
23.5
22.6
16.6
Purchase of intangible assets, gross (DKKm)
64
21,306
224
449
202
Purchase of property, plant and equipment, gross
(DKKm)
554
508
277
371
410
Average number of employees
5,566
5,399
5,488
1 New key figures were introduced from 2023 and disclosed comparatively for 2022 and 2021. 2 The 2024 comparative figures have been restated to reflect the final purchase price allocation as disclosed in the consolidated Financial Statements note 5.1
Business combination. 3 The calculation of EPS is based on a share denomination of DKK 1 as a result of the share split completed on 8 June 2022. Comparative figures have been restated to reflect the change in trading unit from a nominal value of DKK 5 to
DKK 1. 4 The 2024 comparative figure has been changed to ensure comparability between the years.
Share data
3
2025
2024
2023
2022
2021
Earnings per share, basic (EPS) (DKK)
3
3.22
3.17
2.31
1.93
1.33
Earnings per share, diluted (DEPS) (DKK)
3
3.22
3.17
2.31
1.93
1.33
Adjusted earnings per share, basic (EPS) (DKK)
1,4
5.26
5.01
4.22
3.74
2.88
Number of shares for the calculation of EPS (million)
3
992.1
991.4
992.2
992.9
993.3
Cash flows from operating activities per share, diluted
(DKK)
3
5.52
3.35
4.11
3.54
2.29
Proposed dividend per share (DKK)
3
1.15
0.95
0.70
0.58
0.40
Dividend payout ratio (%)
36
30
30
30
30
Dividend yield (%)
2.8
2.4
2.2
2.2
1.2
Net asset value per share, diluted (DKK)
3
25.10
25.23
22.22
20.93
18.40
Market capitalization (DKKm)
41,590
39,567
31,812
25,507
33,626
Management Review / 2025 in brief / Business and strategy / Business performance
Annual Report 2025
35
1 Definitions according to the Danish Finance Society’s Recommendations & Financial Ratios. 2 The calculation of EPS is based on a share denomination of DKK 1 as a result of the share split completed on 8 June 2022. Comparative figures have been restated to
reflect the change in trading unit from a nominal value of DKK 5 to DKK 1. 3 For the definition of certain items, see Adjusted EBITDA Reconciliation on page 212.
Definitions
Interest-bearing debt
Debt and financial instruments (including financial leases) carrying interest.
Interest-bearing debt, cash, bank balances, and securities, net
Cash, bank balances, and securities less interest-bearing debt.
Adjusted gross profit
3
Adjusted gross profit is the gross profit excluding depreciation and amortization and other adjustments linked to sales.
Adjusted gross margin
Adjusted gross profit as a percentage of revenue.
EBIT margin
1
Profit from operations as a percentage of revenue.
EBITDA
Profit before interest, tax, depreciation, amortization, including impairment losses.
EBITDA margin
EBITDA as a percentage of revenue.
Adjusted EBITDA
3
Adjusted EBITDA is defined as EBITDA adjusted by certain items.
Adjusted EBITDA margin
3
Adjusted EBITDA as a percentage of revenue.
Research and development ratio
Research and development cost as a percentage of revenue.
Return on equity
1
Net profit/(loss) for the year as a percentage of shareholders’ equity (average).
Equity ratio
1
Shareholders’ equity, year-end, as a percentage of total assets.
Invested capital
Shareholders’ equity, year-end, plus net debt.
Return on invested capital
Profit from operations after tax (using the effective tax rate) as a percentage of average invested capital.
Net debt
Interest-bearing debt less cash, bank balances, and securities.
Net debt/EBITDA
Net debt divided by EBITDA.
Earnings per share, basic (EPS)
1,2
Net profit/(loss) for the year divided by average number of shares, excl. treasury shares.
Earnings per share, diluted (DEPS)
1,2
Net profit/(loss) for the year divided by average number of shares, excl. treasury shares, incl. warrants, fully diluted.
Adjusted earnings per share, basic (EPS)
Adjusted earnings per share, basic (EPS) is defined as EPS, basic adjusted by certain items.
Cash flows from operating activities per share, diluted
1
Cash flows from operating activities divided by average number of shares, excl. treasury shares, incl. warrants, fully diluted.
Dividend payout ratio
Total dividends for the year as a percentage of net profit/(loss).
Dividend yield
Dividend per share as percentage of official price quoted on Nasdaq Copenhagen, year-end.
Net asset value per share, diluted
Shareholders’ equity, year-end, divided by number of shares, year-end, excl. treasury shares, incl. warrants, fully diluted.
Market capitalization
1
Total number of shares, year-end, multiplied by the official price quoted on Nasdaq Copenhagen, year-end.
Summary for the group 2021-2025
Management Review / 2025 in brief / Business and strategy / Business performance
Annual Report 2025
36
Lundbeck sets annual targets across
all four pillars of our Sustainability
Strategy, in addition to our science-
based climate targets.
In 2025, Lundbeck made good progress on our sus-
tainability aspirations and achieved key milestones and
targets. We set eight sustainability targets for 2025, of
which we achieved six. In addition, we measure our
performance against three mid- and long-term climate
targets: Lundbeck has reduced scope 1 and 2 GHG
emissions significantly in the past year and in 2025,
they are 47% lower than the baseline year, ahead of
our 2029 target. Scope 3 GHG emissions were also re-
duced in 2025, but remain higher than the baseline
year, mainly due to continued business growth. With
the increase in scope 3, we do not consider the overall
2050 target to be on track.
The topical disclosures in our Sustainability Statement
elaborate on our performance against metrics and tar-
gets. Lundbeck is committed to advancing its sustaina-
bility performance while maintaining transparency
about challenges along the way.
Sustainability performance
1*
Management Review / 2025 in brief / Business and strategy / Business performance
Annual Report 2025
36
1 ESRS 2 para 79b. 2 Absolute scope 3 GHG emissions from purchased goods and services, upstream transportation and distribution, and business travel. 3 Upper management is defined as Executive Leadership Team and their direct reports with people
management responsibilities employed at the Danish entity, H. Lundbeck A/S. 4 Top quartile Peakon benchmark. *Subject to limited assurance.
Strategy pillar
Status
Sustainability targets
Time horizon
Development in 2025
Page
SDG impact
Access to
health
Donate treatment for at least 3,000 patients in low- and middle-income
countries through product donation partnerships.
Yearly (2025)
The donations of Lundbeck products are
estimated to benefit 4,291 patients.
106
Business
ethics
Annual Code of Ethics training completed by at least 98% of employees at
work globally.
Yearly (2025)
The Code of Ethics e-learning training was
completed by 100% of employees.
118
Four out of five employees stating in the annual employee satisfaction sur-
vey (ESS) that they are confident in raising an ethical or compliance concern.
Yearly (2025)
The ESS shows that 92% of employees re-
ported confidence in raising ethical or com-
pliance concerns, exceeding the 2025 tar-
get of four out of five employees (80%).
118
Climate
change &
circularity
Ahead
Not on track
Not on track
Reduce carbon emissions in line with our Net-Zero SBTi-approved targets:
• Reduce scope 1 and 2 GHG emissions by 42% in 2029 compared to 2019.
•
Reduce scope 3 GHG emissions by 25% in 2029 compared to 2019
2
.
•
Reduce scope 1, 2 and 3 GHG emissions by 90% in 2050.
Mid-term (2029)
Mid-term (2029)
Long-term (2050)
Scope 1 and 2 GHG emissions are ahead of
our 2029 target, driven by fleet electrifica-
tion and renewable electricity. Scope 3 re-
mains off track due to business growth and
higher level of activity, such as clinical trials.
Emissions from logistics and travel have
successfully been decreased.
67
X
Recycle 63% of the organic solvents used in chemical production.
Yearly (2025)
Chemical recycling slightly underper-
formed on year-end targets due to pro-
duction shifts. The general waste target
was met.
79
Recycle 70% of general waste at all sites globally.
Yearly (2025)
People &
commu-
nities
X
Maintain an even gender balance in upper management
3
, closest to 40%
but not exceeding 49%.
Reach an overall Inclusion score of 8.5
4
in the annual employee satisfaction
survey (ESS).
Yearly (2025)
Yearly (2025)
Upper management gender balance meets
the year-end target with a representation of
42% of the underrepresented gender.
The ESS result of an 8.2 inclusion score fell
short of the target.
92
Reduce lost time accident frequency
≤
3.
Yearly (2025)
Safety initiatives successfully reduced acci-
dents to a frequency of 1.8, achieving the
target for the year.
86
Achieved X Not achieved
E1
E2
E5
S1
S4
G1
Management Review / 2025 in brief / Business and strategy / Business performance
Annual Report 2025
37
The target value for donated products will be
increased again in 2026, reflecting Lundbeck’s ongoing
commitment to supporting global health. The two
business ethics targets underscore the dedication to
the Code of Ethics and to ensuring a safe environment
for employees to voice concerns. Our climate change
targets remain unaltered, as will our actions and
milestones in Lundbeck’s Climate Transition Plan
towards net-zero. Additionally, we have set targets for
waste recovery and recycling even though forecasting
is uncertain for 2026 due to the new chemical recovery
unit being implemented at our Lumsås site in the
coming year. Lundbeck continues to prioritize diversity
and inclusion with a target for sense of belonging in
the workplace. We also maintain a gender target in
compliance with the Danish Gender Balance Act. To
strengthen ambition and enhance performance, the
Health & Safety target has been adjusted downwards.
Lundbeck’s top management has initiated an update
of its Sustainability Strategy, including a re-evaluation
of its approach to target setting to align with long-
term ambitions and transformational impact. This work
will conclude in 2026 with the launch of a new, focused
Sustainability Strategy for the company.
2026 Sustainability targets
1*
Management Review / 2025 in brief / Business and strategy / Business performance
Annual Report 2025
37
1 ESRS 2 para 79b. *Subject to limited assurance.
Strategy pillar
Sustainability targets
Time horizon
Explanation
SDG impact
Access to
health
Donate treatment for at least 3,500 patients in low- and middle-income
countries (LMICs) through product donation partnerships.
Yearly (2026)
We have steadily grown our product donation pro-
gram for LMICs over the past five years and will in-
crease the ambition for 2026 again.
Business
ethics
Annual Code of Ethics training completed by at least 98% of employees at
work globally.
Yearly (2026)
The annual Code of Ethics training target and ESS
target ensure ethical awareness and reflect our
ongoing commitment to a culture of integrity and
transparency.
Four out of five employees stating in the annual employee satisfaction sur-
vey (ESS) that they are confident in raising an ethical or compliance concern.
Yearly (2026)
Climate
change &
circularity
Reduce carbon emissions in line with our Net-Zero SBTi-approved targets:
• Reduce scope 1 and 2 GHG emissions by 42% in 2029 compared to 2019.
•
Reduce scope 3 GHG emissions by 25% in 2029 compared to 2019.
•
Reduce scope 1, 2 and 3 GHG emissions by 90% in 2050.
Mid-term (2029)
Mid-term (2029)
Long-term (2050)
The scope 1, 2, and 3 GHG emission targets remain
unchanged, as they are integral to Lundbeck’s
long-term transition plan towards net-zero. We will
continue to work to reduce our scope 1 and 2 GHG
emissions even though we are ahead of the target.
Scope 3 GHG emissions will be monitored and ad-
dressed through our Transition Plan
(page 66).
Similarly, we continue to set annual targets for
chemical and general recycling, reflecting the
company’s continued commitment towards circu-
lar economy principles.
Recycle 62% of the organic solvents used in chemical production
Yearly (2026)
Recycle 70% of general waste at production sites
Yearly (2026)
People &
commu-
nities
Maintain an even gender balance in upper management, closest to 40% but
not exceeding 49%.
Four out of five employees stating in the annual employee satisfaction sur-
vey (ESS) that they feel a sense of belonging at Lundbeck.
Yearly (2026)
Yearly (2026)
Our gender target for 2026 reflects the mandate set
out for Lundbeck by the Danish Gender Balance Act.
We maintain our focus on a sustained, top-perfor-
mance on inclusion and belonging at Lundbeck.
The accident target value has been lowered to 2.5 to
reflect a higher ambition level and align with perfor-
mance expectations.
.
Reduce lost time injury rate
≤
2.5.
Yearly (2026)
E1
E2
E5
S1
S4
G1
Management Review / 2025 in brief / Business and strategy / Business performance
Annual Report 2025
38
Corporate
governance
39 Governance framework
41 Board of Directors
43 Executive Leadership Team
45 Risk management
46 Key risks
47 Internal controls
48 The Lundbeck share
Management Review / 2025 in brief / Business and strategy / Business performance / Corporate governance
Annual Report 2025
38
Management Review / 2025 in brief / Business and strategy / Business performance / Corporate governance
Annual Report 2025
39
Shareholders and General Meeting
The shareholders of Lundbeck exercise their rights at
the Annual General Meeting, which is the supreme
governing body of the company. Lundbeckfonden is
the majority shareholder, holding about 69% owner-
ship stake of A- and B-shares, corresponding to ap-
proximately 77% of the votes in H. Lundbeck A/S.
As outlined in our governance structure, Lundbeck is
organized under a two-tier board structure, consisting
of the Board of Directors and Executive Leadership
Team. These bodies are separate, with no individual
serving on both, promoting effective oversight, risk
management, and accountability to achieve sustaina-
ble value creation for our stakeholders
1
.
Lundbeck is committed to creating long-term value for all its stakeholders.
Our governance framework is guided by principles that promote sustaina-
ble financial performance and responsible value creation for shareholders
and society.
1 https://www.lundbeck.com/content/dam/lundbeck-com/masters/global-site/annual-reporting/2025/Lundbeck_Corporate_Governance_Report_2025.pdf . 2 ESRS 2, GOV-1 paragraph 21(a), (b), (c), (d), and (e). 3 ESRS 2, GOV-1 paragraph 22(a), (b), (c)i, and (c)ii.
4 Gender balance covering the members of the Board of Directors elected by the General Meeting. *Subject to limited assurance.
Management Review / 2025 in brief / Business and strategy / Business performance / Corporate governance
Annual Report 2025
40
Evaluation procedures
The Board of Directors initiated a board effectiveness
evaluation in H2 2025. The evaluation was conducted
by an external vendor (as in 2022 and 2019) special-
ized in this type of evaluation. The overall conclusion of
the evaluation states that ’The board operates with
strong cohesion, trust, and a clear shared purpose,
supported by a constructive and transparent relation-
ship with the executive management team’. Further
details on the Board of Directors and Executive Lead-
ership Team are available on our website.
Committees of the Board of Directors
The Board of Directors has established three advisory
committees: the Audit Committee, the Remuneration
and Nomination Committee, and the Scientific Com-
mittee. The three committees advise the Board of Di-
rectors on financial and sustainability information and
reporting, the company’s nomination and remunera-
tion strategy, including the remuneration of the Execu-
tive Leadership Team, as well as R&D strategy and
pipeline evaluation, respectively. See page 39 for an
overview of their key responsibilities and charter.
1 ESRS 2, GOV-1 paragraph 21(a) ,(c), (c)i,; ESRS 2, GOV-3 paragraph 29(a), 29(b), 29(c), 29(d); ESRS E1-GOV-1 paragraph 13. 2 In 2025, Lundbeck established a strong decision making framework consisting of four committees – the Capital Allocation Committee, the Strategic Portfolio
Committee, the Global Digital &AI Committee and the CAPEX Committee - which ensure that strategic decisions within their area of expertise are taken with an enterprise mindset. 3 ESRS 2, GOV-3 paragraph 29(e); *Subject to limited assurance. 4 Not re-elected as Board member at
the Annual General Meeting on 26 March 2025. 5 Elected as new Board member at the Annual General Meeting on 26 March 2025.
Disclosure regarding change of control
The EU Takeover Bids Directive, as partially implemented in the Danish Financial Statements Act, requires listed companies to
disclose information about significant agreements that may be affected in case of a completed takeover bid, particularly in
relation to the disclosure of change-of-control provisions. Lundbeck discloses that the group has a major partnership agree-
ment in place under which an acquiring entity must divest any competing product according to an agreed process and, in the
absence of such divesture, Lundbeck’s partner may terminate the agreement. In case Lundbeckfond Invest A/S holds less
than 50% of the share capital or voting rights in H. Lundbeck A/S (change of control), Lundbeck may be met with demands for
repayment on any existing debt portfolio. In the event Lundbeck is acquired or merged, certain Executive Leadership Team
members may, depending on the impact on their position, be entitled to terminate employment with Lundbeck with three
months’ notice and receive a compensation of up to eighteen months’ remuneration. Given the ownership structure of
Lundbeck, the risks are considered remote. For information about the ownership structure of Lundbeck, see pages 48-49.
Board of Directors’ 2025 meeting attendance
*
Board of
Directors
Audit
Committee
Scientific
Committee
Remuneration &
Nomination Committee
Lars Søren Rasmussen
4
2/0
1/0
-
1/0
Dorothea Wenzel
12/0
1/0
3/0
5/0
Lene Skole-Sørensen
12/0
-
3/0
6/0
Lars Erik Holmqvist
11/1
4/1
-
-
Jeffrey Berkowitz
12/0
4/0
-
6/0
Santiago Arroyo
12/0
3/0
-
Lars Green
5
9/1
4/0
-
Jakob Riis
12/0
-
3/0
-
Hossein Armandi
11/1
-
-
-
Dorte Clausen
10/2
-
-
-
Lasse Skibsbye
12/0
-
-
-
Camilla Gram Andersson
12/0
-
-
-
* The numbers indicate how many meetings the members of the Board of Directors have attended and not attended, respectively.
• Audit Committee: In March 2025, the Board of Directors elected Lars Green as Chair and Jeffrey Berkowitz and Lars Erik
Holmqvist as members of the Audit Committee.
• Scientific Committee: In March 2025, the Board of Directors elected Santiago Arroyo as Chair and Dorothea Wenzel, Lene
Skole-Sørensen, and Jakob Riis as members of the Scientific Committee.
• Remuneration & Nomination Committee: In March 2025, the Board of Directors elected Dorothea Wenzel as Chair and
Lene Skole-Sørensen and Jefferey Berkowitz as members of the Remuneration & Nomination Committee.
Management Review / 2025 in brief / Business and strategy / Business performance / Corporate governance
Annual Report 2025
41
Board of Directors
1
1 Per 31 December 2025. C = Chair, DC = Deputy Chair, M = Member. For more information about the Board of Directors and their competencies, please visit lundbeck.com. 2 Board position included in the position as CEO of Lundbeckfonden.
3 ESRS 2, GOV-1, para. 21(c). *Subject to limited assurance.
Dorothea Wenzel
Chair of the Board
Lene Skole-Sørensen
Deputy Chair of the Board
Lars Erik Holmqvist
Member of the Board
Jeffrey Berkowitz
Member of the Board
Santiago Arroyo
Member of the Board
Lars Green
Member of the Board
Jakob Riis
Member of the Board
Born 1969, German. Elected Chair 2025.
Considered independent.
Born 1959, Danish. Elected 2015,
CEO, Lundbeckfonden
2
and Skole In-
vest ApS.
Considered non-independent.
Born 1959, Swedish. Elected 2015.
Considered non-independent.
Born 1966, U.S. citizen. Elected 2018.
CEO, Real Endpoints.
Considered independent.
Born 1960, U.S. citizen. Elected 2021.
Considered independent.
Born 1967, Danish. Elected 2025.
CEO, Green & Niemann Invest ApS
and LG Invest 2024 ApS.
Considered independent.
Born 1966, Danish. Elected 2023.
CEO, Falck A/S and Adelca ApS.
Considered non-independent.
Directorships
Servier Group (M); WS Audiology A/S (M).
Directorships
Ørsted A/S (C); ALK-Abelló A/S (DC)
2
;
Falck A/S (DC)
2
; Nordea Bank Abp (DC)
and LFI Equity A/S (C).
Directorships
Lundbeckfonden (M); ALK-Abelló A/S
(M); Vitrolife AB (M).
Directorships
Zealand Pharma A/S (M); Click Therapeu-
tics (M).
Directorships
GlycoEra AG (M), Maxion Therapeutics
(M).
Directorships
Novo Nordisk Foundation (M); Novo
Holdings (C); LEO Foundation (M); LEO
Holding A/S (M); LEO Pharma A/S (M);
Pharmacosmos A/S (M); Green Hous-
ing ApS (M); Nordic Storm Holding A/S
(M); Committee on Corporate Govern-
ance (M).
Directorships
Danish Chamber of Commerce (DC);
Three directorships in Falck A/S subsid-
iaries (DC); Nordhavn Training Club
ApS (DC).
Holding of A-shares/B-shares
45,000/None.
Holding of A-shares/B-shares
None/61,270.
Holding of A-shares/B-shares
None/75,000.
Holding of A-shares/B-shares
None/None.
Holding of A-shares/B-shares
None/None.
Holding of A-shares/B-shares
None/None.
Holding of A-shares/B-shares
None/54,138.
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Annual Report 2025
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Board of Directors
1
Hossein Armandi
Employee representative
Dorte Clausen
2
Employee representative
Lasse Skibsbye
Employee representative
Camilla Gram Andersson
Employee representative
Born 1962, Danish. Elected by employees in
2022. Research technician, employed at
Lundbeck since 1995.
Born 1984, Danish. Elected by employees in
2022. Clinical Trial Manager, Specialist, Psy-
chiatry, employed at Lundbeck since 2012.
Born 1983, Danish. Elected by employees in
2022. Principle Scientist - Global Research,
employed at Lundbeck since 2016.
Born 1972, Danish. Elected by employees in
2022. Senior Director, Corporate Health,
Safety and Environment, employed at
Lundbeck since 2005.
Directorships
None.
Directorships
None.
Directorships
Danish Heart Foundation – Lyngby Taarbæk
(DC); Danish Pharmaceutical Society – Bio-
pharmacy Section (M).
Directorships
Industrial Sectorial Board of Occupational
Health and Safety (DI) (M); Specialized Com-
mittee of Chemistry (DI) (M); Environment
and Chemical Expert Group (EFPIA) (M).
Holding of A-shares/B-shares
None/None.
Holding of A-shares/B-shares
220/880.
Holding of A-shares/B-shares
None/2,583.
Holding of A-shares/B-shares
202/3,512.
1 Per 31 December 2025. C = Chair, DC = Deputy Chair, M = Member. For more information about the Board of Directors and their competencies, please visit lundbeck.com. 2 Henrik Sindal Jensen signs on the Annual Report as an alternate for Dorte Clausen.
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Executive Leadership Team
1,3
Charl van Zyl
President & CEO
Dianne Hol
Executive Vice President, People, Cul-
ture & Sustainability
Joerg Hornstein
CFO & Executive Vice President
Per Johan Luthman
Executive Vice President, Research &
Development
Lars Bang
Executive Vice President, Product
Development & Supply
Maria Alfaiate
Executive Vice President, Corporate
Portfolio & Product Strategy
Born 1967, British.
Joined Lundbeck in 2023.
Born 1973, Dutch.
Joined Lundbeck in 2024.
Born 1977, German.
Joined Lundbeck in 2022.
Born 1959, Swedish.
Joined Lundbeck in 2019.
Born 1962, Danish.
Joined Lundbeck in 1988.
Born 1975, Portuguese.
Joined Lundbeck in 2024.
Directorships
None.
Directorships
None.
Directorships
None.
Directorships
Brain+ A/S.
Directorships
None.
Directorships
None.
Holding of A-shares/B-shares
None/None.
Holding of A-shares/B-shares
None/38,717.
Holding of A-shares/B-shares
None/72,188.
Holding of A-shares/B-shares
26,049/112,592.
Holding of A-shares/B-shares
90,082/ 360,328.
Holding of A-shares/B-shares
None/None.
1 Per 31 December 2025. 2 ESRS 2, GOV-1, para. 21(c). For more information about the Executive Leadership Team and their competencies, please visit lundbeck.com. *Subject to limited assurance. 3 Dianne Hol (Executive Vice President, People, Culture &
Sustainability), Maria Alfaiate (Executive Vice President, Corporate Portfolio & Product Strategy ), Michala Fischer-Hansen (Executive Vice President, Head of Europe & International Operations ) and Thomas Gibbs (Executive Vice President, Head of Lundbeck
U.S.) are part of the Executive Leadership Team in their respective roles but are not members of the Executive Leadership Team as registered with the Danish Business Authority.
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Executive Leadership Team
1,3
Michala Fischer-Hansen
Executive Vice President, Head of
Europe & International Operations
Thomas Gibbs
Executive Vice President, Head of
Lundbeck U.S.
Tine Østergaard Hansen
4
Senior Vice President, Corporate
Communications & Public affairs
Born 1974, Danish.
Joined Lundbeck in 2024.
Born 1971, U.S. citizen.
Joined Lundbeck in 2023.
Born 1975, Danish.
Joined Lundbeck in 2024.
Directorships
None.
Directorships
PhRMA (M).
Holding of A-shares/B-shares
None/22,930.
Holding of A-shares/B-shares
None/None.
1 Per 31 December 2025. 2 ESRS 2, GOV-1, para. 21(c). For more information about the Executive Leadership Team and their competencies, please visit lundbeck.com. *Subject to limited assurance. 3 Dianne Hol (Executive Vice President, People, Culture &
Sustainability), Maria Alfaiate (Executive Vice President, Corporate Portfolio & Product Strategy ), Michala Fischer-Hansen (Executive Vice President, Head of Europe & International Operations ) and Thomas Gibbs (Executive Vice President, Head of Lundbeck
U.S.) are part of the Executive Leadership Team in their respective roles but are not members of the Executive Leadership Team as registered with the Danish Business Authority. 4 Tine Østergaard Hansen is not formally a member of Executive Leadership
Team but participates in all meetings.
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Enterprise Risk Management (ERM) at Lundbeck
Lundbeck is exposed to risks throughout the value
chain, from developing innovative pharmaceuticals to
delivering proven treatments to patients.
To anticipate and address these risks, scenario and
risk-thinking exercises are integrated into strategic
planning, including analyses of market trends and the
potential impact of socioeconomic, environmental, ge-
opolitical, and political changes. Lundbeck’s risk man-
agement processes follow a systematic approach, ena-
bling the identification, assessment, and mitigation of
risks related to research and development, global eco-
nomic developments, geopolitical factors, and long-
term forecasts. This ensures that the Executive Leader-
ship Team has a solid basis for decisions on overall risk
exposure and mitigating actions, supporting sustaina-
ble growth and reliability as a partner to stakeholders
and the communities in which Lundbeck operates.
The Board of Directors is responsible for ensuring the
implementation of risk management procedures, with
oversight delegated to the Audit Committee.
Lundbeck’s ERM process is integrated into day-to-day
activities, starting with decentralized teams who iden-
tify and monitor risks. These teams share updates with
the central risk office, which aligns and assesses risks,
presenting an overview to the Executive Leadership
Team and the Board of Directors for approval.
Risk management
Lundbeck’s risk management processes ensure close monitoring, system-
atic risk assessment, and reporting, supporting the timely identification and
management of internal and external risks in a changing environment.
1 ESRS 2, GOV-5 paragraph 36 (b). 2 ESRS 2, GOV-1 paragraph 22(c) iii, 23, 23(a), and 23(b); ESRS 2 GOV-2 paragraph 26(a), 26(b), and 26(c); ESRS GOV-5 paragraph 36(a); ESRS 2, SBM-2 paragraph 45(d). 3 https://www.lundbeck.com/esg. *Subject to limited
assurance.
.
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Risk area
Description
Potential consequences
Mitigating actions
Research and
development
Exposure to delays in regulatory approval or failure in the
development of new and innovative medicines.
Increased regulatory requirements for clinical trials.
Data requirements from production of non-clinical and clin-
ical studies.
Delays or failure of new products could impact patients who cannot benefit
from these products and decrease earnings expectations for Lundbeck and
its shareholders.
A delay in regulatory approval may impact the patient’s access to medi-
cines. Issues with data integrity could lead to delays in studies and produc-
tion – ultimately leading to withdrawals and failure to gain approval.
Clinical trials are run and evaluated throughout the research and development phase.
Ongoing evaluation of the product pipeline, regulatory requirements, and product benefit.
A robust quality management system is in place to ensure consistent quality, data integrity, and
compliance in clinical trials and clinical safety activities.
Changes in market and economic dynamics derived from
geopolitical instability.
Effects from mergers and acquisitions.
(page 102)
(page 102)
Market restrictions could impact patients’ access to Lundbeck products and
the conditions for market access.
Changes in market and economic conditions, healthcare reforms, and
other policy measures could affect the pricing landscape as well as rebates
and discounts.
Differences in business performance and WACC vs. assessment at the time
of mergers and acquisitions deals can lead to impairment losses. These
changes could decrease earnings for Lundbeck and its shareholders.
Understanding price development and market access conditions in key markets.
Engaging with healthcare authorities to document and communicate the value of our pharmaceuti-
cals.
Monitor political and regulatory developments and related requirements in key markets.
Maintain a robust merger and acquisitions implementation tracking processes and impairment as-
sessments.
Loss of licenses to manufacture or sell pharmaceuticals.
(page 65)
Product shortage, not giving patients the needed access to the medicines
they require.
Systems, policies, and procedures are in place to ensure product supply, quality, and safety.
A dual sourcing strategy and a high level of safety stock for key products.
A robust pharmacovigilance system.
IT security
Cyber-attacks and cyber fraud.
System downtime.
Disruption or compromise of IT security could affect all parts of Lundbeck’s
operations, and product supply to patients.
Data loss, including patient-, employee-, proprietary business- and other
sensitive data.
IT policies and procedures are in place to safeguard systems and data.
Cyber defenses are tested regularly.
Annual testing of the IT disaster recovery plan.
(page 114)
Non-compliance with laws, industry standards, regulations, or our Code of
Ethics could affect our ‘license to operate’, result in litigations or investiga-
tions, expose Lundbeck to significant fines, and impact our reputation and
earnings for Lundbeck and its shareholders.
The Code of Ethics, Compliance Program, and Global Compliance organization are in place to ensure
our compliance culture.
Annual trainings for all employees.
Third parties are committed to observing our legal and ethical standards and are subject to due dili-
gence and audits.
A global Compliance Hotline and investigation procedure are in place for reporting and addressing
potential misconduct.
Financial
Fluctuations in interest rates and exchange rates, including
the impact of currency devaluations.
Lundbeck’s cash flow and earnings could be impacted by fluctuations in
key currencies.
Treasury Policy.
Monitoring the financial exposure and hedging a significant part of Lundbeck’s currency risk up
to 18 months in advance.
S4
S4
E1
G1
Key risks
1 ESRS 2, GOV-5 paragraph 36 (c). *Subject to limited assurance. 2 Weighted average cost of capital.
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Internal controls and risk assessments in financial
and sustainability reporting
An essential part of Lundbeck’s risk management and
internal control systems aim to effectively identify, ad-
dress, and mitigate risks in financial and sustainability
reporting, minimizing errors and misstatements. Addi-
tionally, they support the operations of Lundbeck’s
business by emphasizing quality, efficiency, and strong
ethical principles in daily transactions and decision-
making.
The Board of Directors oversees risk management and
internal controls linked with financial and sustainability
reporting through the advice of the Audit Committee,
with the Executive Leadership Team responsible for
overall financial and sustainability reporting compli-
ance.
Control activities
Control activities are guided by a continuously updated
risk assessment to ensure compliance with Lundbeck’s
strategies, policies, and relevant legislation. A central
component is the global Internal Control Framework,
which is based on the COSO framework (Committee of
Sponsoring Organizations), and enables Lundbeck to
address key risks in financial and sustainability report-
ing, including fraud, and standardizes controls across
all entities to enhance efficiency and consistency.
Monitoring and reporting
Lundbeck continuously monitors and assesses risks
and control activities. Within Group Finance, the Finan-
cial compliance division supports lines of business to
monitor and evaluate key risks identified through the
ERM process and monitors risks through procedures
outlined in the annual plan. These procedures include
the reassessment of key risks and the evaluation of the
effectiveness of the Internal Control Framework. The
Audit Committee reviews and approves the reports re-
sulting from this monitoring process, ensuring appro-
priate oversight and alignment with the company’s
governance framework.
External auditors also report significant control weak-
nesses to the Board of Directors, while minor issues
are communicated to the CFO. The Board of Directors
ensures follow-up by the Executive Leadership Team,
who in turn ensure subsidiaries address any findings.
Annually, subsidiary managers and financial controllers
confirm compliance with Lundbeck’s reporting guide-
lines.
Monitoring and risk assessment of internal controls for
sustainability reporting are under implementation as
part of Lundbeck’s roadmap under CSRD implementa-
tion.
Control activities in sustainability reporting
1
In 2025, Lundbeck continued to advance the Internal
Control Framework for sustainability reporting initiated
under the CSRD. This includes ongoing evaluation and
redesign of internal processes to ensure accurate and
complete sustainability disclosures. The governance
structure mirrors that of financial reporting, with the
Board of Directors providing oversight, the Executive
Leadership Team holding overall responsibility, and
the Audit Committee advising on the effectiveness of
sustainability reporting*.
Sustainability reporting controls are integrated into
Lundbeck’s global Internal Control Framework, aligned
with an established roadmap. Lundbeck continues
strengthening sustainability reporting internal con-
trols, which are informed by the double materiality as-
sessment and embedded across business areas to en-
sure consistency with broader reporting processes*.
The Executive Leadership Team reviews sustainability-
related risks and coordinates with the Board of Direc-
tors on mitigating actions. External auditors report sig-
nificant findings to the Board of Directors and minor
issues to the CFO as part of the limited assurance of
the Sustainability Statement.
Internal controls
1 ESRS 2, GOV-5 paragraph 36(a), 36(d) and 36(e). *Subject to limited assurance.
Lundbeck’s internal control processes are part of a comprehensive govern-
ance and control system that spans broadly across the organization ensur-
ing reliable financial and sustainability reporting, responsible cyber security
and digitalization agenda, ethical, and other corporate compliance, to up-
hold accuracy, compliance, and stakeholder trust.
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48
At the beginning of 2025, the Lundbeck share price
opened at DKK 41.32 for B-shares and DKK 33.40 for
A-shares, based on closing prices at year-end 2024.
During the year, the B-share traded within a relatively
wide range, reaching a high of DKK 47.34 on 29 Octo-
ber 2025 and a low of DKK 27.52 on 9 April 2025. By
year-end, the B-share closed at DKK 43.16, corre-
sponding to an increase of 4.5% for the year.
Over the same period, the Danish OMXC25 Index in-
creased by 2.7%, while the MSCI World Index rose by
16.9%.
Turnover
Total trading in Lundbeck A-shares amounted to DKK
768 million in 2025, while the average daily turnover
was DKK 3.09 million. Total trading in Lundbeck B-
shares amounted to DKK 5.23 billion in 2025, corre-
sponding to an average daily turnover of DKK 21.01
million.
Share capital
Lundbeck shares are listed on the Copenhagen Stock
Exchange, Nasdaq Copenhagen. The shares are nego-
tiable and there are no restrictions on their transfera-
bility. At the end of 2025, Lundbeck’s total share capital
amounted to DKK ~996 million, which is equivalent to
~996 million shares.
Composition of shareholders
According to the Lundbeck share register, the com-
pany had approximately 50,000 shareholders at the
end of 2025, representing about 99% of the outstand-
ing shares.
Lundbeckfonden (Lundbeckfond Invest A/S) remains
the company’s largest shareholder, holding approxi-
mately 80% of the A-shares and 66% of the B-shares.
In total, the Foundation owns about 69% of the share
capital and controls approximately 77% of the total
voting rights in H. Lundbeck A/S.
Lundbeckfonden continues to be the only shareholder
to report a holding in excess of 5% of the share capital.
At the end of 2025, institutional ownership of the free
float was distributed as follows: investors in North
America held 25% (27% in 2024), European (excluding
Danish) investors held 56% (53% in 2024), Danish in-
vestors held 17% (18% in 2024), and the rest of the
world accounted for 1% (2% in 2024).
In order to fund our long-term share-based incentive
programs, Lundbeck held 3,591,929 treasury shares
(0.32%) at the end of 2025, comprising 127,465 A-
shares and 3,464,464 B-shares.
At the end of 2025, Lundbeck’s Board of Directors and
Executive Leadership Team held a total of 161,553
Lundbeck A-shares and 804,138 B-shares, compared
to 122,329 A-shares and 713,232 B-shares at the end
of 2024. The total number of shares held by members
of Executive Management Team and Board of Direc-
tors corresponds to 0.08% of the total A-shares out-
standing and 0.10% of the total B-shares outstanding.
Lundbeck and the equity market
Within Lundbeck, our Investor Relations (IR) function
remains dedicated to ensuring transparent, timely, and
accurate communication with both existing and pro-
spective shareholders, as well as equity analysts. We
maintain an open and continuous dialogue, offering
clear insights into Lundbeck’s strategy, performance,
financial results, and long-term priorities.
In 2025, the IR team held over 390 meetings with in-
vestors and analysts, both in person and virtually via
Teams and Zoom. The IR team also participated in 12
The Lundbeck share
2025 was a year of resilience and steady progress for Lundbeck, marked by
solid financial results, strong operational performance, and continued ad-
vancement of our R&D pipeline. However, the year was also characterized
by renewed market volatility, driven by geopolitical tensions, monetary-pol-
icy shifts, and ongoing uncertainty around drug-pricing regulations.
Financial calendar 2026
18 March 2026
Annual General Meeting 2026
23 March 2026
Dividends for 2025 at the disposal of shareholders (if 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
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major investor conferences and hosted several analyst
and investor update sessions, including post-results
roadshows across Europe and North America.
Lundbeck is covered by 15 sell-side analysts, including
several leading global investment banks, who regularly
publish research on the company. A complete list of
covering institutions is available on our website.
Following the release of interim and full-year results,
Lundbeck’s Executive Leadership Team and IR team
continue to engage actively with the market through
targeted roadshows, providing updates on business
progress, pipeline developments, and strategic execu-
tion.
All investor presentations and related materials are
available at www.lundbeck.com/investors.
Annual Report 2025
49
Management Review / 2025 in brief / Business and strategy / Business performance / Corporate governance
Stock performance 2025
Composition of ownership, end 2025
69%
5%
12%
4%
0%
9%
The Lundbeck Foundation
North America
Europe, excl. Denmark
Denmark, excl. the Lundbeck Foundation
Rest of the world
Others, incl. private
Stock performance A- and B-shares 2025
Composition of free float, end 2025
25%
56%
17%
1%
North America
Europe, excl. Denmark
Denmark, excl. the Lundbeck Foundation
Rest of the world
Stock performance 2020-2025
Lundbeck’s total number of voting rights and
total share capital
Number of
shares/DKK
*
Number of
votes
A-shares
199,148,222
1,991,482,220
B-shares
796,592,888
796,592,888
Total
995,741,110
2,788,075,108
*Nominal value equals number of shares DKK 1 per share.
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Share data
2025
2024
2023
2022
2021
Share price (A-shares), year-end (DKK)
36.20
33.40
28.70
23.88
-
Share price (A-shares), high (DKK)
37.10
41.55
37.90
37.70
-
Share price (A-shares), low (DKK)
23.40
27.80
23.52
22.49
-
Share price (B-shares), year-end (DKK)
43.16
41.32
32.76
26.05
-
Share price (B-shares), high (DKK)
47.34
49.38
39.50
37.86
-
Share price (B-shares), low (DKK)
27.52
31.74
25.35
24.24
-
Share price (old share structure), year-end (DKK)
-
-
168.85
Share price (old share structure), high (DKK)
-
-
258.10
Share price (old share structure), low (DKK)
-
-
152.45
Share facts
Number of A-shares, year-end
199,148,222
Number of B-shares, year-end
796,592,888
Total
995,741,110
Share capital, year-end (DKK)
995,741,110
Nominal value per share (DKK)
1
Number of treasury A-shares
127,465
Number of treasury B-shares
3,464,464
Total number of treasury
shares
3,591,929 (0.32%)
Free float (%)
31%
IPO
18 June 1999
Stock exchange
Nasdaq Copenhagen
ISIN code
DK0061804697 (A), DK0061804770 (B)
Ticker
HLUNa / HLUNb (Reuters), HLUNA DC / HLUNB DC (Bloomberg)
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Management Review / Sustainability Statement
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- - Business ethics
- - Responsible sourcing
- - Animal welfare
2
- - Business ethics and Code of Ethics breach
-
-
-
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3
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E5
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S1
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85
S1
Management Review / Sustainability Statement / General disclosures / Environment / Social
Annual Report 2025
86
S1
Management Review / Sustainability Statement / General disclosures / Environment / Social
Annual Report 2025
87
S1
Management Review / Sustainability Statement / General disclosures / Environment / Social
Annual Report 2025
88
S1
3
Management Review / Sustainability Statement / General disclosures / Environment / Social
Annual Report 2025
89
S1
Management Review / Sustainability Statement / General disclosures / Environment / Social
Annual Report 2025
90
S1
Management Review / Sustainability Statement / General disclosures / Environment / Social
Annual Report 2025
91
S1
Management Review / Sustainability Statement / General disclosures / Environment / Social
Annual Report 2025
92
S1
Management Review / Sustainability Statement / General disclosures / Environment / Social
Annual Report 2025
93
S1
Management Review / Sustainability Statement / General disclosures / Environment / Social
Annual Report 2025
94
S1
Management Review / Sustainability Statement / General disclosures / Environment / Social
Annual Report 2025
95
S1
Management Review / Sustainability Statement / General disclosures / Environment / Social
Annual Report 2025
96
S2
3
Management Review / Sustainability Statement / General disclosures / Environment / Social
Annual Report 2025
97
S2
Management Review / Sustainability Statement / General disclosures / Environment / Social
Annual Report 2025
98
S4
3
Management Review / Sustainability Statement / General disclosures / Environment / Social
Annual Report 2025
99
S4
3
Management Review / Sustainability Statement / General disclosures / Environment / Social
Annual Report 2025
100
S4
Management Review / Sustainability Statement / General disclosures / Environment / Social
Annual Report 2025
101
S4
Management Review / Sustainability Statement / General disclosures / Environment / Social
Annual Report 2025
102
S4
3
Management Review / Sustainability Statement / General disclosures / Environment / Social
Annual Report 2025
103
S4
Management Review / Sustainability Statement / General disclosures / Environment / Social
Annual Report 2025
104
S4
Management Review / Sustainability Statement / General disclosures / Environment / Social
Annual Report 2025
105
S4
Management Review / Sustainability Statement / General disclosures / Environment / Social
Annual Report 2025
106
S4
Management Review / Sustainability Statement / General disclosures / Environment / Social
Annual Report 2025
107
S4
Management Review / Sustainability Statement / General disclosures / Environment / Social
Annual Report 2025
108
S4
3
Management Review / Sustainability Statement / General disclosures / Environment / Social
Annual Report 2025
109
S4
Management Review / Sustainability Statement / General disclosures / Environment / Social
Annual Report 2025
110
S4
Management Review / Sustainability Statement / General disclosures / Environment / Social
Annual Report 2025
111
S4
3
Management Review / Sustainability Statement / General disclosures / Environment / Social
Annual Report 2025
112
S4
Annual Report 2025
113
Governance
114
Management Review / Sustainability Statement / General disclosures / Environment / Social / Governance
Annual Report 2025
113
G1
Business conduct
Management Review / Sustainability Statement / General disclosures / Environment / Social / Governance
Annual Report 2025
114
G1
3
Management Review / Sustainability Statement / General disclosures / Environment / Social / Governance
Annual Report 2025
115
G1
Management Review / Sustainability Statement / General disclosures / Environment / Social / Governance
Annual Report 2025
116
G1
Management Review / Sustainability Statement / General disclosures / Environment / Social / Governance
Annual Report 2025
117
G1
Management Review / Sustainability Statement / General disclosures / Environment / Social / Governance
Annual Report 2025
118
G1
1 The number of patient & product safety audits has been restated following the reclassification of animal welfare audits as part of business ethics audits. The change moved 23 animal welfare audits from "Patient & Product Safety audits" to "Business Ethics and Financial Compliance
Reviews” in 2025 as this reclassification provides a more accurate representation of the nature of an animal welfare audit.
Management Review / Sustainability Statement / General disclosures / Environment / Social / Governance
Annual Report 2025
119
G1
Management Review / Sustainability Statement / General disclosures / Environment / Social / Governance / List of appendices
Annual Report 2025
120
1. ESRS 2, IRO-2 paragraph 56. *Subject to limited assurance.
Management Review / Sustainability Statement / General disclosures / Environment / Social / Governance / List of appendices
Annual Report 2025
121
Management Review / Sustainability Statement / General disclosures / Environment / Social / Governance / List of appendices
Annual Report 2025
122
Management Review / Sustainability Statement / General disclosures / Environment / Social / Governance / List of appendices
Annual Report 2025
123
Management Review / Sustainability Statement / General disclosures / Environment / Social / Governance / List of appendices
Annual Report 2025
124
Management Review / Sustainability Statement / General disclosures / Environment / Social / Governance / List of appendices
Annual Report 2025
125
Management Review / Sustainability Statement / General disclosures / Environment / Social / Governance / List of appendices
Annual Report 2025
126
1*
1 ESRS 2, IRO-2 paragraph 56. *Subject to limited assurance.
Management Review / Sustainability Statement / General disclosures / Environment / Social / Governance / List of appendices
Annual Report 2025
127
1 ESRS 2, IRO-2 paragraph 56. *Subject to limited assurance.
Management Review / Sustainability Statement / General disclosures / Environment / Social / Governance / List of appendices
Annual Report 2025
128
1 ESRS 2, GOV-4. *Subject to limited assurance.
Financial Statements / Consolidated Financial Statements
Annual Report 2025
130
Statement of profit or loss 131
Statement of comprehensive income 131
Statement of financial position 132
Statement of changes in equity 133
Statement of cash flows 134
Adjusted EBITDA Reconciliation (part of Management Review –
not audited) 212
1 Basis of reporting
1.1 Reporting entity 135
1.2 Significant changes in the business 135
1.3 Basis of preparation 136
2 Results for the year
2.1 Revenue 138
2.2 Employee costs 139
2.3 Income taxes 141
3 Operating assets and liabilities
3.1 Intangible assets 147
3.2 Property, plant and equipment 152
3.3 Right-of-use assets and lease liabilities 154
3.4 Inventories 155
3.5 Trade receivables 156
3.6 Retirement benefit obligations and similar obligations 157
3.7 Provisions 160
3.8 Other payables 161
4 Capital structure and financial items
4.1 Financial income and expenses 162
4.2 Cash and cash equivalents 162
4.3 Equity 163
4.4 Bank debt, bond debt, and borrowings 166
4.5 Financial instruments 168
5 Other disclosures
5.1 Business combination 177
5.2 Other operating expenses, net 178
5.3 Incentive programs 179
5.4 Contingent assets and contingent liabilities 180
5.5 Audit fees 182
5.6 Contractual obligations not recognized in the Balance sheet 182
5.7 Related parties 183
5.8 List of subsidiaries 184
5.9 Other general accounting policies 186
5.10 Subsequent events 187
Consolidated Financial Statements
Contents
Notes
Financial Statements / Consolidated Financial Statements
Annual Report 2025
131
2025
2024
Notes
DKKm
DKKm
Revenue
2.1
Cost of sales
2.2
Gross profit
Sales and distribution costs
2.2
Administrative expenses
2.2
Research and development costs
2.2
Other operating expenses, net
5.1, 5.2
Profit from operations (EBIT)
Financial income
4.1
Financial expenses
4.1
Profit before tax
Tax on profit for the year
2.3
Profit for the year
Earnings per share, basic (EPS) (DKK)
4.3
Earnings per share, diluted (DEPS) (DKK)
4.3
2025
2024
Notes
DKKm
DKKm
Profit for the year
Actuarial gains/(losses)
3.6, 4.3
Items that will not be reclassified subsequently to profit or loss
Foreign exchange adjustments of foreign entities
4.3
(1,498 )
Foreign exchange adjustments of net investments in foreign entities
4.3
(1,493 )
Deferred gains/(losses) on cash flow hedge, exchange rate
4.3, 4.5
(378 )
Deferred gains/(losses) on cash flow hedge, interest rate
4.3, 4.5
(7 )
Deferred gains/(losses) on cash flow hedge, price
4.3, 4.5
(40 )
(14 )
Exchange gains/(losses), hedging (transferred to revenue)
4.3, 4.5
(279 )
Income tax related to adjustments in other comprehensive income
4.3
Items that may be reclassified subsequently to profit or loss
(2,386 )
Other comprehensive income
(2,382 )
Total comprehensive income
Statement of profit or loss
1 January – 31 December
Statement of comprehensive income
1 January – 31 December
Financial Statements / Consolidated Financial Statements
Annual Report 2025
132
2025
2024
Notes
DKKm
DKKm
Intangible assets
1
3.1
Property, plant and equipment
3.2
Right-of-use assets
3.3
Other financial assets
Other receivables
Deferred tax assets
1
2.3
Financial and other assets
Non-current assets
Inventories
3.4
Trade receivables
3.5
Income taxes receivable
Other receivables
Prepayments
Receivables
Cash and cash equivalents
4.2
Current assets
Assets
1 The 2024 comparative figures have been restated to reflect the final purchase price allocation as disclosed in note 5.1 Business combination.
2025
2024
Notes
DKKm
DKKm
Share capital
4.3
Foreign currency translation reserve
(777 )
Hedging reserve
4.5
(208 )
Retained earnings
Equity
Retirement benefit obligations
3.6
Deferred tax liabilities
1
2.3
Provisions
3.7
Bank debt and bond debt
4.4
Lease liabilities
3.3
Other payables
3.8
Non-current liabilities
Retirement benefit obligations
3.6
Provisions
3.7
Trade payables
Lease liabilities
3.3
Income taxes payable
Other payables
3.8
Current liabilities
Liabilities
Equity and liabilities
Statement of financial position –
assets
At 31 December
Statement of financial position –
equity and liabilities
At 31 December
Financial Statements / Consolidated Financial Statements
Annual Report 2025
133
Share capital
Foreign
currency
translation
reserve
Hedging
reserve
Retained
earnings
Total equity
Notes
DKKm
DKKm
DKKm
DKKm
DKKm
2025
Equity at 1 January
(208 )
Profit for the year
Other comprehensive income
4.3
(2,665 )
(2,382 )
Comprehensive income
(2,665 )
Distributed dividends, gross
4.3
(946 )
(946 )
Dividends received, treasury shares
4.3
Buyback of treasury shares
4.3
(20 )
(20 )
Incentive programs
5.3
Tax on other transactions in equity
2.3
Other transactions
(917 )
(917 )
Equity at 31 December
(777 )
Share capital
Foreign
currency
translation
reserve
Hedging
reserve
Retained
earnings
Total equity
Notes
DKKm
DKKm
DKKm
DKKm
DKKm
2024
Equity at 1 January
Profit for the year
Other comprehensive income
4.3
(271 )
Comprehensive income
(271 )
Distributed dividends, gross
4.3
(697 )
(697 )
Dividends received, treasury shares
4.3
Buyback of treasury shares
4.3
(46 )
(46 )
Incentive programs
5.3
Tax on other transactions in equity
2.3
Other transactions
(687 )
(687 )
Equity at 31 December
(208 )
Statement of changes in equity
At 31 December
Financial Statements / Consolidated Financial Statements
Annual Report 2025
134
2025
2024
Notes
DKKm
DKKm
Profit from operations (EBIT)
Adjustment for non-cash items:
Amortization and depreciation
3.1, 3.2, 3.3
Impairment losses
Incentive programs
Change in provisions
Other adjustments
(429 )
Change in working capital:
Change in inventories
(355 )
Change in receivables
(501 )
(630 )
Change in short-term debt
(77 )
Adjustments related to acquisition of business
5.1
(2,756 )
Cash flows from operations before financial receipts and payments
Financial receipts
Financial payments
(563 )
(91 )
Cash flows from ordinary activities
Income taxes paid
(1,422 )
(583 )
Cash flows from operating activities
Acquisition of business, net of acquired cash
5.1
(15,704 )
Purchase of intangible assets
3.1
(64 )
(57 )
Purchase of property, plant and equipment
3.2
(554 )
(508 )
Sale of property, plant and equipment
3.2
Proceeds from securities and other financial assets
Cash flows from investing activities
(611 )
(15,286 )
Cash flows from operating and investing activities (free cash flow)
(11,960 )
2025
2024
Notes
DKKm
DKKm
Proceeds from loans and issue of bonds
4.4
Repayment of bank loans and borrowings
4.4
(8,730 )
Repayment of lease liabilities
3.3
(85 )
(89 )
Buyback of treasury shares
4.3
(20 )
(46 )
Dividends paid in the financial year, net
(943 )
(694 )
Cash flows from financing activities
(6,062 )
Net cash flows for the year
(1,192 )
(331 )
Cash and cash equivalents at 1 January
Unrealized exchange gains/(losses) on cash and cash equivalents
(39 )
(15 )
Net cash flows for the year
(1,192 )
(331 )
Cash and cash equivalents at 31 December
Statement of cash flows
At 31 December
Financial Statements / Consolidated Financial Statements
Annual Report 2025
135
Financial Statements / Consolidated Financial Statements
Annual Report 2025
136
1 Basis of reporting
Financial Statements / Consolidated Financial Statements
Annual Report 2025
137
1.3 Basis of preparation (continued)
1 Basis of reporting
Financial Statements / Consolidated Financial Statements
Annual Report 2025
138
2 Results for the year
Financial Statements / Consolidated Financial Statements
Annual Report 2025
139
2.1 Revenue (continued)
2 Results for the year
Financial Statements / Consolidated Financial Statements
Annual Report 2025
140
2.2 Employee costs (continued)
2 Results for the year
Financial Statements / Consolidated Financial Statements
Annual Report 2025
141
2.2 Employee costs (continued)
2 Results for the year
Financial Statements / Consolidated Financial Statements
Annual Report 2025
142
2.3 Income taxes (continued)
2 Results for the year
Financial Statements / Consolidated Financial Statements
Annual Report 2025
143
2.3 Income taxes (continued)
2 Results for the year
Financial Statements / Consolidated Financial Statements
Annual Report 2025
144
2.3 Income taxes (continued)
2 Results for the year
Financial Statements / Consolidated Financial Statements
Annual Report 2025
145
2.3 Income taxes (continued)
2 Results for the year
Financial Statements / Consolidated Financial Statements
Annual Report 2025
146
2.3 Income taxes (continued)
2 Results for the year
Financial Statements / Consolidated Financial Statements
Annual Report 2025
147
3 Operating assets and liabilities
Financial Statements / Consolidated Financial Statements
Annual Report 2025
148
3.1 Intangible assets (continued)
3 Operating assets and liabilities
Financial Statements / Consolidated Financial Statements
Annual Report 2025
149
3.1 Intangible assets (continued)
3 Operating assets and liabilities
Financial Statements / Consolidated Financial Statements
Annual Report 2025
150
3.1 Intangible assets (continued)
3 Operating assets and liabilities
Financial Statements / Consolidated Financial Statements
Annual Report 2025
151
3.1 Intangible assets (continued)
3 Operating assets and liabilities
Financial Statements / Consolidated Financial Statements
Annual Report 2025
152
3 Operating assets and liabilities
Financial Statements / Consolidated Financial Statements
Annual Report 2025
153
3.2 Property, plant and equipment (continued)
3 Operating assets and liabilities
Financial Statements / Consolidated Financial Statements
Annual Report 2025
154
3 Operating assets and liabilities
Financial Statements / Consolidated Financial Statements
Annual Report 2025
155
3.3 Right-of-use assets and lease liabilities (continued)
3 Operating assets and liabilities
Financial Statements / Consolidated Financial Statements
Annual Report 2025
156
3.4 Inventories (continued)
3 Operating assets and liabilities
Financial Statements / Consolidated Financial Statements
Annual Report 2025
157
3 Operating assets and liabilities
Financial Statements / Consolidated Financial Statements
Annual Report 2025
158
3.6 Retirement benefit obligations and similar obligations (continued)
3 Operating assets and liabilities
Financial Statements / Consolidated Financial Statements
Annual Report 2025
159
3.6 Retirement benefit obligations and similar obligations (continued)
3 Operating assets and liabilities
Financial Statements / Consolidated Financial Statements
Annual Report 2025
160
3 Operating assets and liabilities
Financial Statements / Consolidated Financial Statements
Annual Report 2025
161
3 Operating assets and liabilities
Financial Statements / Consolidated Financial Statements
Annual Report 2025
162
4 Capital structure and financial items
Financial Statements / Consolidated Financial Statements
Annual Report 2025
163
4 Capital structure and financial items
Financial Statements / Consolidated Financial Statements
Annual Report 2025
164
4.3 Equity (continued)
4 Capital structure and financial items
Financial Statements / Consolidated Financial Statements
Annual Report 2025
165
4.3 Equity (continued)
4 Capital structure and financial items
Financial Statements / Consolidated Financial Statements
Annual Report 2025
166
Financial Statements / Consolidated Financial Statements
Annual Report 2025
167
4.4 Bank debt, bond debt, and borrowings (continued)
4 Capital structure and financial items
Financial Statements / Consolidated Financial Statements
Annual Report 2025
168
4 Capital structure and financial items
Financial Statements / Consolidated Financial Statements
Annual Report 2025
169
4.5 Financial instruments (continued)
4 Capital structure and financial items
Financial Statements / Consolidated Financial Statements
Annual Report 2025
170
4.5 Financial instruments (continued)
4 Capital structure and financial items
Financial Statements / Consolidated Financial Statements
Annual Report 2025
171
4.5 Financial instruments (continued)
4 Capital structure and financial items
Financial Statements / Consolidated Financial Statements
Annual Report 2025
172
4.5 Financial instruments (continued)
4 Capital structure and financial items
Financial Statements / Consolidated Financial Statements
Annual Report 2025
173
4.5 Financial instruments (continued)
4 Capital structure and financial items
Financial Statements / Consolidated Financial Statements
Annual Report 2025
174
4.5 Financial instruments (continued)
4 Capital structure and financial items
Financial Statements / Consolidated Financial Statements
Annual Report 2025
175
4.5 Financial instruments (continued)
4 Capital structure and financial items
Financial Statements / Consolidated Financial Statements
Annual Report 2025
176
4.5 Financial instruments (continued)
4 Capital structure and financial items
Financial Statements / Consolidated Financial Statements
Annual Report 2025
177
5 Other disclosures
Financial Statements / Consolidated Financial Statements
Annual Report 2025
178
5.1 Business combination (continued)
5 Other disclosures
Financial Statements / Consolidated Financial Statements
Annual Report 2025
179
5 Other disclosures
Financial Statements / Consolidated Financial Statements
Annual Report 2025
180
5.3 Incentive programs (continued)
5 Other disclosures
Financial Statements / Consolidated Financial Statements
Annual Report 2025
181
5.4 Contingent assets and contingent liabilities (continued)
1
5 Other disclosures
Financial Statements / Consolidated Financial Statements
Annual Report 2025
182
Financial Statements / Consolidated Financial Statements
Annual Report 2025
183
5 Other disclosures
Financial Statements / Consolidated Financial Statements
Annual Report 2025
184
5 Other disclosures
Financial Statements / Consolidated Financial Statements
Annual Report 2025
185
5.8 List of subsidiaries (continued)
5 Other disclosures
Financial Statements / Consolidated Financial Statements
Annual Report 2025
186
5 Other disclosures
Financial Statements / Consolidated Financial Statements
Annual Report 2025
187
5.9 Other general accounting policies (continued)
5 Other disclosures
Financial Statements / Consolidated Financial Statements / Financial Statements of the Parent Company
Annual Report 2025
188
Statement of profit or loss 189
Statement of financial position 190
Statement of changes in equity 191
1 Basis of reporting
1.1 General accounting policies 192
2 Results of the year
2.1 Revenue 193
2.2 Employee costs 193
2.3 Income taxes 194
2.4 Distribution of profit 194
3 Operating assets and liabilities
3.1 Intangible assets 195
3.2 Property, plant and equipment 195
3.3 Right-of-use assets and lease liabilities 196
3.4 Inventories 196
3.5 Prepayments 196
3.6 Provisions 197
3.7 Payables to subsidiaries 197
4 Capital structure and financial items
4.1 Financial income and expenses 198
4.2 Bank debt and bond debt 198
4.3 Financial instruments 198
4.4 Investments in subsidiaries 199
5 Other disclosures
5.1 Other operating expenses, net 199
5.2 Contingent assets and contingent liabilities 199
5.3 Audit fees 200
5.4 Contractual obligations 200
5.5 Related parties 200
5.6 Subsequent events 200
Financial Statements of the Parent Company
Contents
Notes
Financial Statements / Consolidated Financial Statements / Financial Statements of the Parent Company
Annual Report 2025
189
2025
2024
Notes
DKKm
DKKm
Revenue
2.1
17,314
15,703
Cost of sales
2.2
3,186
3,144
Gross profit
14,128
12,559
Sales and distribution costs
2.2
4,173
4,776
Administrative expenses
2.2
1,065
1,073
Research and development costs
2.2
3,755
4,144
Other operating expenses, net
5.1
722
205
Profit from operations (EBIT)
4,413
2,361
(Loss)/gain from investments in subsidiaries, net
4.4
(32)
332
Financial income
4.1
1,380
1,168
Financial expenses
4.1
2,667
764
Profit before tax
3,094
3,097
Tax on profit for the year
2.3
1,290
584
Profit for the year
2.4
1,804
2,513
Statement of profit or loss
1 January – 31 December
Financial Statements / Consolidated Financial Statements / Financial Statements of the Parent Company
Annual Report 2025
190
2025
2024
Notes
DKKm
DKKm
Intangible assets
3.1
6,540
7,183
Property, plant and equipment
3.2
2,188
1,951
Right-of-use assets
3.3
136
146
Investments in subsidiaries
4.4
11,501
11,840
Receivables from subsidiaries
14,368
16,316
Other financial assets
32
66
Other receivables
4
4
Financial assets
25,905
28,226
Non-current assets
34,769
37,506
Inventories
3.4
3,201
3,085
Trade receivables
997
800
Receivables from subsidiaries
4,341
5,141
Other receivables
430
348
Prepayments
3.5
210
158
Receivables
5,978
6,447
Cash and cash equivalents
2,668
3,936
Current assets
11,847
13,468
Assets
46,616
50,974
2025
2024
Notes
DKKm
DKKm
Share capital
996
996
Proposed dividends
1,145
946
Hedging reserve
152
(127)
Retained earnings
19,010
18,314
Equity
21,303
20,129
Deferred tax liabilities
2.3
1,331
1,417
Provisions
3.6
512
369
Bank debt and bond debt
4.2
11,185
16,174
Lease liabilities
3.3
127
137
Payables to subsidiaries
3.7
3,325
5,307
Other payables
12
12
Non-current liabilities
16,492
23,416
Provisions
3.6
295
308
Trade payables
1,781
1,808
Lease liabilities
3.3
13
13
Payables to subsidiaries
5,335
4,046
Income tax payables
521
138
Other payables
876
1,116
Current liabilities
8,821
7,429
Liabilities
25,313
30,845
Equity and liabilities
46,616
50,974
Statement of financial position –
assets
At 31 December
Statement of financial position –
equity and liabilities
At 31 December
Financial Statements / Consolidated Financial Statements / Financial Statements of the Parent Company
Annual Report 2025
191
Share
capital
Proposed
dividends
Hedging
reserve
Retained
earnings
Equity
Notes
DKKm
DKKm
DKKm
DKKm
DKKm
Equity at 1 January
996
946
(127)
18,314
20,129
Profit for the year
2.4
-
1,145
-
659
1,804
Distributed dividends, gross
-
(946)
-
-
(946)
Dividends received, treasury shares
-
-
-
3
3
Deferred gains/(losses) on cash flow hedge, ex-
change rate
-
-
671
-
671
Deferred gains/(losses) on cash flow hedge, in-
terest rate
-
-
6
-
6
Deferred gains/(losses) on cash flow hedge,
price
-
-
(40)
-
(40)
Exchange gains/(losses), hedging (transferred
to revenue)
-
-
(279)
-
(279)
Buyback of treasury shares
-
-
-
(20)
(20)
Incentive programs
-
-
-
52
52
Tax on transactions in equity
2.3
-
-
(79)
2
(77)
Equity at 31 December
996
1,145
152
19,010
21,303
For further details, see note 4.3 Equity in the consolidated Financial Statements.
Statement of changes in equity
At 31 December
Financial Statements / Consolidated Financial Statements / Financial Statements of the Parent Company
Annual Report 2025
192
1.1 General accounting policies
The Financial Statements of the Parent Company, H. Lundbeck A/S, have been prepared in accordance with the
Danish Financial Statements Act applying to reporting class D enterprises. The Financial Statements are presented
in Danish kroner (DKK). All amounts have been rounded to the nearest DKK million, unless otherwise indicated.
Assets and liabilities are presented in the Balance sheet according to a current/non-current classification.
The accounting policies for the Financial Statements of the Parent Company remain unchanged from the previous
financial year.
Differences relative to the accounting policies for the consolidated Financial Statements
The Parent Company’s accounting policies for recognition and measurement are consistent with the accounting
policies for the consolidated Financial Statements, with the exceptions stated below. For a description of the ac-
counting policies of the Group, please refer to the consolidated Financial Statements.
Statement of changes in equity
Pursuant to the Danish Financial Statements Act, items recognized in other comprehensive income in the
consolidated Financial Statements are recognized directly in the Statement of changes in equity in the Parent
Company’s Financial Statements. This does not apply to exchange gains and losses on the translation of receivables
from and payables to subsidiaries, items relating to effective hedges of foreign exchange gains and losses on the
net investment in foreign subsidiaries, and items relating to other financial assets.
Statement of cash flows
In accordance with the exemption clause in section 86(4) of the Danish Financial Statements Act, no separate State-
ment of cash flows has been prepared for the Parent Company as it is included in the consolidated Statement of
cash flows.
Supplementary accounting policies for the Parent Company
In addition to the general accounting policies described below, material accounting policies directly related to the
specific notes are disclosed in the relevant notes.
Other financial assets
On initial recognition, investments are measured at cost, corresponding to fair value plus directly attributable costs.
Subsequently, they are measured at fair value at the balance sheet date. Any fair value adjustments on equity in-
vestments recognized in other comprehensive income in the consolidated Financial Statements are recognized
under financial income or financial expenses in the Parent Company’s Statement of profit or loss.
1 Basis of reporting
Financial Statements / Consolidated Financial Statements / Financial Statements of the Parent Company
Annual Report 2025
193
2.1 Revenue
2025
2024
Revenue by region
DKKm
DKKm
Europe
5,796
5,267
United States
8,938
8,011
International Operations
2,207
2,384
Total
16,941
15,662
Other revenue
94
93
Effects from hedging
279
(52)
Total revenue
17,314
15,703
Revenue is attributed to a geographical segment based on location of the customer. For definitions of the seg-
ment, see note 2.1 Revenue in the consolidated Financial Statements.
2.2 Employee costs
2025
2024
Breakdown of employee costs
DKKm
DKKm
Short-term employee benefits
1,915
1,769
Retirement benefits
167
161
Social security costs
31
25
Equity- and cash-settled incentive programs
43
37
Severance and other costs from restructuring activities
296
115
Total
2,452
2,107
Employee costs for the year are included in the following line items in the Statement of profit or loss:
2025
2024
Employee costs
DKKm
DKKm
Cost of sales
621
571
Sales and distribution costs
158
225
Administrative expenses
533
496
Research and development costs
881
815
Other operating expenses, net
259
-
Total
2,452
2,107
Number of employees
2025
2024
Number
Number
Average number of full-time employees in the financial year
2,016
1,919
Number of full-time employees at 31 December
2,070
1,962
Remuneration of the Registered Executive Leadership Team
See notes 2.2 Employee costs and 5.3 Incentive programs in the consolidated Financial Statements.
Remuneration of the Board of Directors
See note 2.2 Employee costs in the consolidated Financial Statements.
Incentive programs
See note 5.3 Incentive programs in the consolidated Financial Statements.
2 Results of the year
Financial Statements / Consolidated Financial Statements / Financial Statements of the Parent Company
Annual Report 2025
194
2.3 Income taxes
Tax on profit for the year
2025
2024
DKKm
DKKm
Current tax, joint taxation contribution
885
332
Prior-year adjustments, current tax
568
(65)
Prior-year adjustments, deferred tax
(14)
32
Change in deferred tax for the year
(72)
203
Total tax for the year
1,367
502
Tax for the year is composed of:
Tax on profit for the year
1,290
584
Tax on transactions in equity
77
(82)
Total tax for the year
1,367
502
Deferred tax balances
Balance at
1 January
Adjustment of
deferred tax
at beginning
of year
Movements
during the year
Balance at
31 December
Temporary differences between assets and liabilities as
stated in the Financial Statements and in the tax base
DKKm
DKKm
DKKm
DKKm
Intangible assets
6,500
(79)
(194)
6,227
Property, plant and equipment
450
-
12
462
Inventories
478
-
9
487
Other items
(985)
15
(154)
(1,124)
Total temporary differences
6,443
(64)
(327)
6,052
Deferred (tax assets)/tax liabilities
1,417
(14)
(72)
1,331
The major assumptions relating to the recognition and measurement of tax assets are described in
note 2.3 Income taxes in the consolidated Financial Statements.
2025
2024
Movements in deferred tax
DKKm
DKKm
Balance at 1 January
1,417
1,182
Movements related to transactions recognized in profit or loss
(75)
244
Movements related to transactions recognized in equity
(11)
(9)
Balance at 31 December
1,331
1,417
2.4 Distribution of profit
2025
2024
Proposed distribution of profit for the year
DKKm
DKKm
Proposed dividends for the year
1,145
946
Transferred to/from distributable reserves
659
1,567
Total profit for the year
1,804
2,513
Proposed dividend per share (DKK)
1.15
0.95
See note 4.3 Equity in the consolidated Financial Statements for details on treasury shares.
2 Results of the year
Financial Statements / Consolidated Financial Statements / Financial Statements of the Parent Company
Annual Report 2025
195
3.1 Intangible assets
Product
rights¹
Other
rights
Projects in
progress
Total intangible
assets
Intangible assets
DKKm
DKKm
DKKm
DKKm
Cost at 1 January
16,924
1,912
89
18,925
Transfers
-
3
(3)
-
Additions
-
11
48
59
Cost at 31 December
16,924
1,926
134
18,984
Amortization and impairment losses at 1 January
9,993
1,749
-
11,742
Amortization
649
53
-
702
Amortization and impairment losses at 31 December
10,642
1,802
-
12,444
Carrying amount at 31 December
6,282
124
134
6,540
1 At 31 December 2025, product rights not yet commercialized amounted to DKK 1,775 million (DKK 1,775 million at 31 December 2024).
For details on material product rights and impairment testing, see note 3.1 Intangible assets in the consolidated
Financial Statements.
3.2 Property, plant and equipment
Land and
buildings
Plant and
machinery
Other
fixtures
and fittings,
tools and
equipment
Prepayments
and assets
under
construction
Total
property,
plant and
equipment
Property, plant and equipment
DKKm
DKKm
DKKm
DKKm
DKKm
Cost at 1 January
3,582
1,106
613
574
5,875
Transfers
56
69
23
(148)
-
Additions
5
12
3
402
422
Disposals
(4)
(34)
(4)
-
(42)
Cost at 31 December
3,639
1,153
635
828
6,255
Depreciation and impairment losses at
1 January
2,488
928
508
-
3,924
Depreciation
109
44
32
-
185
Disposals
(4)
(34)
(4)
-
(42)
Depreciation and impairment losses at
31 December
2,593
938
536
-
4,067
Carrying amount at 31 December
1,046
215
99
828
2,188
Pledged assets
No land and buildings were mortgaged at 31 December 2025 and 2024. No other assets have been pledged.
3 Operating assets and liabilities
Financial Statements / Consolidated Financial Statements / Financial Statements of the Parent Company
Annual Report 2025
196
3.3 Right-of-use assets and lease liabilities
2025
2024
Land and buildings
DKKm
DKKm
Cost at 1 January
224
222
Adjustment to right-of-use assets during the year¹
4
2
Cost at 31 December
228
224
Depreciation and impairment losses at 1 January
78
65
Depreciation
14
13
Depreciation and impairment losses at 31 December
92
78
Carrying amount at 31 December
136
146
1 Comprises reassessment of lease term and renewal of lease agreements.
2025
2024
Amounts recognized in profit or loss
DKKm
DKKm
Expense relating to short-term leases, not capitalized
1
2
Depreciation of right-of-use assets, land and buildings
14
13
Interest expense relating to lease liabilities
3
3
Total recognized in profit or loss
18
18
2025
2024
Maturity analysis of lease liabilities
DKKm
DKKm
Within one year
13
13
Between one year and five years
54
52
After five years
73
85
Lease liabilities at 31 December
140
150
3.4 Inventories
2025
2024
DKKm
DKKm
Raw materials and consumables
178
173
Work in progress
2,369
2,301
Finished goods and goods for resale
654
611
Total
3,201
3,085
3.5 Prepayments
At 31 December 2025, prepayments amounted to DKK 210 million (DKK 158 million at 31 December 2024) and
consist of prepaid expenses for insurance premiums (life, medical, car), licenses, subscriptions, memberships, and
down payments to vendors.
3 Operating assets and liabilities
Financial Statements / Consolidated Financial Statements / Financial Statements of the Parent Company
Annual Report 2025
197
3.6 Provisions
2025
DKKm
Provisions at 1 January
677
Additional provisions recognized
601
Provisions used during the year
(411)
Reversal of unused provisions
(60)
Provisions at 31 December
807
The Parent Company has entered into agreements with individual subsidiaries, under which it will cover expected
losses and obligations concerning restructuring programs and integration costs related to the acquisition of Long-
board. The provisions in the Parent Company therefore cover such losses and obligations. Restructuring provisions
amounted to DKK 256 million at 31 December 2025 (DKK 295 million at 31 December 2024). During 2025, the Parent
Company recognized additional restructuring provisions of DKK 385 million, of which DKK 328 million related to the
announced change in Lundbeck’s commercial operating model. Furthermore, DKK 363 million of restructuring pro-
visions was utilized (including DKK 171 million related to the commercial operating model), and DKK 61 million was
released.
In addition, provisions include provisions relating to legal claims.
Accounting policies
Provisions
Provisions mainly consist of provisions for discounts and rebates, product returns, pending lawsuits, environmental,
integration, and restructuring obligations. A provision is a liability of uncertain timing or amount.
Unsettled discounts and rebates are recognized as provisions when the timing or amount is uncertain. Where ab-
solute amounts are known, the discounts and rebates are recognized as trade payables.
Return obligations imposed on the Group are recognized as provisions in the Balance sheet.
Amounts relating to provisions are recognized when the outflow is probable and the amount is measured as the
best estimate of the costs required to settle the liabilities at the balance sheet date.
In connection with restructurings in the Group, provisions are made only for liabilities set out in a specific restruc-
turing plan based on which the parties affected can reasonably expect that the Group will carry out the restructur-
ing, either by starting to implement the plan or by announcing its main components.
3.7 Payables to subsidiaries
Payables to subsidiaries falling due after more than five years from the balance sheet date amounted to DKK 3,325
million at 31 December 2025 (DKK 5,307 million at 31 December 2024).
3 Operating assets and liabilities
Financial Statements / Consolidated Financial Statements / Financial Statements of the Parent Company
Annual Report 2025
198
4.1 Financial income and expenses
2025
2024
DKKm
DKKm
Financial income
1,380
1,168
Financial expenses
2,667
764
Net financials, (income)/expenses
1,287
(404)
In 2025, out of total financial income and financial expenses, DKK 1,127 million (DKK 574 million in 2024) and DKK
271 million (DKK 630 million in 2024) relate to intra-group interest income and expenses, respectively.
In 2025, financial income and financial expenses are impacted by a net exchange loss of DKK 1,482 million (gain of
DKK 106 million in 2024) relating to translation of receivables from and payables to subsidiaries that are considered
part of the overall investment in subsidiaries.
Accounting policies
Exchange gains/losses
Exchange gains/losses on translation of receivables from and payables to subsidiaries that are considered part of
the overall investment in subsidiaries are recognized in profit or loss under financial income or financial expenses.
Exchange gains/losses on that part of the bank debt in foreign currency which is used for hedging the net invest-
ments in foreign subsidiaries, and which provides an effective hedging of the exchange gains/losses of the net
investments, are recognized in profit or loss under financial income or financial expenses.
4.2 Bank debt and bond debt
There is no bank debt or bond debt falling due after more than five years from the balance sheet date at
31 December 2025 and 2024, respectively.
4.3 Financial instruments
Foreign currency management is handled by the Parent Company. See note 4.5 Financial instruments in the consol-
idated Financial Statements.
The fair value of derivatives at year-end is disclosed in note 4.5 Financial instruments in the consolidated Financial
Statements. The fair value adjustment recognized in equity is disclosed in the Statement of changes in equity in the
Financial Statements of the Parent Company. All fair value adjustments are initially recognized in equity.
4 Capital structure and financial items
Financial Statements / Consolidated Financial Statements / Financial Statements of the Parent Company
Annual Report 2025
199
4.4 Investments in subsidiaries
2025
DKKm
Cost at 1 January
12,104
Impairment recognized in prior periods
(264)
Impairment recognized in the year
(339)
Cost at 31 December
11,501
Of the total impairment of DKK 339 million recognized in 2025, DKK 305 million relates to the planned divestment
of a non-core production site in Italy. See related disclosures in note 1.2 Significant changes in the business in the
consolidated Financial Statements.
In 2025, the net loss of DKK 32 million primarily relates to impairment of investments of DKK 339 million, partly
offset by dividend income of DKK 307 million.
In 2024, income from investments in subsidiaries related to dividend income of DKK 332 million.
See note 5.8 List of subsidiaries in the consolidated Financial Statements for an overview of subsidiaries.
Accounting policies
Investments in subsidiaries
Investments in subsidiaries are measured at cost in the Parent Company’s Financial Statements. Where the recov-
erable amount of the investments is lower than cost, the investments are written down to this lower value. In addi-
tion, cost is written down to the extent that dividends distributed exceed the accumulated earnings in the subsidiary
since the acquisition date.
Income from investments in subsidiaries
Income from investments in subsidiaries includes dividends from subsidiaries, which are recognized in the Parent
Company’s Statement of profit or loss when the Parent Company’s right to receive such dividends has been
approved. Further, income from investments in subsidiaries includes proceeds from the liquidation of subsidiaries
and any impairment losses or reversals of impairment losses on investments in subsidiaries.
5.1 Other operating expenses, net
In 2025, Other operating expenses, net amounted to DKK 722 million and primarily comprise impairment on re-
ceivables from a subsidiary related to the planned divestment of a non-core production site in Italy, as well as the
major restructuring costs arising from the announced changes in the commercial operations on 9 September 2025.
The comparative figure of DKK 205 million in 2024 includes transaction and integration costs related to the acqui-
sition of Longboard. See note 5.1 Business combination.
5.2 Contingent assets and contingent liabilities
Pending legal proceedings
See note 5.4 Contingent assets and contingent liabilities in the consolidated Financial Statements for details on pend-
ing legal proceedings and environmental matters.
Joint taxation
The Parent Company is part of a Danish joint taxation scheme with Lundbeckfonden (Lundbeckfond Invest A/S
including subsidiaries), according to which the Parent Company partly has joint and several liability and partly sec-
ondary liability with respect to corporate income taxes, etc. for the jointly taxed companies. In addition, the Parent
Company partly has joint and several liability and partly secondary liability with respect to any obligations to withhold
tax on interest, royalties, and dividends for these companies. However, in both cases the secondary liability is
capped at an amount equal to the share of the capital of the company directly or indirectly owned by the ultimate
parent company. The total tax obligation under the joint taxation scheme is shown in the Financial Statements of
Lundbeckfond Invest A/S.
Letters of intent
The Parent Company has entered into agreements to cover operating losses in certain subsidiaries.
4 Capital structure and financial items
5 Other disclosures
Financial Statements / Consolidated Financial Statements / Financial Statements of the Parent Company
Annual Report 2025
200
5.3 Audit fees
2025
2024
DKKm
DKKm
Statutory audit
5
4
Assurance engagements other than audit
2
2
Tax advisory
4
-
Other services
2
-
Fee to PricewaterhouseCoopers
13
6
The fee for non-audit services provided to the Parent Company by PricewaterhouseCoopers Statsautoriseret Revi-
sionspartnerselskab, Denmark, amounted to DKK 6 million (DKK 2 million in 2024) and consisted of limited assur-
ance of the Sustainability statement, other assurance services, and other accounting and tax advisory services.
5.4 Contractual obligations not recognized in the Balance sheet
Research and development milestones and collaborations
The Parent Company has entered into a number of agreements relating to research and development of new prod-
ucts and intellectual property rights from acquisitions, as well as other collaborations. Under the agreements,
Lundbeck is committed to paying for the research and development services provided by third parties. The obliga-
tion amounts to DKK 2,979 million. Further, Lundbeck is committed to paying certain milestones related to achieving
different research, development, and regulatory milestones. Such amounts entail uncertainties in relation to the
period in which payments are due because a proportion of the obligations is dependent on milestone achieve-
ments.
At 31 December 2025, potential future milestone payments totaled DKK 2,883 million (DKK 770 million at
31 December 2024).
Sales milestones
The Parent Company is committed to paying certain commercial sales milestones, royalties, or other payments
based on a percentage of sales generated from the sale of goods following marketing approval. These amounts
are excluded from the contractual obligations because of their contingent nature, being dependent on future sales.
Other purchase obligations
The Parent Company has undertaken purchase obligations relating to property, plant and equipment in the amount
of DKK 405 million (DKK 627 million at 31 December 2024). Contractual obligations for intangible assets, excluding
commitments with R&D milestones and collaborations, amounted to DKK 5 million at 31 December 2025 (DKK 24
million at 31 December 2024), and other obligations relating to lease obligations for signed but not yet commenced
lease agreements as per commencement date in accordance with IFRS 16 amounted to DKK 22 million at 31 De-
cember 2025 (DKK 0 million at 31 December 2024).
The contractual obligations not recognized in the Balance sheet represent contractual payments and are neither
discounted nor risk-adjusted.
5.5 Related parties
For information on related parties exercising controlling influence on the Parent Company, see note 5.7 Related
parties in the consolidated Financial Statements. The Parent Company is included in the consolidated Financial
Statements of Lundbeckfonden. The Parent Company had transactions with subsidiaries during 2025. The Parent
Company’s share of ownership of all subsidiaries is 100%. The Parent Company did not enter into any transactions
with other related parties that were not on an arm’s length basis.
5.6 Subsequent events
No subsequent events have occurred after the balance sheet date that require adjustment to or disclosure in the
Financial Statements of the Parent Company.
5 Other disclosures
Financial Statements / Consolidated Financial Statements / Financial Statements of the Parent Company / Reports
Annual Report 2025
201
Management’s statement
Financial Statements / Consolidated Financial Statements / Financial Statements of the Parent Company / Reports
Annual Report 2025
202
Registered Executive Leadership Team
Board of Directors
Financial Statements / Consolidated Financial Statements / Financial Statements of the Parent Company / Reports
Annual Report 2025
203
Report on the audit of
the Financial Statements
Independent auditor’s report
Financial Statements / Consolidated Financial Statements / Financial Statements of the Parent Company / Reports
Annual Report 2025
204
Independent auditor’s report
•
Financial Statements / Consolidated Financial Statements / Financial Statements of the Parent Company / Reports
Annual Report 2025
205
Independent auditor’s report
Financial Statements / Consolidated Financial Statements / Financial Statements of the Parent Company / Reports
Annual Report 2025
206
Independent auditor’s report
Financial Statements / Consolidated Financial Statements / Financial Statements of the Parent Company / Reports
Annual Report 2025
207
Independent auditor’s report
Financial Statements / Consolidated Financial Statements / Financial Statements of the Parent Company / Reports
Annual Report 2025
208
Independent auditor’s report
CVR no. 33 77 12 31
Financial Statements / Consolidated Financial Statements / Financial Statements of the Parent Company / Reports
Annual Report 2025
209
Financial Statements / Consolidated Financial Statements / Financial Statements of the Parent Company / Reports
Annual Report 2025
210
Independent auditor’s limited assurance
report on the Sustainability Statement
Financial Statements / Consolidated Financial Statements / Financial Statements of the Parent Company / Reports
Annual Report 2025
211
Independent auditor’s limited assurance
report on the Sustainability Statement
CVR no 33 77 12 31
Management Review / Sustainability Statement / General disclosures / Environment / Social / Governance / List of appendices
Annual Report 2025
212
Adjusted EBITDA reconciliation
(Part of Management review – not audited)
2025
2024
Reported
Adjusted
Reported
Adjusted
Adjusted EBITDA reconciliation
DKKm
DKKm
DKKm
DKKm
Revenue
24,630
24,630
22,004
22,004
Cost of sales
4,265
3,069
4,230
2,551
Gross profit
20,365
21,561
17,774
19,453
Sales and distribution costs
7,743
7,614
8,146
7,969
Administrative expenses
1,483
1,391
1,437
1,265
Research and development costs
4,895
4,675
4,501
3,872
Other operating expenses, net
969
-
420
-
Profit from operations (EBIT)
5,275
-
3,270
-
Depreciation/amortization
1,865
-
1,876
-
EBITDA
7,140
7,881
5,146
6,347
EBITDA margin
29.0%
32.0%
23.4%
28.8%
Adjustments to EBITDA
Integration costs
(28)
-
214
-
Restructuring expenses
406
-
84
-
Impairment costs
635
-
547
-
Gains/losses on divestment of businesses
-
-
-
-
Acquisition expenses
-
-
206
-
Other adjustments
(272)
-
150
-
Adjusted EBITDA
7,881
7,881
6,347
6,347
Adjusted EBITDA margin
32.0%
32.0%
28.8%
28.8%
For financial guidance for 2023 and onwards, Lundbeck
focuses on revenue performance and adjusted EBITDA.
Adjusted EBITDA provides an improved and more con-
sistent indicator, measuring the underlying operational
profitability. Adjusted EBITDA enables a better under-
standing of the underlying operational performance, as
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:
Integration expenses
Restructuring costs
Gains/losses on divestment of businesses
Acquisition expenses
Other adjustments
Adjusted EBITDA is a non-IFRS performance measure.
Management Review / Sustainability Statement / General disclosures / Environment / Social / Governance / List of appendices
Annual Report 2025
213
H. Lundbeck A/S
Denmark
CVR no. 56759913
Corporate Communications
& Public Affairs
Tel: +45 3630 1311
info@lundbeck.com
www.lundbeck.com