H. Lundbeck (LUN) investor relations material

Executive summary

• Revenue grew 14–15% at constant exchange rates in H1 2025, driven by strategic brands Vyepti (+56%) and Rexulti (+28%), which now comprise 77% of the portfolio.

• Adjusted EBITDA rose 24% to DKK 4,221 million, with margin expansion to 34.4% and net profit up 19% to DKK 2,118 million.

• Full-year 2025 guidance for revenue growth raised to 11–13% and adjusted EBITDA growth to 16–21%, reflecting strong demand and pipeline progress.

• Focused Innovator strategy and disciplined capital allocation drive performance, with five to six mid- to late-stage pipeline assets expected by 2026.

• Sustained R&D investment and pipeline advancement, including new orphan drug designations and late-stage assets.

Financial highlights

• Revenue reached DKK 12,258 million, up 14–15% year-over-year at constant exchange rates, led by strategic brands.

• Adjusted EBITDA grew 24% to DKK 4,221 million; adjusted EBITDA margin expanded to 34.4%.

• EBIT increased 43% to DKK 3,269 million; net profit rose 19% to DKK 2,118 million.

• Adjusted net profit and EPS up 9% to DKK 2,860 million and DKK 2.88, respectively.

• Net debt/EBITDA increased to 1.8x, mainly due to the Longboard acquisition.

Outlook and guidance

• Full-year 2025 revenue growth guidance raised to 11–13% (from 8–11%), driven by Vyepti and Rexulti demand and delayed generic entry for Abilify Maintena in Europe.

• Adjusted EBITDA growth guidance upgraded to 16–21% (from 8–14%), with margin expansion above 30%.

• R&D spend for 2025 expected around DKK 5 billion, with a long-term corridor of 20–25% of sales.

• Guidance assumes stable macroeconomic and currency conditions, excluding major new business development or legal outcomes.