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H. Lundbeck (LUN) investor relations material
H. Lundbeck Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary12 Nov, 2025
Executive summary
Revenue grew 14% at constant exchange rates to DKK 18.5 billion for the first nine months of 2025, driven by strong performance of Vyepti and Rexulti, with strategic brands contributing 77% of sales.
Upgraded full-year 2025 guidance for revenue growth to 13–14% and adjusted EBITDA growth to 22–25%, reflecting robust demand, operating efficiency, and capital reallocation.
Advanced late-stage pipeline with significant progress in migraine, neuro-rare, and neuroimmunology programs, including Vyepti, bexicaserin (breakthrough therapy in China), and CD40 ligand asset.
Commercial model transformation underway, with partnerships in 27 markets to sharpen focus on key geographies and free up capital for growth and R&D.
Strategic focus on neuro-specialty and neuro-rare markets, with capital reallocation supporting long-term value creation.
Financial highlights
Revenue reached DKK 18.5 billion, up 14% year-over-year at constant exchange rates; gross margin improved to 83.7%.
Adjusted EBITDA grew 22% to DKK 6,272 million, with margin rising to 33.8%.
EBIT rose 58% to DKK 4.9 billion, and net profit increased 26% to DKK 3.2 billion; adjusted net profit and EPS rose 10% to DKK 4.3 billion.
Free cash flow was DKK 4,151 million; net debt/EBITDA at 1.3x, impacted by the Longboard acquisition.
Cash flow from operating activities was DKK 4.6 billion; investing and financing outflows were DKK 409 million and DKK 5.3 billion, respectively.
Outlook and guidance
Full-year 2025 revenue growth now expected at 13–14% (up from 11–13%), and adjusted EBITDA growth at 22–25% (up from 16–21%).
Mid-term guidance through 2027 remains a revenue CAGR in the mid-single digits and adjusted EBITDA margin above 30%.
R&D investments expected to accelerate to up to DKK 5.0 billion in 2025.
Generic entry for Abilify Maintena in Europe expected in 2026, with capital reallocation of DKK 650 million from commercial partnerships.
FX headwinds expected to persist, with 2025 reported growth about 1.5 percentage points below constant exchange rates.
Rexulti PTSD CRL: What's the path forward?
Commercial model change: Expected capital impact?
R&D investment acceleration: Key program focus?
Vyepti VIN network growth strategy
CD40 ligand: TED and broader platform potential
Commercial model: Capital reallocation impact
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Next H. Lundbeck earnings date
Q4 20254 Feb, 2026
Next H. Lundbeck earnings date
Q4 20254 Feb, 2026
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Frequently asked questions
H. Lundbeck A/S develops, manufactures, and sells pharmaceuticals for the treatment of psychiatric and neurological disorders in Europe, the United States, Canada, and internationally. The company offers psychiatric products, including Abilify Maintena for maintenance treatment of adults with bipolar I disorder or schizophrenia; Risperdal Consta for maintenance treatment of schizophrenia; Vraylar/Lenvima/Xalkori for treating schizophrenia in various countries; Brintellix/Trintellix for treating major depressive disorder; and Rexulti/Brexiprazole as adjunctive therapy with antidepressants in treating adult patients with major depressive disorder. The company was founded in 1915 and is headquartered in Valby, Denmark.
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