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H. Lundbeck
H. Lundbeck (LUN) investor relations material
H. Lundbeck Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary4 Feb, 2026
Executive summary
Revenue grew 13% at constant exchange rates (CER) to DKK 24,630 million in 2025, led by strong U.S. and European performance, with strategic brands Vyepti and Rexulti accounting for 77% of total sales.
Adjusted EBITDA rose 24% at CER to DKK 7,881 million, with margin improvement driven by Vyepti and Rexulti, and disciplined capital reallocation.
Strategic focus on innovation and pipeline expansion, with accelerated progression of five to six mid/late-stage assets and significant capital reallocation to fund growth.
Ended the year with strong operational momentum, reinforcing confidence in the 2026 outlook and providing guidance for continued profitable growth.
EPS increased 2% to DKK 3.22, while adjusted EPS rose 5% to DKK 5.26, reflecting strong EBIT but offset by higher financial expenses and taxes.
Financial highlights
FY 2025 revenue reached DKK 24,630m, up 13% CER year-over-year; adjusted EBITDA grew 24% CER to DKK 7,881m, with a margin of 32%.
EBIT increased 61% to DKK 5,275m; net profit rose 2% to DKK 3,192m, while adjusted net profit grew 5% to DKK 5,223m.
Gross margin improved to 82.7%; adjusted gross margin at 87.5%.
Net debt/EBITDA improved to 1.2x from 2.4x, reflecting deleveraging post-Longboard acquisition.
Free cash flow was DKK 4,870 million, a significant turnaround from negative DKK 11,960 million in 2024.
Outlook and guidance
2026 revenue growth expected at 5–8% CER, with underlying growth of 6–9% after accounting for one-off partner inventory effects.
Adjusted EBITDA growth guided at 4–12% CER; effective tax rate expected to normalize to 20–23%.
Continued investment in R&D, with costs projected at DKK 5.5–5.9bn for 2026.
Guidance assumes stable macroeconomic and currency conditions, and excludes major business development or regulatory changes.
Mid-term targets: mid-single digit revenue CAGR and adjusted EBITDA margin above 30% by 2027.
Abilify LAI 2026 generic impact magnitude?
Key 2026 R&D milestones for late-stage assets?
Sustainability of S&D ratio improvement post-Trintellix?
Abilify Maintena 2-month conversion guidance?
Bexicaserin Phase III monitoring details
Wholesaler inventory low end implications?
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Next H. Lundbeck earnings date
Q1 202613 May, 2026
H. Lundbeck
Next H. Lundbeck earnings date
Q1 202613 May, 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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