H. Lundbeck A/S: Record 2025 performance with revenue up 13% CER and adjusted EBITDA up 24% CER positions Lundbeck for continued growth in 2026

Key highlights

Lundbeck's total revenue grew by +13% CER[1] (+12% DKK) to DKK 24,630 million in 2025, driven primarily by strong performance in the U.S. and Europe.

• 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)

The revenue of Lundbeck's strategic brands increased by +19% CER (+15% DKK), reaching DKK 19,011 million, representing 77% of total revenue.

• Rexulti^®: DKK 6,205 million (+23% CER; +19% DKK)
• Brintellix^®/Trintellix^®: DKK 4,554 million (-4% CER; -6% DKK)
• Vyepti^®: DKK 4,476 million (+59% CER; +54% DKK)
• Abilify LAI franchise[2]: DKK 3,776 million (+10% CER; +8% DKK)

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 disciplined 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 Italy. 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 expenses, reflecting deliberate investments in targeted projects, innovation, the execution of Lundbeck's Focused Innovator Strategy and one-time costs as part of Lundbeck's capital reallocation program.

EPS reached DKK 3.22, increasing by +2% DKK and adjusted EPS reached DKK 5.26, growing +5% DKK, reflecting 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 million which is

an increase of +21% compared to 2024.

Lundbeck's President and CEO, Charl van Zyl said:

"Lundbeck delivered a strong performance in 2025, supported by consistent execution throughout the year and a solid fourth quarter. Record revenue reflects the continued momentum of our key growth drivers and the disciplined execution of our Focused Innovator Strategy. In parallel, our pipeline has progressed meaningfully across multiple programs, and with several important milestones ahead in 2026, we expect to have five to six mid- to late-stage assets advancing by year-end. Two years into the Focused Innovator Strategy, disciplined capital reallocation and targeted investments are delivering tangible results, supporting continued growth in 2026 and long-term value creation."

Key figures

Recent events

On 30 January 2026, Lundbeck announced six-month data from the 12-month, real-world INFUSE study, evaluating the effectiveness of Vyepti^® (eptinezumab) in adults with migraine who had failed at least one preventive anti-calcitonin gene-related peptide (aCGRP) treatment, at any time point previously. The findings, presented at the 2026 Headache Cooperative of the Pacific Annual Conference in California, U.S. (30-31 January), show improvements across multiple patient-reported outcomes in patients switching to intravenous (IV) eptinezumab, despite high disease burden.

On 6 December 2025, Lundbeck announced results from a long-term follow-up in patients who have received bexicaserin (LP352) for up to two years. The data, presented at the 2025 American Epilepsy Society Congress in Atlanta, U.S. (5-9 December), indicate that patients who achieved an early reduction in seizure frequency following bexicaserin treatment initiation, continue to maintain this reduction long-term.

On 2 December 2025, Lundbeck announced that new pipeline data regarding bexicaserin (LP352), a novel investigational drug for the treatment of seizures associated with Developmental and Epileptic Encephalopathies (DEEs), will be presented at the 2025 American Epilepsy Society Congress in Atlanta, U.S. (5-9 December). The comprehensive dataset includes a recent post-hoc analysis from phase Ib/IIa PACIFIC trial and Open-Label Extension (OLE) indicating patients with DEEs experienced an early response to bexicaserin which was sustained over the long-term.

On 14 November 2025, Lundbeck announced the acceptance of its new drug application (NDA) for Vyepti^® (eptinezumab) by the Ministry of Health, Labor and Welfare (MHLW) in Japan. Similar marketing authorization applications was also accepted in China and South Korea, supported by phase III SUNRISE trial data confirming the preventive efficacy of eptinezumab in Asian patients with migraine.

Conference call

Today at 11.00 CET, Lundbeck will be hosting a conference call for the financial community. You can find dial-ins and a link for webcast online at www.lundbeck.com under the Investor section.