Mirza, Alzheimer's caregiver
Creating value in growing neuroscience market
Our Focused Innovator strategy
Growth
Secure mid-term growth
Innovation
Lead with focused innovation
Funding
Deliver sustainable Innovation
Disciplined capital allocation
Neuroscience market growth
8% CAGR expected 2022-20281
Neuroscience in top 3 for new drug approvals U.S. and EU2Well-positioned to secure future success
Multiple new drug modalitiesexpanding treatment opportunities
Rapidly evolving science and technologies fuel innovation
(1) Evaluate Pharma, CAGR forecast 2022-2028 (only captures CNS); (2) Nature Reviews Drug Discovery, 2023.
Delivering on our Focused Innovator Strategy
Strong performance, advancing innovation, and disciplined capital re-allocation support long-term value
Growth
Innovation
Funding
Strong first nine months of the yearTotal revenue +14%
Strategic brands +20%
Scale neuro-specialty positionVyepti Asia filings advancing for submission Q4 2025 Lu AG09222 (anti-PACAP): Ph IIb HLR expected Q1 2026
Strategic partnering exemplifies disciplined capital re-allocation - raised ambition on trackNew commercial model enables reinvestment in long-term
growth opportunities
Strategic brandsVyepti +57%
Rexulti +26%
Build neuro-rare franchiseEnrollment progressing according to plan for bexicaserin and amlenetug Lu AG22515 (CD40L blocker): Encouraging early data from TED program
Upgraded FY 2025 financial guidanceRevenue: +13% - 14% growth Adjusted EBITDA: +22% - 25% growth
Previous - Revenue: +11% - 13% growth Previous - Adjusted EBITDA: +16% - 21% growth
All growth rates are at constant exchange rates (CER). HLR: Headline Results; PACAP: Pituitary Adenylate Cyclase-Activating Polypeptide; CD40L: CD40 Ligand; TED: Thyroid Eye Disease.
Leveraging Vyepti and Rexulti growth opportunities
Successful AADAD indication drives
increased sales momentum across U.S. market
Strengthened overall product profile
AADAD to remain the main U.S. growth engine with continued support from MDD
Rexulti monthly claims volume by indication2
40,000
36,000
32,000
28,000
24,000
20,000
16,000
12,000
8,000
4,000
+664% growth since FDA approval
Total TRx (left-hand scale)
AADAD TRx (right-hand scale)
0
Apr-23
Aug-23
Dec-23
Apr-24
Aug-24
Dec-24
Apr-25
Aug-25
180,000
160,000
140,000
120,000
100,000
80,000
60,000
40,000
20,000
0
Re-allocated investments deliver accelerated growth
Vyepti delivers exceptional strong and sustained growth in the U.S.
Continued strong performance in key European markets and Canada
SUNRISE study supports significant potential in Asia following approval
Vyepti vials volume uptake since launch1
4-week average
Number of vials
2020
2021
2022
2023
2024
2025
AADAD TRx
Total TRx
(1) Wholesale data as of 30 October 2025. (2) IQVIA Source of Business indication-level data in the U.S. through July 2025. AADAD market share within the antipsychotic market. Use of Rexulti for AADAD prior to FDA approval was not promoted by Lundbeck or Otsuka.
Growth Innovation FundingProgressing as planned to sharpen our commercial focus
80% of the market potential covered by key markets in neuro-specialty and neuro-rare1
Growth Innovation FundingTotal revenue
Share of total revenue 2024
Progressing as planned Increased focus in key markets
17%
83%
On track to complete transition by
1 December 2025
USA
Canada Brazil
France Germany Italy
Spain/Portugal UK/Ireland Australia
China/HK Japan
South Korea
12 Key markets
Rest of world
Business continuity maintained
Continued patient access
Reduced complexity and freed-up capital to re-allocate across our value chain
Maximize growth of Vyepti, Brintellix, Rexuti and Abilify Asimtufii
Strengthening our readiness for upcoming LOEs
Secure the right capabilities for a more neuro-specialty and neuro-rare based model
(1) Evaluate Pharma Report 2025.
Pipeline as the foundation for future growth
Supported by science and innovation
Growth
InnovationFunding
value drivers1
DKK 3.3bn
+57%
DKK 4.7bn
+26%
DKK 6.3bn
+4%
Current commercial
Future opportunities for expansion
Bexicaserin
USD ~1.5-2bn
Estimated peak sales2
Amlenetug
USD ~1.5-3bn
Potential market size3
Anti-PACAP
USD ~11bn
Potential market size4
(total migraine market)
D1-D2agonist
USD ~6.7bn
Potential market size5
CD40L blocker
USD ~2.2-4bn
Potential market size6
Anti-ACTH
USD >2bn
Potential market size7
(1) 9M 2025 sales; all growth rates at constant exchange rates (CER). (2) Global peak sales potential across Developmental and Epileptic Encephalopathies (DEEs) by loss of exclusivity (LOE) in 2040, assuming a broad label, estimated by Lundbeck. (3) U.S., EU5, and Japan market estimates (Trinity and internal analyses) for 2031. (4) Migraine market estimates for U.S., EU5, and Japan in 2031 (DRG). (5) Market size globally in 2032 based on Evaluate Pharma. (6) Market size for moderate-severe TED in 2034 (Clarivate 2025). (7) Market size in 2031 based on Evaluate Pharma and internal sources. PACAP: Pituitary Adenylate Cyclase-Activating Peptide; TED: Thyroid Eye Disease; ACTH: Adrenocorticotropic Hormone. Bexicaserin, Amlenetug, Anti-PACAP, D1-D2 agonist, CD40L blocker, and Anti-ACTH are investigational compounds not yet approved or assessed by the U.S. FDA.
Advancing a robust and de-risked pipeline toward 2026
Poised to deliver 5 to 6 mid- to late-stage assets with clinically validated biology
Growth
InnovationFunding
Phase I Phase II Phase III
Pipeline transformation
Robust and clinically de-risked
Asset with clinically de-risked biology
Lu AG092225
HLR expected Q1 2026
Amlenetug
Anti α-synuclein mAb (MSA)
Bexicaserin6
5HT2Cagonist (DEE's)
pipeline allows for multiple shots on goal
Acquisitions & partnerships an integral part of our symbiotic
Lu AF289962
Anti-PACAP mAb (Migraine prevention)
Decision to start Phase II in 2026
internal and external innovation engine
D1-D2agonist (Parkinsons disease)
Lu AG225153
Decision to start Phase II in 2026
CD40L Blocker (TED first indication)
Lu AG139091
Anti-ACTH mAb (CD & CAH)
MAGLi program4
Neurology
(1) ACTH: Adrenocorticotropic hormone. Two phase Ib trials are currently ongoing in Congenital Adrenal Hyperplasia and Cushing's Disease. For technical reasons, the latter has been officially categorized as a Phase II trial to adhere to local requirements in Georgia; (2) Dopamine receptor D1 and D2; (3) Ph1b trial ongoing in TED (Thyroid Eye Disease); (4) MAGLi: Monoacylglycerol lipase ("MAGlipase") inhibitor; (5) PACAP: Pituitary adenylate cyclase activating peptide; (6) Acts as a partial agonist at 5-HT1A and dopamine D2 receptors at similar potency, and an antagonist at 5-HT2A and noradrenaline alpha1B/2C receptors.
Value-creating strategic capital reallocation
We want to deliver long-term sustainable growth in line with leading industry peers
Growth Innovation Funding
Significant capital reallocation program supporting active pipeline build
Impact raised to approx. DKK 1.3-1.5bn by 2027Commercial operating model
Procure4Growth
US Trintellix modified agreement
Production model optimization
Vyepti & Rexulti growth
Organic sources of capital
Organic uses of capital
Pipeline investments
Longboard acquisition
Focused investments
in key markets
Strategic capital re-allocation
40+ cross-functional workstreams are contributing to strategic capital allocation
Culture
Digital
Current mid-term targets and assumptions1
Mid-single-digit revenue CAGR through 20272
More than 30% adjusted EBITDA margin2
R&D investment increasing to
20-25% of revenue
Improved S&D cost ratio to 30-35% of revenues
(1) Expected. (2) Current mid-term targets.
Guidance for FY 2025
Continued momentum of Vyepti and Rexulti gives room to upgrade the guidance for FY 2025
New guidance
Previous guidance
Driven by
Growth Innovation Funding
Revenue
7% - 10%
11% - 13%
Strategic brand growth
Delayed Gx
FY 2024
Q2 2025
13% - 14%
Q3 2025
Adj. EBITDA
16% - 21%
Gross profit
5% - 11%
Capital re-allocation
R&D investments
FY 2024
Q2 2025
22% - 25%
Q3 2025
Gross profit
Capital re-allocation
In a much stronger position than a year ago
Well-positioned for sustained profitability, innovation-led growth, and long-term value creation
Growth Innovation Funding
Growth
Innovation
Funding
Re-allocated investments delivers accelerated growth for Vyepti and Rexulti
Strategic partner model sharpens our commercial focus
Momentum in both neuro-specialty and neuro-rare
Steadily progressing towards 5-6 mid/late-stage pipeline assets in 2026
Disciplined capital reallocation and an optimized commercial model freeing resources for innovation and growth
Our upgraded FY 2025 guidance reflects a strong financial performance and operating efficiency
| Attention: This is an excerpt of the original content. To continue reading it, access the original document here. |
Attachments
- Original document
- Permalink
Disclaimer
H. Lundbeck A/S published this content on November 18, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on November 18, 2025 at 13:29 UTC.
