H. Lundbeck A/S

Latest Results (05.04.2026):

This summary covers H. Lundbeck A/S’s full-year 2025 results and the fourth quarter of 2025 (Q4 2025). Lundbeck delivered record 2025 performance: revenue DKK 24,630m (+13% at CER), EBITDA DKK 7,140m (+38% CER) and adjusted EBITDA DKK 7,881m (+24% CER). Growth was driven by strong U.S. and European demand for strategic brands (notably Vyepti and Rexulti); the company also announced a DKK 1.15/share dividend proposal and set 2026 guidance reflecting continued investment in R&D and expected mid-term growth.

Top-line and regional mix (FY 2025 / Q4 2025)

Total revenue in 2025 was DKK 24,630m (+13% CER; +12% DKK). By region: U.S. DKK 13,287m (+21% CER), Europe DKK 5,819m (+13% CER), International Operations DKK 4,858m (-3% CER). Q4 2025 revenue was DKK 6,093m (+12% CER).

Strategic brands performance

Strategic brands grew 19% CER to DKK 19,011m (77% of revenue). Key drivers: Vyepti +59% CER (DKK 4,476m), Rexulti +23% CER (DKK 6,205m). Brintellix/Trintellix declined -4% CER (DKK 4,554m). Abilify LAI franchise +10% CER (DKK 3,776m). Vyepti acceleration and Rexulti strength were primary growth engines.

Profitability and margins

EBITDA rose to DKK 7,140m (+38% CER) and adjusted EBITDA to DKK 7,881m (+24% CER). Gross margin improved to 82.7% (adjusted gross margin 87.5%). Adjusted EBITDA margin was 32.0% (up vs. 28.8% in 2024). Q4 adjusted EBITDA was DKK 1,609m (+32% CER).

Net profit, EPS and dividend

Net profit for 2025 was DKK 3,192m (+2% DKK). Reported EPS was DKK 3.22 and adjusted EPS DKK 5.26. The Board proposes a dividend of DKK 1.15 per share (DKK 1,145m), +21% vs 2024.

Cash flow, debt and balance sheet

Operating cash inflow was DKK 5,481m; free cash flow (operating + investing) was DKK 4,870m. Net debt fell to DKK 8,379m at 31 Dec 2025 (net debt/EBITDA ~1.2x). Lundbeck issued a EUR 500m bond in 2025 and repaid revolving facilities tied to prior acquisitions.

R&D, pipeline and one-offs

R&D spend was DKK 4,895m (R&D ratio 19.9%). Key pipeline progress: bexicaserin (LP352) and amlenetug (anti-α‑synuclein) advanced; company expects 5–6 mid‑ to late‑stage assets by end‑2026. FY 2025 included impairment related to a planned divestment of a non‑core Italian production site and other one‑time commercial restructuring costs.

Q4 2025 specific notes

Q4 revenue DKK 6,093m (+12% CER), adjusted EBITDA DKK 1,609m (+32% CER). Q4 net profit fell to DKK 51m, primarily due to higher tax expense and net financial costs; gross/profit performance benefited from Vyepti and Rexulti momentum.

Guidance and outlook for 2026

2026 guidance: revenue growth 5–8% at CER; adjusted EBITDA growth 4–12% at CER. Lundbeck expects R&D of DKK 5.5–5.9bn, adjusted gross margin ≈88%, D&A DKK 1.7–1.9bn, net financials -DKK 300–400m, and an effective tax rate of 20–23%. Guidance assumes continued generic pressure on some brands and no major new M&A or legal shifts.

Other notable items

FX hedging contributed positively to 2025 revenue by DKK +279m. The U.S. transition of certain sales operations (Takeda) and Medicare Part D redesign affected some product flows. Management emphasizes disciplined capital reallocation under the Focused Innovator Strategy to support growth and pipeline investment.