Double-digit growth for all strategic brands in 9M 2019 and FY 2019 guidance raised

HIGHLIGHTS

• Revenue reached DKK 12,615 million in the first nine months of 2019 representing a decline of 9% (9% in local currencies) compared to the same period last year. The decline was expected and a result of generic competition on Onfi^® - excluding Onfi, revenue grew by 5%
  • Revenue of Abilify Maintena^® increased 23% to DKK 1,457 million (21% in local currencies)
  • Revenue of Brintellix^®/Trintellix^® increased 31% to DKK 2,023 million (28% in local currencies)
  • Revenue of Northera^® increased 25% to DKK 1,606 million (18% in local currency)
  • Revenue of Rexulti^®/Rxulti^® increased 35% to DKK 1,620 million (27% in local currencies)
  • Revenue in North America declined 14% to DKK 6,937 million (19% in local currencies)
  • Revenue in International Markets increased 8% to DKK 3,022 million (8% in local currencies)
  • Revenue in Europe increased 7% to DKK 2,417 million (6% in local currencies)
• The strategic brands grew by 29% thereby reaching DKK 6,706 million or 53% of total revenue
• Core EBIT reached DKK 4,010 million corresponding to a core EBIT margin of 31.8%
• EBIT reached DKK 3,317 million in the period compared to DKK 4,453 million in 2018 and the EBIT margin reached 26.3%
• Core EPS reached DKK 15.40 in the period compared to DKK 19.96 the year before and reported EPS declined 25% to DKK 12.27
• The acquisition of Alder BioPharmaceuticals, which was announced on 16 September 2019, has been completed. Thereby Lundbeck obtains Alder’s intravenous (IV) therapy for migraine prevention, eptinezumab with a U.S. PDUFA action date of 21 February 2020 in a transaction valued at up to USD 1.95 billion net of cash. Q3 2019 is impacted by DKK 55 million in transaction costs
• Lundbeck closed the acquisition of Abide Therapeutics, Inc. in May 2019 and has transitioned it into a Lundbeck drug discovery hub named Lundbeck La Jolla Research Center
• The financial guidance for 2019 is raised. Lundbeck now expects revenue to reach DKK 16.7 - 16.9 billion and EBIT to reach DKK 3.4 – 3.7 billion for 2019 compared to previously DKK 16.3 - 16.7 billion and DKK 3.2 - 3.6 billion, respectively

In connection with the financial report, Lundbeck’s President and CEO Deborah Dunsire said:

“2019 has been an exciting year so far. We have come a long way in executing the Expand and Invest to Grow strategy with the acquisitions of Alder and Abide. We have significantly strengthened the pipeline and at the same time continued the strong double-digit growth in our strategic brands. Lundbeck is well set to begin our next growth phase.”

       *For definition of the measures “Core Revenue”, “Core EBIT” and “Core EPS”, see note 7 Core reporting

H. Lundbeck A/S

Ottiliavej 9, 2500 Valby, Denmark

+45 3630 1311

info@lundbeck.com