Lundbeck’s sales increased by +7% (+3% in local currencies) to DKK 8,847 million in the first half of 2022

HIGHLIGHTS

Strategic brands are significant growth drivers of strong operational performance growing +27% (+19% in local currencies) in the first half of 2022 representing 63% of overall revenue

• Brintellix^®/Trintellix^®: +24% reported to DKK 2,051 million (+17% in local currencies)
• Rexulti^®/Rxulti^®: +29% reported to DKK 1,771 million (+17% in local currencies)
• Abilify Maintena^®: +16% reported to DKK 1,393 million (+11% in local currencies)
• Vyepti^®: +120% reported to DKK 390 million (+100% in local currencies)

All markets contribute to revenue momentum

• United States: +12% reported to DKK 4,132 million (+1% in local currencies)
• International Markets: +13% reported to DKK 2,695 million (+6% in local currencies)
• Europe: +10% reported to DKK 2,066 million (+10% in local currencies)

Currency favorability nearly fully offset by negative hedging effects. Additional investments in marketing and sales costs underpinning the launch of Vyepti in several markets during 2022. Core EBIT in addition impacted by lower amortization of product rights and a lower usage of restructuring related provisions

• EBIT: +1% reported to DKK 1,497 million
• Core EBIT: -3% reported to DKK 2,073 million
• EPS: -9% reported to DKK 0.92
• Core EPS: +7% reported to DKK 1.652

Positive results of the phase III in the treatment of agitation in patients with Alzheimer's dementia

• In June 2022, Lundbeck and its partner Otsuka Pharmaceutical announced positive results of the phase III clinical trial of brexpiprazole in the treatment of agitation in patients with Alzheimer's dementia
• Demonstrated statistically significant difference (p=0.0026) in the mean change from baseline to Week 12 in the Cohen-Mansfield Agitation Inventory (CMAI) total score between brexpiprazole and placebo. Statistical significance achieved in key secondary endpoints
• Regulatory filing to the FDA planned later in 2022

The Asia approval directed studies with eptinezumab, SUNRISE and SUNLIGHT, are on track. The small, spearhead trial, SUNLIGHT, conceived as a potential accelerated path for migraine patients with MOH in China, did not achieve statistical separation from placebo. The placebo effect in this study was greater than in prior eptinezumab trials.

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

“I am really pleased with the progress we are making in the business for the first half months of the year. Our strategic brands continue to perform strongly across all markets and deliver robust growth. Vyepti uptake continues and the efficacy profile is welcomed by severely impacted patients who have had inadequate response to other therapies. The market roll out has continued with three market launches in first half and additional seven planned in second half of the year. Our recent study read-out on brexpiprazole showed meaningful outcomes for people with agitation in Alzheimer’s disease, a disease that has no approved treatment options available. We are now progressing this indication forward for FDA approval. We look forward to the second half of the year, where we continue to forge ahead implementing our Expand and Invest to Grow strategy.”

2022 GUIDANCE

Guidance in reported currency for 2022 updated ahead of this quarterly release to account for strong organic revenue momentum in strategic brands and appreciation of Lundbeck’s main currencies while considering concurrent investment in acceleration and global launch of Vyepti

• Revenue expected at DKK 17.2 – 17.7 billion
• Core EBIT expected at DKK 3.8 – 4.1 billion
• EBIT expected at DKK 2.4 – 2.7 billion

Key figures:

1 For definition of the measures “Core Revenue”, “Core EBIT”, “Core EPS” and “Core EBIT-margin”, see note 4 Core reporting.

2 The calculation of EPS is based on a share denomination of DKK 1 as a result of the share split completed on June 8, 2022. Comparative figures have been restated to reflect the change in trading unit from a nominal value of DKK 5 to DKK 1.  

H. Lundbeck A/S

Ottiliavej 9, 2500 Valby, Denmark

+45 3630 1311

info@lundbeck.com