Strong momentum across all strategic brands with 25% growth in the first half of 2020

HIGHLIGHTS

• Revenue reached DKK 8,934 million in the first six months of 2020, a growth of 5% (5% in local currencies) compared to 2019. Excluding sales from Onfi^®, total revenue grew by 10%
  • Revenue of Abilify Maintena^® increased 24% to DKK 1,176 million (23% in local currencies)
  • Revenue of Brintellix^®/Trintellix^® increased 21% to DKK 1,575 million (21% in local currencies)
  • Revenue of Northera^® increased 19% to DKK 1,202 million (16% in local currency)
  • Revenue of Rexulti^®/Rxulti^® increased 35% to DKK 1,393 million (32% in local currencies)
  • Revenue of Vyepti^® reached DKK 14 million following the launch in the U.S. in April 2020. The initial uptake has been impacted by the COVID-19 pandemic’s negative influence on HCP-administered medicines
  • Revenue in North America increased 8% to DKK 4,907 million (5% in local currencies)
  • Revenue in International Markets increased 11% to DKK 2,229 million (14% in local currencies)
  • Revenue in Europe increased 4% to DKK 1,698 million (4% in local currencies)
• Revenue of the five strategic brands combined grew by 25% (23% in local currencies), thereby reaching DKK 5,360 million or 60% of total revenue
• In the second quarter both revenue and earnings were negatively impacted by slightly lower demand and destocking related to the ongoing COVID-19 pandemic offsetting the positive effect seen in the first quarter of the year
• Core EBIT reached DKK 2,483 million corresponding to a core EBIT margin of 27.8%
• Reported EBIT reached DKK 1,085 million and the EBIT margin reached 12.1% following an impairment due to the foliglurax product rights in the first quarter
• Core EPS reached DKK 10.30 and reported EPS reached DKK 3.69
• The 2020 financial guidance for revenue is maintained at DKK 17.4 – 18.0 billion based on the current assessment of the COVID-19 impact. Lundbeck has raised the guidance for core EBIT to DKK 3.9 – 4.3 billion from previously DKK 3.5 – 4.0 billion and EBIT is raised to DKK 1.8 – 2.2 billion compared to DKK 1.4 – 1.9 billion for 2020 issued previously

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

“I am very pleased with the results for the first half of the year. COVID-19 is challenging for all societies and for Lundbeck. Our top priority has been to ensure that patients who need our medicines could continue to receive them without interruption and we are proud to have been able to make that happen. The first half performance is encouraging, and the company is strong. We continue to execute on the Expand and Invest to Grow strategy. Vyepti has been launched and despite being significantly impacted by a lower number of medical procedures due to COVID-19, we remain very confident with Vyepti’s ability to deliver on its promise based on how it has benefitted the patients treated.”

       *For definition of the measures “Core Revenue”, “Core EBIT” and “Core EPS”, see note 6 Core reporting

H. Lundbeck A/S

Ottiliavej 9, 2500 Valby, Denmark

+45 3630 1311

info@lundbeck.com