Accelerated growth for strategic brands (+21% CER) drives revenue up 13% CER in the first nine months of 2024

Key highlights
Lundbeck’s total revenue grew by +13% CER1 (+10% DKK) to DKK 16,463 million in the first nine months of 2024, with all regions contributing to growth
• United States: DKK 8,342 million (+14% CER; +14% DKK)
• Europe: DKK 3,815 million (+12% CER; +10% DKK)
• International Operations: DKK 4,062 million (+9% CER; +3% DKK)

The revenue of Lundbeck’s strategic brands increased by +21% CER (+20% DKK), reaching DKK 12,116 million, representing 74% of total revenue and with all four products showing double-digit growth rates both CER and reported
• Rexulti®: DKK 3,806 million (+16% CER; +15% DKK)
• Brintellix®/Trintellix®: DKK 3,576 million (+14% CER; +12% DKK)
• Abilify LAI franchise2: DKK 2,618 million (+10% CER; +10% DKK)
• Vyepti®: DKK 2,116 million (+76% CER; +76% DKK)

Adjusted EBITDA[3] increased to DKK 5,196 million (+12% CER; +7% DKK) reflecting the strong revenue growth across all strategic brands. Adjusted EBITDA margin (DKK) reached 31.6% equivalent to a decrease of 0.9 percentage points due to higher raw material and manufacturing costs and increased R&D investments in the maturing pipeline. Furthermore, unfavorable net currency and hedging effects of DKK 185 million, negatively impacting the adjusted EBITDA margin by 0.6 percentage points. EBITDA increased to DKK 4,495 million (+6% CER; +1% DKK), impacted by an impairment loss from a negative read-out of one of the MAGLi projects affecting R&D costs, while the first nine months of 2023 included a provision for Vyepti obsolescence.

Lundbeck has raised the lower end of its full year guidance range, and the revenue growth is now expected to be 12% to 14% at CER, previously 11% to 14% at CER, when compared to revenue of the prior year excluding the effect from hedging. The Adjusted EBITDA growth is now expected to be 17% to 20% at CER, previously 15% to 20% at CER, when compared to adjusted EBITDA of the prior year excluding effects from hedging.

Lundbeck’s President and CEO, Charl van Zyl said:
“I am pleased with our strong performance throughout the first nine months of 2024, which during the third quarter was
further bolstered by accelerating growth of our strategic brands including Vyepti® and Rexulti®. The expected
acquisition of Longboard Pharmaceuticals and its lead asset bexicaserin will complement the promising developments
in our internal pipeline, enabling us to take decisive steps towards the establishment of the neuro-rare franchise that
will be a cornerstone in the realization of our Focused Innovator strategy.”