HIGHLIGHTS

First quarter of 2022 was strong. In aggregate, strategic brands grew 25% in the first quarter of 2022 reaching DKK 2,668 million or 61% of total revenue. Total revenue reached DKK 4,372 million in the quarter, an increase of 2%, as the quarter was impacted by lower revenue of Northera[®] following its loss of exclusivity in the first quarter of 2021 while also benefitting from appreciation of main currencies.

EBIT reached DKK 875 million compared to DKK 882 million for the first quarter of 2021. Core EPS reached DKK 4.67 for the first quarter of 2022 compared to a Core EPS of DKK 4.65 in 2021.

• Market performance:
• Revenue of Brintellix[®]/Trintellix[®]: DKK 990 million (+23%).
• Revenue of Rexulti[®]/Rxulti[®]: DKK 831 million (+24%).
• Revenue of Abilify Maintena[®]:  DKK 677 million (+16%).
• Revenue of Vyepti[®]: DKK 170 million (+124%).

• Outlook 2022 maintained
• Revenue in the United States: DKK 1,918 million (down 1%).
• Revenue in International Markets: DKK 1,456 million (+16%).
• Revenue in Europe: DKK 1,022 million (+11%).

• Revenue expected at DKK 16.7 - 17.3 billion.
• Core EBIT expected at DKK 3.6 - 4.0 billion.
• EBIT expected at DKK 2.2 - 2.6 billion.

In connection with the quarterly corporate release, Lundbeck's President and CEO, Deborah Dunsire said:

"Lundbeck continues to deliver robust financial performance with its strong portfolio of brands. Vyepti is growing as the pandemic impact on face-to-face interactions diminishes. We are delighted with the new data from the VIVRE study comparing Brintellix/Trintellix to desvenlafaxine, further strengthening its profile as a great choice for people facing depression. Our pipeline continues to progress, and we look forward to important clinical data readouts from ongoing studies with Rexulti, Vyepti and our early-stage projects in the coming quarters."

Key figures:

DKK million Q1 2022 Q1 2021 Growth
Core Revenue* 4,372  4,273  2%
Core EBIT* 1,184  1,253  (6%)
Core EPS* (DKK) 4.67  4.65  -
Core EBIT margin* 27.1% 29.3%

Reported Revenue 4,372  4,273  2%
Reported EBIT 875  882  (1%)
Reported EPS (DKK) 2.07  3.13  (34%)
Reported EBIT margin 20.0% 20.6%

*For definition of the measures "Core Revenue", "Core EBIT", "Core EBIT margin" and "Core EPS", see note 4 Core reporting

The newest product in the portfolio, Vyepti, continues to grow, reaching DKK 170 million for the quarter compared to DKK 76 million in the first quarter of 2021. Following approval in several markets including EU, the global roll-out will increase pace in 2022. Vyepti has also been launched in Australia, Singapore and Switzerland now. All patients are enrolled in the SUNLIGHT phase III study within Chronic Migraine and Medication Overuse Headache in Asia, thus ensuring on-track headline results in the second half of 2022.

The last patients have been enrolled in the phase III study of brexpiprazole in patients facing Agitation in Alzheimer's Disease, thus on track for headline results by mid-2022.

The early-stage pipeline is also progressing as planned. The first subject was dosed in Single-Ascending Dose (SAD) phase I study with Lu AG22515 (CD40L inhibitor).