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H. Lundbeck A/S: Lundbeck raises full-year guidance as 9M revenue grows +13% CER (+11% CER underlying) and adjusted EBITDA +19% CER, led by Vyepti[®]
Key highlights
Lundbeck's total revenue grew by +13% CER[1] (+9% DKK) to DKK 20,191 million in the first nine months of 2026, with all regions contributing to the growth. The performance reflected strong Vyepti® growth, supported by solid contributions from Rexulti® and focused commercial execution across key markets. The transition to a partnership model in 27 markets[2] continued to progress according to plan, supporting Lundbeck's strategic focus. Adjusting for the planned one-time DKK 470 million inventory build in these markets in the first quarter of 2026, total underlying revenue grew better than expected by +11% CER
- United States: DKK 11,217 million (+18% CER; +13% DKK)
- Europe: DKK 4,714 million (+9% CER; +9% DKK; underlying +3% CER)
- International Operations: DKK 4,000 million (+5% CER; +3% DKK; underlying +0% CER)
Revenue from Lundbeck's strategic brands increased by +16% CER (+12% DKK), reaching DKK 15,951 million, representing 79% of total revenue
- Rexulti®: DKK 5,071 million (+13% CER; +8% DKK; underlying +13% CER)
- Vyepti®: DKK 4,533 million (+45% CER; +39% DKK; underlying +45% CER)
- Brintellix®/Trintellix®: DKK 3,389 million (+0% CER; -2% DKK; underlying -4% CER)
- Abilify LAI franchise[3]: DKK 2,958 million (+6% CER; +3% DKK; underlying +4% CER)
EBITDA increased to DKK 6,854 million, up +17% CER (+10% DKK), while adjusted EBITDA reached DKK 7,026 million, up +19% CER (+12% DKK). Both include the one-time gross profit impact recognized in the first quarter of 2026 from the inventory build supporting the transition to a partnership model in 27 markets. Excluding this impact, EBITDA increased to DKK 6,440 million, up +10% CER (+4% DKK), while adjusted EBITDA increased to DKK 6,612 million, up +12% CER (+5% DKK). The strong growth was driven by Vyepti® and Rexulti® and better operating leverage from focused commercial execution, partially offset by higher cost of sales and increased R&D investments.
EPS reached DKK 4.11, up +30% DKK, and adjusted EPS reached DKK 5.42, up +25% DKK, reflecting the strong EBIT performance and lower financial expenses.
Financial guidance 2026 raised
On 10 November 2026, Lundbeck raised its full-year guidance. Revenue is now expected to grow by 11% to 12% CER (previously 7% to 9%), and adjusted EBITDA growth is now expected to be 15% to 19% CER (previously 8% to 14%). Further details are in section 2.8 Outlook.
Lundbeck President and CEO, Charl van Zyl said:
"We delivered strong growth in the first nine months of 2026, led by the continued impressive performance of Vyepti®. This momentum underpins our decision to raise our full-year guidance for 2026. Approval of Vyepti® in Japan further strengthens our global migraine franchise, and we are delivering on key pipeline milestones, with randomization completed in both bexicaserin phase III studies and amlenetug on track for readout in 2027. This performance enables continued investment in growth and innovation and gives us a strong foundation as we enter the Scale phase of our Focused Innovator Strategy in 2027."
Key figures
| DKK million | 9M 2026 | 9M 2025 | Change (CER)1 | Change(DKK) | Q3 2026 | Q3 2025 | Change (CER)1 | Change(DKK) |
| Revenue | 20,191 | 18,537 | 13% | 9% | 6,603 | 6,279 | 7% | 5% |
| EBITDA | 6,854 | 6,207 | 17% | 10% | 2,241 | 2,057 | 15% | 9% |
| Adjusted EBITDA | 7,026 | 6,272 | 19% | 12% | 2,261 | 2,051 | 17% | 10% |
| EPS (DKK)4 | 4.11 | 3.17 | 30% | 1.28 | 1.09 | 17% | ||
| Adjusted EPS (DKK) | 5.42 | 4.32 | 25% | 1.71 | 1.44 | 19% |
Recent events
On 10 November 2026, Lundbeck communicated that the full-year revenue and adjusted EBITDA outlook at CER have been raised.
On 18 October, Lundbeck announced that Dorothea Wenzel has informed Lundbeck's Board of Directors (Board) that she will step down in connection with the Annual General Meeting (AGM) in 2027. The Board intends to elect Lars Fruergaard Jørgensen to succeed Dorothea Wenzel as Chair of the Board. Effective 10 November 2026, Lars will join the Board as an observer until the AGM 2027, at which time he is expected to be formally elected as a member of the Board, subject to shareholder approval.
On 6 October, Lundbeck announced results from an open-label phase Ib trial of Lu AF28996, an investigational oral prodrug of a D1-like/D2-like dopamine receptor agonist, in people with advanced Parkinson's disease whose motor symptoms remained sub-optimally controlled despite optimized non-invasive medication. The results were presented at the 2026 International Congress of Parkinson's Disease and Movement Disorders in Seoul, South Korea (4-8 October).
On 1 October, Lundbeck announced headline results from the phase IV interventional, open-label THRIVE trial (NCT06701526), evaluating eptinezumab in adults with migraine who had experienced an inadequate response to one prior calcitonin gene-related peptide (CGRP)-targeting preventive therapy.
On 28 September, Lundbeck announced with profound sadness the passing of Lars Bang, Executive Vice President, Product Development & Supply. Lars joined Lundbeck in 1988 and devoted almost four decades to the company, holding senior leadership roles across R&D, corporate strategy, international sales and marketing, and production and supply. Lars was a member of Lundbeck's Executive Leadership Team and Registered Executive Management.
On 25 September, Lundbeck announced that it will relocate its U.S. headquarters from Deerfield, Illinois, to Greater Boston, Massachusetts, where the company will establish a global innovation hub at the heart of one of the world's leading life sciences ecosystems.
On 16 September, Lundbeck announced that the Ministry of Health, Labour and Welfare (MHLW) of Japan has granted marketing authorization for eptinezumab for the prevention of migraine attacks in adults, marking an important milestone for patients in Japan and for Lundbeck's continued growth in Asia.
On 15 September, Lundbeck announced that the last patient has been randomized in DEEp SEA (NCT06660394), a global phase III clinical trial evaluating the efficacy, safety and tolerability of bexicaserin for the treatment of seizures in children and adults living with Dravet syndrome.
On 11 September, Lundbeck announced that the U.S. Food and Drug Administration (FDA) has granted Orphan Drug Designation (ODD) to asedebart, Lundbeck's novel investigational anti-ACTH monoclonal antibody, for the treatment of endogenous Cushing's syndrome.
On 3 September 2026, Lundbeck announced that preclinical data on the dual mode of action of bexicaserin were featured in an oral presentation at the European Epilepsy Congress in Athens, Greece, 5-9 September, alongside additional presentations of clinical and preclinical data from the bexicaserin development program.
On 24 August 2026, Lundbeck announced that the European Commission has granted orphan designation to asedebart, Lundbeck's novel investigational anti-ACTH monoclonal antibody, for the treatment of Cushing's syndrome of endogenous origin.
Conference call
Tomorrow at 13.00 CET, Lundbeck will be hosting a conference call for the financial community. You can find dial-ins and a link for webcast online at www.lundbeck.com under the Investor section.
[1] Change at CER (Constant Exchange Rates) excludes the effect of hedging Lundbeck's foreign currency exposure.
[2] For further details, see our announcement Lundbeck sharpens commercial focus in line with strategy, initiates partnering in 27 markets by end-2025 on 9 September 2025.
[3] Abilify long-acting injectable (LAI) franchise comprises the following products: Abilify Maintena®, Abilify Maintena® 960 mg, and Abilify Asimtufii®.
4 Comparatives were restated to reflect the final purchase-price allocation for the Longboard business combination, for details see note 4.1 Basis of preparation.