Key highlights

• United States: DKK 4,787 million (+16%; +14% CER)
• Europe: DKK 2,333 million (+13%; +13% CER)
• International Markets: DKK 2,736 million (+2%; +5% CER)

• Brintellix[®]/Trintellix[®]: DKK 2,156 million (+5%; +6% CER)
• Rexulti[®]/Rxulti[®]: DKK 2,135 million (+21%; +18% CER)
• Abilify Maintena[®]/Asimtufii: DKK 1,584 million (+14%; +14% CER)
• Vyepti[®]: DKK 757 million (+94%; +91% CER)

Adjusted EBITDA[2] increased to DKK 3,338 million (+46%; +32% CER) and adjusted EBITDA margin reached 33.4% equivalent to an increase of 7.5 percentage points. Adjusted earnings per share (EPS) reached DKK 2.47 equivalent to an increase of 36%.

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

"Lundbeck continues to deliver an excellent performance, achieving the strongest-ever revenue for the first six months of 2023 and having now launched Rexulti[®] in a potential blockbuster indication in agitation associated with dementia due to Alzheimer's disease (AADAD). I am delighted with Lundbeck's continuous sustainable growth and results. I am fully confident that Lundbeck is well positioned for the future given our successful transformation."

Key figures

[][]
DKK H1 H1 Change Change Q2 2023 Q2 2022 Change Change
million 2023 2022 (CER)[1] (CER)[1]
Revenue 9,982 8,847 13% 10% 4,938 4,475 10% 10%
EBITDA 3,078 2,339 32% 19% 1,334 1,049 27% 16%
Adjusted 3,338 2,291 46% 32% 1,493 1,001 49% 35%
EBITDA
EPS (DKK) 1.49 0.92 62% - 0.60 0.51 18% -
Adjusted 2.47 1.82 36%  - 1.11 0.80 39%  -
EPS (DKK)

Recent events

On June 26, 2023, Lundbeck announced that Deborah Dunsire is leaving Lundbeck after having successfully strengthened Lundbeck's position since her appointment in 2018. The Board of Directors has appointed Charl van Zyl as new President and CEO of Lundbeck. Deborah Dunsire will continue to serve as President and CEO until Charl van Zyl assumes the position on September 1, 2023.

On June 16, 2023, Lundbeck released new data confirming long-term benefit of treatment with Vyepti[®] (eptinezumab) in migraine prevention. The findings from the DELIVER extension study were presented at the 65[th] Annual Scientific Meeting of the American Headache Society (AHS) on June 15-18, 2023, in Austin, Texas.

On May 11, 2023, Lundbeck and Otsuka Pharmaceutical, Co. Ltd. (Otsuka) announced that the U.S. Food and Drug Administration (FDA) approved the supplemental New Drug Application (sNDA) of Rexulti[®] (brexpiprazole) for use in treatment of agitation associated with dementia due to Alzheimer's disease (AADAD). This approval makes Rexulti[®] the first and only pharmacological treatment approved in the U.S. for agitation associated with dementia due to Alzheimer's disease.

On April 27, 2023, Lundbeck and Otsuka Pharmaceutical, Inc. (Otsuka) announced that FDA approved the New Drug Application (NDA) for Abilify Asimtufii[®] (aripiprazole) extended-release injectable suspension for intramuscular use, a once-every-two-months injection for the treatment of schizophrenia in adults or for maintenance monotherapy treatment of bipolar I disorder in adults.

2023 Guidance

Lundbeck raises its full-year guidance for 2023. Lundbeck now expects revenue to reach DKK 19.5 to 20.1 billion compared to previously DKK 19.4 to 20.0 billion. Adjusted EBITDA is now expected to reach DKK 5.2 to 5.6 billion compared to previously DKK 5.1 to 5.5 billion. Further details are available in section 2.8 Outlook.
 

[1] Constant Exchange Rates (CER) previously denominated Local Currency (LC). Change at CER does not include effects from hedging.

[2] EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization. Adjusted EBITDA is defined as EBITDA adjusted by certain items, for details see section 4 Notes, note 3 Adjusted EBITDA.