HIGHLIGHTS

Growth of Lundbeck's strategic brands accelerates further growing 30% (+19% in local currencies) in the first nine months of 2022 thereby reaching DKK 8.8 billion, representing 65% of overall revenue.

• Brintellix[®]/Trintellix[®]: +24% reported to DKK 3,177 million (+15% in local currencies)
• Rexulti[®]/Rxulti[®]: +33% reported to DKK 2,817 million (+19% in local currencies)
• Abilify Maintena[®]: +20% reported to DKK 2,164 million (+13% in local currencies)
• Vyepti[®]: +105% reported to DKK 672 million (+82% in local currencies)

All markets contribute to revenue momentum with total revenue growing 11% (+6% in local currencies to DKK 13,566 million

• United States: +19% reported to DKK 6,585 million (+6% in local currencies)
• International Markets: +13% reported to DKK 4,023 million (+5% in local currencies)
• Europe: +11% reported to DKK 3,154 million (+11% in local currencies)

Currency favorability on product sales partially offset by negative hedging effects of DKK 401 million. Individual cost items significantly impacted by exchange rates. However, Core EBIT margin improved from 24.3% to 24.9% for the first nine months of 2022 and further improved from 20.6% to 27.5% in the third quarter despite investments in marketing and sales costs underpinning the launch of Vyepti in several markets during 2022.

• EBITDA: +14% reported to DKK 3,753 million
• EBIT: +22% reported to DKK 2,449 million
• Core EBIT: +13% reported to DKK 3,372 million
• EPS: +22% reported to DKK 1.62
• Core EPS: +24% reported to DKK 2.61

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

"Reporting 11% growth in our total revenues with our strategic brands themselves growing 30% underlines the strong momentum in the Lundbeck business. Our R&D transformation is advancing strongly. Lundbeck has substantial growth ahead and we will invest behind those opportunities."

2022 GUIDANCE

Guidance in reported currency for 2022 updated ahead of this quarterly release to account for strong organic revenue momentum in strategic brands and appreciation of Lundbeck's main currencies while considering generally increased activity level and concurrent investments in acceleration and global launch of Vyepti

• Revenue expected at DKK 17.9 - 18.2 billion
• EBITDA expected at DKK 4.4 - 4.6 billion
• Core EBIT expected at DKK 3.9 - 4.1 billion
• EBIT expected at DKK 2.6 - 2.8 billion

Key figures:

[][][][][][]
DKK million 9M 2022 9M 2021 Growth Q3 2022 Q3. 2021 Growth
Core Revenue[1] 13,566  12,246  11% 4,719 4,013 18%
Core EBIT[1] 3,372  2,973  13% 1,299 826 57%
Core EPS[1],[2] 2.61  2.10  24%
Core EBIT-margin[1] 24.9% 24.3% 27.5% 20.6%

Reported Revenue 13,566  12,246  11% 4,719 4,013 18%
Reported EBIT 2,449  2,004  22% 952 526 81%
Reported EPS[2] 1.62  1.33  22% 0.69 0.32 116%
Reported EBIT-margin 18.1% 16.4% 20.2% 13.1%

 

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

2 The calculation of EPS is based on a share denomination of DKK 1 as a result of the share split completed on June 8, 2022. Comparative figures have been restated to reflect the change in trading unit from a nominal value of DKK 5 to DKK 1.