H. LUNDBECK A/S
Health·HLUN-B · Nasdaq Copenhagen·Fiscal year to 31/12/2025
The total revenue grew by +13% CER (+12% DKK) to DKK 24,630 million in 2025.
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Biotech and drug development
Technology
DriverNegative impact: weakens
“Exposure to delays in regulatory approval or failure in the development of new and innovative medicines.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Additionally, Lundbeck collaborates with Logica, integrating Valo Health’s AI-powered Opal Computational Platform™ and Charles River’s drug discovery expertise to complement in-house molecule discovery, applying AI to both small- and large-molecule discovery projects.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Lundbeck has a continued ambition to systematically harness AI across R&D to lead the way in AI-enabled clinical assets, cut late-stage development timelines through real-time adaptive trials, and automate core R&D workflows. This transformation will be fueled by bold partnerships in research and development and targeted investments in internal AI talent, redefining what is possible in neuroscience innovation.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“The S&D ratio development reflects the successful execution of the Focused Innovator Strategy in 2025 including the Trintellix ® transition in the U.S., alongside disciplined resource allocation and capital reallocation. The resulting savings enabled continued investments in strategic brands, particularly Rexulti ® and Vyepti ® in the U.S., supporting sales force expansion and the global roll-out of Vyepti ® .”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Following the significant increase in R&D investments in 2025, Lundbeck expects R&D spending to increase further in 2026 to the range of DKK 5.5 to 5.9 billion, reflecting continued progression of late-stage development programs, including bexicaserin and amlenetug, as well as sustained investment in early- and mid-stage pipeline assets.”
Annual report 2025A · The company itself
Chains in: US drug pricing policy mixed effect, Patent expiry and generic competition weakens, Drug approvals strengthens
Chains out: this strengthens Buying contract manufacturing and research (CMO/CRO/EMS), strengthens Contract manufacturers as a business (EMS, CMO, CRO)
United States
Geography
StrategyPositive impact: strengthens
“We continued to invest in launch readiness activities, ensuring that we remain an agile company, responsive to emerging opportunities and able to further solidify our position as a leader in neuroscience innovation. Our commercial model in the U.S. is increasingly differentiated through a patient-centric and data-driven approach, driving deeper engagement, faster uptake, and stronger persistency for Vyepti ® and Rexulti ® .”
Annual report 2025A · The company itself
Geography
“In 2025, Lundbeck’s total revenue reached DKK 24,630 million, representing growth of +13% CER (+12% DKK), driven primarily by strong performance in the U.S. and Europe growing +24% CER (+20% DKK) and +17% CER (+17% DKK), respectively.”
Annual report 2025A · The company itself
Geography
“The largest markets for the strategic brands were the U.S., Spain, Canada, Italy and France.”
Annual report 2025A · The company itself
Geography
“Approximately 90% of the strategic brands growth was attributable to the strong performance of Vyepti ® and Rexulti ® in the U.S. in 2025. Vyepti ® and Rexulti ® sales in the U.S. grew +58% CER (+53% DKK) and +23% CER (+19% DKK), respectively.”
Annual report 2025A · The company itself
Geography
“In the U.S., continued strong demand growth in both agitation associated with dementia due to Alzheimer’s disease (AADAD) and major depressive disorder (MDD) drove the revenue growth. Total prescriptions (TRx) grew +24.2% year-over-year in 2025, reaching all-time high market share of 2.86% during December.”
Annual report 2025A · The company itself
Geography
“The year-over-year revenue development reflects the transfer of U.S. sales operations to Takeda, effective on 1 January 2025 as well as the Medicare Part D redesign impacts.”
Annual report 2025A · The company itself
Geography
“(eptinezumab) delivered strong growth in 2025, with revenue reaching DKK 4,476 million, an increase of +59% CER (+54% DKK).”
Annual report 2025A · The company itself
Geography
“The Abilify LAI franchise in the U.S. grew to reach +9% CER growth in 2025 on the back of +7% growth in demand volume in the fourth quarter of 2025 on an expanding market share for the brands. Strong uptake in total prescriptions (TRx) for ® (61.1% for November 2025 year-todate versus prior year), which grew market share to reach 4.3% in November as Lundbeck continue to source patients from oral aripiprazole, other oral antipsychotics, LAIs other than Abilify Maintena ® and naïve patients.”
Annual report 2025A · The company itself
Geography
“United States revenue reached DKK 13,287 million representing growth of +21% CER (+17% DKK) maintaining more than 19% growth CER across all quarters of 2025.”
Annual report 2025A · The company itself
Chains in: USD vs DKK/EUR mixed effect
Healthcare and hospitals
End markets
DriverPositive impact: strengthens
“Aiming at enabling patients and societies to benefit from our medicines, we strive to improve access to our treatments through an ongoing collaboration with healthcare systems and those responsible for access and reimbursement.”
Annual report 2025A · The company itself
Market
“We are proud providers of innovative medicines that address brain disorders with high unmet needs. As one of the few pharmaceutical companies solely focusing on brain health, the world depends on Lundbeck more than ever.”
Annual report 2025A · The company itself
Market
“While patients are the end-users of our pharmaceutical products, Lundbeck’s customers are healthcare professionals (HCPs), including specialists, and authorities, e.g., regulatory bodies, and public and private healthcare providers. Our customers play an important role across our value chain, where HCPs are the point of contact with patients, and the authorities regulate our access to the market.”
Annual report 2025A · The company itself
Market
“Guiding access to health In 2025, our treatments reached 27.8 million patients , and we have introduced the new patient access metrics designed to guide our efforts toward equitable access goals.”
Annual report 2025A · The company itself
Market
“In 2025, our treatments reached more than 27 million people , and even more patients are reached in collaboration with our commercial partners.”
Annual report 2025A · The company itself
Market
“Lundbeck’s business model is to research, develop, produce, and market medicines for psychiatric and neurological diseases.”
Annual report 2025A · The company itself
Chains in: Ageing population strengthens, GLP-1 and obesity treatment mixed effect
Artificial intelligence
Technology
InputNegative impact: weakens
“In April 2025, Lundbeck made an enterprise roll out of Scite.ai, a powerful AI-enabled literature review tool. Scite.ai streamlines literature review by using AI to contextualize citations, helping users quickly assess the credibility of sources and enabling fast review of vast amounts of peer-reviewed journals.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“In May 2025, Lundbeck became one of the first pharmaceutical companies to collaborate with the Danish Centre for AI Innovation (DCAI), gaining privileged access to Gefion, one of the world’s most powerful AI supercomputers. This collaboration represents a pivotal step in our Focused Innovator Strategy, and supplements Lundbeck’s Science Cloud, a state-of-the-art platform on Amazon Web Services (AWS), providing on-demand infrastructure for computing needs, and facilitating daily innovation.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Additionally, Lundbeck collaborates with Logica, integrating Valo Health’s AI-powered Opal Computational Platform™ and Charles River’s drug discovery expertise to complement in-house molecule discovery, applying AI to both small- and large-molecule discovery projects.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Lundbeck has a continued ambition to systematically harness AI across R&D to lead the way in AI-enabled clinical assets, cut late-stage development timelines through real-time adaptive trials, and automate core R&D workflows. This transformation will be fueled by bold partnerships in research and development and targeted investments in internal AI talent, redefining what is possible in neuroscience innovation.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“The S&D ratio development reflects the successful execution of the Focused Innovator Strategy in 2025 including the Trintellix ® transition in the U.S., alongside disciplined resource allocation and capital reallocation. The resulting savings enabled continued investments in strategic brands, particularly Rexulti ® and Vyepti ® in the U.S., supporting sales force expansion and the global roll-out of Vyepti ® .”
Annual report 2025A · The company itself
Chains out: this strengthens Data centres, strengthens Semiconductors and electronic components, strengthens Semiconductor industry
Rare diseases and orphan drugs
End markets
Market
“Building on the phase II randomized, double-blind, placebo-controlled exploratory proof-of-concept (PoC) trial AMULET testing Lu AF82422 in 61 MSA patients in the U.S. and Japan, and showing convincing trends of slowing MSA, Lundbeck initiated the phase III clinical trial MASCOT in November 2024. Lundbeck aims to deliver the first disease-modifying treatment option in MSA with an expected market entry in 2029.”
Annual report 2025A · The company itself
Market
“Asedebart (anti-ACTH) is progressing in line with expectations, positioning the pipeline to deliver a new generation of therapies with first-in-class or best-inclass potential.”
Annual report 2025A · The company itself
Circular economy and recycling
Regulation
StrategyPositive impact: strengthens
“With more than 70 years’ strong legacy in neuroscience and improving the lives of people, we are focusing on scaling our position in neuro-specialty and building a neuro-rare franchise with 5-6 mid/late-stage assets and an adequate number of phase I projects. Now, we have a transformed pipeline set to deliver breakthrough products and long-term sustainable growth.”
Annual report 2025A · The company itself
Chains in: EU climate and energy policy strengthens
Patent expiry and generic competition
Regulation
DriverNegative impact: weakens
“Generic competition in Canada, starting in the second quarter of 2025 led to continued erosion in the second half of the year.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“This performance is mainly impacted by the continued generic erosion, particularly in Japan, Canada and Italy, partially offset by demand growth in a few other markets.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Overall, Lundbeck’s 2026 guidance underscores the company’s ability to navigate increasing generic pressure – primarily driven by Abilify Maintena ® – while sustaining growth and profitability and continuing to invest for long-term value creation, reinforcing its position as a focused innovator in neuroscience.”
Annual report 2025A · The company itself
Chains out: this weakens Biotech and drug development
Labour and wages
Raw materials and inputs
DriverPositive impact: strengthens
“Our people: The heart of Lundbeck At Lundbeck, we recognize that attracting and retaining a skilled and diverse workforce is essential to our success. We are committed to foster a culture of inclusion, equity and belonging, while embracing diverse perspectives to better serve patients and community.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Our people are key drivers of success Lundbeck’s transformation strategy places strong emphasis on people and culture as key drivers of success. We are committed to cultivating a purposeful, innovation-led environment grounded in psychological safety, cross-functional collaboration, and agile decision-making.”
Annual report 2025A · The company itself
Geopolitical uncertainty
Macro
DriverMixed impact: mixed
“This guidance assumes no significant changes in the global or regional macroeconomic and political environment that would impact Lundbeck’s business, including major healthcare reforms, legislative changes, or legal outcomes.”
Annual report 2025A · The company itself
Chains out: this strengthens Defence budgets, strengthens Energy security, strengthens Tariffs and trade policy, weakens Global trade volumes, strengthens Sea freight and freight rates, weakens Reconstruction of Ukraine
Interest rates
Macro
DriverNegative impact: weakens
“Net profit and adjusted EPS Net financial (income)/expenses amounted to an expense of DKK 788 million in 2025, primarily driven by the higher interest costs of DKK 497 million due to new debt obtained in connection with the acquisition of Longboard as well as unfavorable foreign exchange effects of DKK 349 million mainly due to the USD depreciation.”
Annual report 2025A · The company itself
Chains in: Public debt and fiscal policy strengthens, Inflation strengthens
Chains out: this weakens Construction, weakens Real estate, weakens Wind power, weakens Housing market, weakens Office and commercial property, weakens Residential rental, weakens Residential construction
IT operations and cloud
Raw materials and inputs
InputNegative impact: weakens
“In May 2025, Lundbeck became one of the first pharmaceutical companies to collaborate with the Danish Centre for AI Innovation (DCAI), gaining privileged access to Gefion, one of the world’s most powerful AI supercomputers. This collaboration represents a pivotal step in our Focused Innovator Strategy, and supplements Lundbeck’s Science Cloud, a state-of-the-art platform on Amazon Web Services (AWS), providing on-demand infrastructure for computing needs, and facilitating daily innovation.”
Annual report 2025A · The company itself
USD vs DKK/EUR
Macro
DriverNegative impact: weakens
“Net profit and adjusted EPS Net financial (income)/expenses amounted to an expense of DKK 788 million in 2025, primarily driven by the higher interest costs of DKK 497 million due to new debt obtained in connection with the acquisition of Longboard as well as unfavorable foreign exchange effects of DKK 349 million mainly due to the USD depreciation.”
Annual report 2025A · The company itself
Chains out: this mixed effect United States
Europe
Geography
Geography
“In 2025, Lundbeck’s total revenue reached DKK 24,630 million, representing growth of +13% CER (+12% DKK), driven primarily by strong performance in the U.S. and Europe growing +24% CER (+20% DKK) and +17% CER (+17% DKK), respectively.”
Annual report 2025A · The company itself
Geography
“Vyepti ® has now been launched in 30 countries, delivering triple-digit growth in several major EU markets.”
Annual report 2025A · The company itself
Geography
“The largest markets for the strategic brands were the U.S., Spain, Canada, Italy and France.”
Annual report 2025A · The company itself
Geography
“In Europe and International Operations, Rexulti ® continued the stable growth into the fourth quarter, driven by demand growth in countries such as Spain (+72%), expanding market share on the back of the 2024 launch, Italy (+12%), and Brazil (+10%), maintaining market share in a growing market, while Canada (+11%) maintained momentum on the back of nationwide reimbursement.”
Annual report 2025A · The company itself
Geography
“DKK 4,554 million representing a decline of -4% CER (-6% DKK), with continued strong double digit growth in Europe, where the brand continued to gain market share across key markets in the fourth quarter of 2025, such as Italy (5.7% market share), France (4.5% market share), and Spain (6.4% market share).”
Annual report 2025A · The company itself
Geography
“In Europe and International Operations, Vyepti ® maintained absolute growth momentum into the fourth quarter of 2025 delivering +63% growth in 2025 versus prior year. This was achieved through consistently strong demand growth across key markets such as France (+81%), Spain (+78%), Germany (+63%), Canada (+54%) and Italy (+122%).”
Annual report 2025A · The company itself
Geography
“The Abilify LAI franchise grew in Europe, driven by continued market share gains following the launch of Abilify Maintena ® 960mg, particularly in Spain (32% LAI market share), France (32% LAI market share) and Italy (42% LAI market share), underpinning the brand’s ability to capture business from other antipsychotics.”
Annual report 2025A · The company itself
Geography
“Europe revenue reached DKK 5,819 million representing a growth of +13% CER (+13% DKK).”
Annual report 2025A · The company itself
Geography
“Overall growth was particularly strong in Spain, Italy, the UK and France, where demand momentum continued into the fourth quarter.”
Annual report 2025A · The company itself
Asia and emerging markets
Geography
Geography
“In June, the SUNRISE trial confirmed efficacy of Vyepti ® in Asian population with chronic migraine, and we initiated discussions with relevant regulatory authorities with the aim of making eptinezumab available for people suffering from migraine across Asia.”
Annual report 2025A · The company itself
Geography
“In International Operations, Japan hit 12.6% market share during the fourth quarter of 2025, resulting in +11% demand growth in the quarter.”
Annual report 2025A · The company itself
Geography
“This performance is mainly impacted by the continued generic erosion, particularly in Japan, Canada and Italy, partially offset by demand growth in a few other markets.”
Annual report 2025A · The company itself
Geography
“Revenue reached DKK 4,858 million, a decrease of -3% CER (-7% DKK).”
Annual report 2025A · The company itself
China
Geography
Geography
“In addition, continued price and volume pressure from post–volume-based procurement (VBP) in China and continued generic erosion in Brazil added to the revenue decline.”
Annual report 2025A · The company itself
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 24.63 bn DKK |
| Revenue growth vs. the year before, same method | 11.9 % |
| EBITDA reported by the company | 7.14 bn DKK |
| Net debt debt incl. leasing minus cash | N/A |
| Diluted EPS per share | 3.22 DKK |
Source: annual report (ESEF) A. See the report
Criteria
| Profit | ✓ |
| Growing | ✓ |
| Healthy balance sheet | N/A |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.