Key highlights
Lundbeck's total revenue grew by +16% CER[1] (+18% DKK) to DKK 6,235 million in the first quarter of 2025, with all regions contributing to growth
- United States: DKK 3,284 million (+25% CER; +31% DKK)
- Europe: DKK 1,444 million (+16% CER; +16% DKK)
- International Operations: DKK 1,528 million (+4% CER; +3% DKK)
The revenue of Lundbeck's strategic brands increased by +24% CER (+28% DKK), reaching DKK 4,801 million, representing 77% of total revenue
- Rexulti®: DKK 1,491 million (+28% CER; +34% DKK)
- Brintellix®/Trintellix®: DKK 1,254 million (+7% CER; +7% DKK)
- Vyepti®: DKK 1,042 million (+62% CER; +69% DKK)
- Abilify LAI franchise[2]: DKK 1,014 million (+16% CER; +18% DKK)
Adjusted EBITDA[3] increased to DKK 2,173 million (+24% CER; +24% DKK) reflecting the strong revenue growth across all strategic brands underpinned by sustained prescription uptake and expanding market share across major geographies.
Adjusted EBITDA margin (DKK) reached 34.9% equivalent to an increase of 1.9 percentage points benefiting from the revenue growth partially offset mainly by increased R&D investments. EBITDA increased to DKK 2,144 million (+22% CER; +23% DKK).
Lundbeck has raised its full-year guidance for revenue and now expects growth of 8% to 11% compared to previously 7% to 10%. The financial guidance for adjusted EBITDA has been raised due to strong performance from strategic brands and cost discipline to an expected growth of 8% to 14% compared to previously 5% to 11%. The guidance is based on the existing trade environment and does not reflect any trade policy shifts, including pharmaceutical sector tariffs or major healthcare reforms, that could impact Lundbeck's business.
Lundbeck's President and CEO, Charl van Zyl said:
"Lundbeck has had a strong start to 2025 providing the opportunity to raise guidance. The growth is driven by Rexulti and Vyepti as we continue to reach more patients with innovative therapies. The excellent performance is complemented by a maturing pipeline and underlying transformation, positioning the company for long-term growth. The funding generated by our disciplined use of capital supports margin-neutral pipeline investments, including in our late-stage assets where the amlenetug and bexicaserin phase III trials are progressing according to plan."
Key figures
| DKK million | Q1 2025 | Q1 2024 | Change (CER)1 | Change(DKK) |
| Revenue | 6,235 | 5,288 | 16% | 18% |
| EBITDA | 2,144 | 1,746 | 22% | 23% |
| Adjusted EBITDA | 2,173 | 1,746 | 24% | 24% |
| EPS (DKK) | 1.16 | 1.01 | 15% | |
| Adjusted EPS (DKK) | 1.53 | 1.38 | 11% |
Recent events
On 8 May 2025, Lundbeck announced that pipeline will be presented at the 2025 International MSA Congress in Boston, United States (U.S.), 9-11 May. The data included results from the AMULET phase II trial, coupled with patient perspectives from the trial, and new insights from the Multiple System Atrophy (MSA) natural history study, TALISMAN.
On 6 May 2025, Lundbeck partnered with Danish Centre for AI Innovation to use Denmark's Gefion AI supercomputer, aiming to accelerate neurological drug discovery through AI-driven insights, optimize therapies, and develop innovative treatments for both known and emerging brain disorder targets.
On 4 April 2025, Lundbeck presented pipeline data at the 2025 American Academy of Neurology (AAN) Annual Meeting in San Diego, U.S. The data included an oral presentation of the six-month results from the open-label extension (OLE) of the phase Ib/IIa PACIFIC trial of bexicaserin, a novel treatment under development for seizures associated with Developmental and Epileptic Encephalopathies (DEEs).
On 31 March 2025, Lundbeck announced reaching 75% recruitment target in the subcutaneously (SC) dose-finding part (Part A) in the phase IIb PROCEED trial, that explores dose and route of administration of the anti-PACAP mAb Lu AG09222. Based on a pre-specified interim outcome assessment following SC route of administration, Lundbeck will now switch PROCEED to obtain further IV dose-response information on Lu AG09222 in migraine prevention, building further on findings from the previously successful HOPE phase IIa trial evaluating IV administration of Lu AG09222.
On 13 March 2025, Otsuka Pharmaceutical Europe Ltd. and Lundbeck announced that the European Commission (EC) has approved Rexulti® (brexpiprazole) for the treatment of schizophrenia in adolescents aged 13 years and older. Brexpiprazole was previously approved in the European Union in 2018 for the treatment of schizophrenia in adults.
On 10 March 2025, Lundbeck announced that amlenetug has received Orphan Drug Designation (ODD) from the Ministry of Health, Labor, and Welfare (MHLW) in Japan. The ODD in Japan adds to other important designations: the SAKIGAKE designation by Japan's MHLW in March 2023, the ODD by the U.S. Food and Drug Administration (FDA) in April 2024, and by European Medicines Agency (EMA) in May 2021.
On 12 February 2025, Lundbeck announced that amlenetug, a potential new treatment option targeting MSA, has received Fast Track Designation from the U.S. FDA. Lundbeck has recently initiated MASCOT, a phase III trial to assess efficacy and safety of amlenetug for the treatment of MSA.
On 4 February 2025, Lars Søren Rasmussen announced he would not seek re-election after 12 years on Lundbeck's Board. Following the Annual General Meeting on 26 March, Dorothea Wenzel was elected Chair of the Board. She stepped down as Chair of the Audit Committee, with Lars Green appointed as her successor.
Conference call
Today 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) does not include effects from hedging.
[2] Abilify long-acting injectable (LAI) franchise comprises following products: Abilify Maintena®, Abilify Maintena® 960 mg and Abilify Asimtufii®
[3] EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization, including impairment losses. Adjusted EBITDA is defined as EBITDA adjusted by certain items, for details see note 4.3 Adjusted EBITDA.
H. Lundbeck A/S
Ottiliavej 9, 2500 Valby, Denmark
+45 3630 1311
info@lundbeck.com
