Key highlights
Lundbeck's total revenue grew by +14% CER[1] (+14% DKK) to DKK 12,258 million in the first six months of 2025. Growth in the U.S. and Europe was the driver of this strong performance.
- United States: DKK 6,524 million (+22% CER; +23% DKK)
- Europe: DKK 2,868 million (+14% CER; +14% DKK)
- International Operations: DKK 2,724 million (+0% CER; -3% DKK)
The revenue of Lundbeck's strategic brands increased by +21% CER (+21% DKK), reaching DKK 9,436 million, representing 77% of total revenue
- Rexulti®: DKK 3,039 million (+28% CER; +28% DKK)
- Brintellix®/Trintellix®: DKK 2,390 million (+3% CER; +2% DKK)
- Vyepti®: DKK 2,105 million (+56% CER; +57% DKK)
- Abilify LAI franchise[2]: DKK 1,902 million (+10% CER; +10% DKK)
Adjusted EBITDA[3] reached DKK 4,221 million, growing +24% CER (+25% DKK), driven by continuous strong momentum across strategic brands fueled by the strong performance of Vyepti® and Rexulti® as well as part of the successful execution of the Focused Innovator Strategy reinforcing Lundbeck's market leadership across key therapeutic areas.
Adjusted EBITDA margin (DKK) reached 34.4% equivalent to an increase of 3.1 percentage points, driven by the strong performance of strategic brands and supported by disciplined resource allocation and capital reallocation in line with our Focused Innovator strategy. These measures more than offset increased R&D investments. EBITDA increased to DKK 4,150 million (+28% CER; +29% DKK).
Financial guidance 2025 raised
On 13 August 2025, Lundbeck announced an increase in its full-year revenue and adjusted EBITDA guidance at CER. Revenue is now expected to grow by 11% to 13% at CER, up from the previous forecast of 8% to 11%, compared to the prior year's revenue excluding hedging effects. Adjusted EBITDA growth is now projected at 16% to 21% at CER, previously 8% to 14%, also excluding hedging effects. Further details can be found in section 2.8 Outlook.
Lundbeck's President and CEO, Charl van Zyl said:
"I am pleased to present an impressive performance for the first half of 2025 with strong outlook for remainder of the year, forming the basis for our raised financial guidance and reflecting the continued momentum of our Focused Innovator strategy. Supported by our successful capital reallocation program, this sustained growth is driven by our strategic brands. Both Vyepti® and Rexulti® continue to gain market share in the U.S., with Vyepti® being the fastest-growing anti-CGRP therapy."
Key figures
| DKK million | H1 2025 | H1 2024 | Change (CER)1 | Change(DKK) | Q2 2025 | Q2 2024 | Change (CER)1 | Change(DKK) |
| Revenue | 12,258 | 10,741 | 14% | 14% | 6,023 | 5,453 | 12% | 10% |
| EBITDA | 4,150 | 3,217 | 28% | 29% | 2,006 | 1,471 | 34% | 36% |
| Adjusted EBITDA | 4,221 | 3,365 | 24% | 25% | 2,048 | 1,619 | 25% | 26% |
| EPS (DKK) | 2.14 | 1.79 | 20% | 0.97 | 0.78 | 24% | ||
| Adjusted EPS (DKK) | 2.88 | 2.64 | 9% | 1.35 | 1.26 | 7% |
Recent events
On 13 August 2025, Lundbeck communicated that the full-year revenue and adjusted EBITDA outlook at CER have been raised.
On 18 July 2025, the U.S. Food and Drug Administration's (FDA) Psychopharmacologic Drugs Advisory Committee voted 1-10 against the efficacy of brexpiprazole with sertraline for PTSD, concluding that its effectiveness has not been established. This outcome, based on the evidence presented, will be considered by the FDA as it continues its review of the application.
On 24 June 2025, Lundbeck announced that orphan drug designation has been granted to Lu AG13909 by the FDA on 12 May 2025 and the European Medicines Agency (EMA) on 20 June 2025. Lu AG13909 is a novel, humanized monoclonal antibody, under investigation for the treatment of patients with Congenital Adrenal Hyperplasia (CAH), a rare genetic disease.
On 21 June 2025, Lundbeck shared results from the phase IV RESOLUTION trial at the European Academy of Neurology Congress. The placebo-controlled trial assessed eptinezumab in chronic migraine patients with medication-overuse headache, alongside standardized education. Eptinezumab met all primary and secondary endpoints, significantly reducing monthly migraine days from Weeks 1 to 4 compared to placebo.
On 21 June 2025, Lundbeck announced full results from the SUNRISE trial at the European Academy of Neurology Congress. This placebo-controlled study evaluated eptinezumab in a predominantly Asian chronic migraine population. The trial met all primary and secondary endpoints, with eptinezumab reducing migraine frequency, severe pain episodes, and overall disease burden more effectively than placebo.
On 22 May 2025, Lundbeck announced it has successfully placed an aggregate principal amount of EUR 500 million senior unsecured notes with a tenor of four years maturing 2 June 2029 under its EUR 2 billion Euro Medium Term Note Programme.
Conference call
Tomorrow at 11.00 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
