Key highlights
Lundbeck's total revenue grew by +21% CER[1] (+14% DKK) to DKK 7,125 million in the first quarter of 2026, with all
regions contributing double-digit growth. As planned, Lundbeck made progress sharpening its commercial model by establishing 27 partner markets[2]. Adjusting for the planned one-time DKK 470 million inventory build in these markets, total revenue grew by +13% CER
- United States: DKK 3,482 million (+20% CER; +6% DKK)
- Europe: DKK 1,799 million (+24% CER; +25% DKK)
- International Operations: DKK 1,616 million (+13% CER; +6% DKK)
- Adjusting for the inventory build in Europe and International Operations, revenue grew by +6% CER in Europe and declined by -1% CER in International Operations
The revenue of Lundbeck's strategic brands increased by +21% CER (+10% DKK), reaching DKK 5,305 million, representing 74% of total revenue
- Rexulti®: DKK 1,612 million (+22% CER; +8% DKK)
- Vyepti®: DKK 1,364 million (+47% CER; +31% DKK)
- Brintellix®/Trintellix®: DKK 1,296 million (+8% CER; +3% DKK)
- Abilify LAI franchise[3]: DKK 1,033 million (+8% CER; +2% DKK)
- Adjusting for inventory build, CER growth rates were +20% for Rexulti®, +45% for Vyepti®, -3% for Brintellix®/Trintellix® and +2% for the Abilify LAI franchise
EBITDA increased to DKK 2,631 million, representing growth of +26% CER (+23% DKK), while adjusted EBITDA reached DKK 2,783 million, increasing by +31% CER (+28% DKK). EBITDA growth includes the one-time gross profit impact from the initial inventory build, supporting the transition to a new commercial model and future market operations. Excluding this, EBITDA increased to DKK 2,217 million, representing growth of +7% CER (+3% DKK), while adjusted EBITDA increased to DKK 2,369 million, representing growth of +13% CER (+9% DKK). This was mainly driven by strong performance from Vyepti® and Rexulti®, as well as disciplined capital reallocation and operating leverage, partially offset by higher cost of sales due to increased production-related costs and higher R&D costs driven by advancing key pipeline assets.
EPS reached DKK 1.67, increasing by +48% DKK and adjusted EPS reached DKK 2.16, increasing by +41% DKK, reflecting the strong EBIT performance and lower financial expenses, partially offset by higher income taxes.
Financial guidance 2026 raised
On 12 May 2026, Lundbeck raised its full-year guidance. Revenue is now expected to grow by 7% to 9% CER (previously 5% to 8%), and adjusted EBITDA growth is now expected to be 8% to 14% CER (previously 4% to 12%), both excluding hedging effects. Further details are in section 2.7 Outlook.
Lundbeck President and CEO, Charl van Zyl said:
"Lundbeck delivered a very strong performance in the first quarter, continuing our growth trajectory into 2026. Solid momentum in our strategic brands and continued progress in the execution of our strategy lead us to upgrade our full-year guidance. Across our pipeline, assets are advancing well, strengthening our long-term growth potential. Supported by disciplined capital allocation, our strong financial position provides flexibility to invest in future growth, progress our pipeline, and pursue external opportunities. This positions us well to deliver sustainable long-term growth as we move towards the "Scale" phase of our strategy."
Key figures
| DKK million | Q1 2026 | Q1 2025 | Change (CER)1 | Change(DKK) |
| Revenue | 7,125 | 6,235 | 21% | 14% |
| EBITDA | 2,631 | 2,144 | 26% | 23% |
| Adjusted EBITDA | 2,783 | 2,173 | 31% | 28% |
| EPS (DKK)4 | 1.67 | 1.13 | 48% | |
| Adjusted EPS (DKK) | 2.16 | 1.53 | 41% |
Recent events
On 12 May 2026, Lundbeck communicated that the full-year revenue and adjusted EBITDA outlook at CER have been raised.
On 19 April 2026, Lundbeck presented 6-month real-world INFUSE data at American Academy of Neurology (AAN), highlighting the broader burden of migraine beyond frequency. Patient-reported outcomes showed that cognitive symptoms, including brain fog - often under-studied - improved following eptinezumab treatment, underscoring the importance of addressing patient-relevant aspects of migraine burden.
On 16 March 2026, Lundbeck announced that new data from a phase Ib proof-of-mechanism trial of Lu AF28996, a novel compound invented by Lundbeck with dopamine D1/D2 receptor agonist activity, were presented at the 2026 Alzheimer's and Parkinson's Disease (AD/PD) conference in Copenhagen, Denmark (17-21 March 2026).
On 10 March 2026, Lundbeck announced the appointment of Markus Kede as Senior Vice President, Chief AI Officer. He will join the Executive Leadership Team by 1 July 2026. The appointment marks an important step in Lundbeck's ambition to become a bionic company. As a key pillar of Lundbeck's Focused Innovator Strategy, AI plays a critical role in transforming how the company operates, innovates, and scales its impact for patients.
On 9 March 2026, Lundbeck announced that the last patient has been randomized in MASCOT (NCT06706622), a global phase III clinical trial evaluating amlenetug in people with multiple system atrophy (MSA), a rapidly progressing and fatal neurodegenerative disease for which no approved treatments currently exist. Randomization was completed earlier than anticipated, underscoring the broad engagement across the global MSA community and Lundbeck's commitment to bringing innovation to patients with high unmet medical need.
On 12 February 2026, Lundbeck reported positive phase IIb PROCEED results, meeting its primary endpoint. The trial evaluated multiple IV doses of bocunebart for migraine prevention in patients with prior treatment failures. Bocunebart was well tolerated with no new safety signals, supporting earlier positive HOPE phase IIa findings.
Conference call
Tomorrow 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] For further details see Lundbeck sharpens commercial focus in line with strategy, initiates partnering in 27 markets by end-2025
[3] Abilify long-acting injectable (LAI) franchise comprises following products: Abilify Maintena®, Abilify Maintena® 960 mg and Abilify Asimtufii®
4 Comparatives were restated to reflect changes in the provisional purchase price allocation from business combination, for details see note 4.1 Basis of preparation.
H. Lundbeck A/S
Ottiliavej 9, 2500 Valby, Denmark
+45 3630 1311
info@lundbeck.com
