Lundbeck's revenue in the first nine months of 2023 climbed to DKK 15 billion

Key highlights

Lundbeck’s revenue increased by 10% (+9% CER[1]) to DKK 14,934 million in the first nine months of 2023, driven mainly by growth in the U.S. and Europe

• United States: DKK 7,317 million (+11%; +13% CER)
• Europe: DKK 3,454 million (+10%; +11% CER)
• International Markets: DKK 3,926 million (-2%; +3% CER)

The revenue of Lundbeck’s strategic brands increased by 14% (+16% CER), reaching DKK 10,091 million, representing 68% of total revenue

• Rexulti^®/Rxulti^®: DKK 3,309 million (+17%; +19% CER)
• Brintellix^®/Trintellix^®: DKK 3,207 million (+1%; +4% CER)
• Abilify Maintena^®/Asimtufii: DKK 2,374 million (+10%; +11% CER)
• Vyepti^®: DKK 1,201 million (+79%; +81% CER)

Adjusted EBITDA[2] increased to DKK 4,859 million (+31%; +20% CER) and adjusted EBITDA margin reached 32.5% equivalent to an increase of 5.2 percentage points. Adjusted earnings per share (EPS) reached DKK 3.65 equivalent to an increase of 27%.
 

In connection with the corporate release, Lundbeck’s President and CEO, Charl van Zyl said:

“In my first two months at Lundbeck, I have witnessed a highly skilled team and a solid foundation for advancing the company's objectives of long-term growth. Lundbeck has strong momentum and is delivering a robust performance, achieving a revenue of DKK 15 billion in the first nine months, and allowing for a slight guidance upgrade. We are committed to investing in our pipeline, building upon a successful R&D transformation for the company's future progress.”

Key figures

DKK million	9M 2023	9M 2022	Change	Change (CER)1	Q3 2023	Q3 2022	Change	Change (CER)1
Revenue	14,934	13,566	10%	9%	4,952	4,719	5%	7%
EBITDA	4,463	3,753	19%	9%	1,385	1,414	(2%)	(7%)
Adjusted EBITDA	4,859	3,705	31%	20%	1,521	1,414	8%	1%
EPS (DKK)	2.17	1.62	34%		0.68	0.69	(1%)
Adjusted EPS (DKK)	3.65	2.87	27%		1.17	1.05	11%

Recent events

On September 1, 2023, Charl van Zyl joined as new President and CEO of Lundbeck as announced on June 26, 2023.

On September 7, 2023, Lundbeck and Otsuka Pharmaceutical, Co., Ltd. announced topline results from two phase III trials of brexpiprazole as combination therapy with sertraline for the treatment of Post-Traumatic Stress Disorder in adults. Overall, the safety and tolerability results were consistent with the profile of brexpiprazole as observed in the clinical trials for schizophrenia, agitation associated with dementia due to Alzheimer’s disease (AADAD), and adjunctive treatment of major depressive disorder (MDD).

On September 14, 2023, Lundbeck presented clinical data from a phase IIa Proof of Concept trial on Lu AG09222 in migraine prevention at the International Headache Congress in Seoul, Korea. The data supports Lu AG09222 as a potential preventive treatment of migraine and based on this positive outcome. Lu AG09222 is progressing into further trials to expand its route of administration opportunities and dose-response relationship.

2023 Guidance

Lundbeck has narrowed its full-year guidance for revenue and now expects revenue to reach DKK 19.8 to 20.1 billion compared to previously DKK 19.5 to 20.1 billion. The financial guidance for Adjusted EBITDA has been narrowed and raised due to lower than expected R&D costs. Adjusted EBITDA is now expected to reach DKK 5.6 to 5.8 billion compared to previously DKK 5.2 to 5.6 billion. Further details are available in section 2.8 Outlook.