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Laura and Juliana, Juliana is living with Rett syndrome and diagnosed with a developmental and epileptic encephalopathy (DEE) Business update & financial results H1 2026
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Safe harbor/forward-looking statements 2 This presentation contains forward-looking statements that provide our expectations or forecasts of future events such as new product introductions, product approvals and financial performance. Forward looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words like "believe", "anticipate", "expect", "estimate", "intend", "plan", "project", "will be", "will continue", "will result", "could", "may", "might", or any variations of such words or other words with similar meanings. All statements other than statements of historical facts included in this presentation, including, without limitation, those regarding our financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to our products), are forward looking statements. Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. Factors that may affect future results include, among others, interest rate and currency exchange rate fluctuations, delay or failure of development projects, production or distribution problems, unexpected contract breaches or terminations, government-mandated or market-driven price decreases for Lundbeck's products, introduction of competing products, Lundbeck's ability to successfully market both new and existing products, exposure to product liability and other lawsuits, changes in reimbursement rules and governmental laws and related interpretation thereof, and unexpected growth in costs and expenses. The forward-looking statements in this document and oral presentations made on behalf of Lundbeck speak only as at the date of this document. Lundbeck does not undertake any obligation to update or revise forward-looking statements in this presentation or oral presentations made on behalf of Lundbeck, nor to confirm such statements to reflect subsequent events or circumstances after the date of the presentation or in relation to actual results, unless otherwise required by applicable law or applicable stock exchange regulations. H1 2026 – 19 August 2026
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H1 2026: Strong execution across strategic priorities Vyepti-led growth, meaningful pipeline progress and continued financial strengthening CAH: Congenital Adrenal Hyperplasia; CD: Cushing's Disease 3 Continued commercial momentum Strategic brands +17% CER in H1 2026 Vyepti (+46% CER) and Rexulti (+17% CER) drive growth Focused commercial model Underlying momentum in partner markets intact Late-stage pipeline progressing Bexicaserin DEEp OCEAN randomization completed Amlenetug MASCOT randomization completed ahead of schedule Bocunebart expected to enter phase III later in 2026 Early/mid-stage pipeline advancing D1-D2 agonist advanced into phase II Asedebart progressing in CAH and CD Orexin program: FDA Fast Track designation FY 2026 guidance maintained Revenue: +7–9% CER growth Adj. EBITDA: +8–14% CER growth Growth Innovation Funding Strong cash generation and continued deleveraging Free cash flow DKK 2.3bn in H1 2026 Net debt/EBITDA reduced to 1.0x (from 1.8x a year ago) H1 2026 – 19 August 2026
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Agenda for today 4 Business update Thomas Gibbs Executive Vice President, Head of Lundbeck U.S. Michala Fischer-Hansen Executive Vice President, Head of Europe & International Operations Portfolio update Tarek Samad Appointed Executive Vice President, Head of Research & Development, effective 1 September Johan Luthman Executive Vice President, Head of Research & Development, through 31 August Financial results and outlook Joerg Hornstein Chief Financial Officer Executive Vice President Overview and conclusion Charl van Zyl President & Chief Executive Officer H1 2026 – 19 August 2026
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Focused investment fuels Vyepti growth Accelerating U.S. demand and broad-based E&IO performance reinforce Vyepti’s growth trajectory Global reported revenue DKKm (1) Wholesale data, 1 May 2026. (2) June 2026 YTD vs June 2025 YTD. (3) July 2026. U.S. data source: Longitudinal Access and Adjudication Data (LAAD) in medical (Mx) claims data and prescription (Rx) data. Normalized Units IQVIA Xponent (retail) + DDD (non-retail) data in the U.S. (4) IQVIA MAT volume growth year-over-year. CER: Constant Exchange Rates; E&IO: Europe & International Operations; CGRP: Calcitonin Gene-Related Peptide. Vyepti demand in the U.S. Vials volume uptake since launch 1 Re-allocated investments deliver accelerated growth • Vyepti remains the fastest-growing anti-CGRP in the U.S.² • U.S. demand growth 47.4% vs. 17.4% market growth² • Weekly U.S. market share reached 11.8%³ • Execution of key tactical initiatives across the marketing mix including impact of sales force expansion and DTC continue to outperform expectations • Vyepti outgrowing the anti-CGRP market in key European markets and Canada and gained +5% point market share YoY4 Outlook: • New patient starts remain a key driver of U.S. growth • Continued investments informed by advanced analytics expected to continue to fuel growth • Continued strong growth momentum and win market share in key markets 2020 2021 2022 2023 2024 2025 2026 Number of vials 4-week rolling average 5 +46% CER DKK 271m DKK 374m DKK 1,834m H1 2025 DKK 2,491m H1 2026 DKK 2,105m DKK 2,865m United States E&IO +47% CER +39% CER Reallocated investments deliver market leading growth • Vyepti remains the fastest-growing anti-CGRP in the U.S.² • U.S. monthly demand growth 41.3% vs. 15.3% market growth² • Weekly U.S. market share reached 13.01%³ • Execution of key tactical initiatives across the marketing mix including impact of sales force expansion and DTC continues to deliver market leading returns • Vyepti continues to outperform the anti-CGRP market across key E&IO markets, gaining +2pp market share YoY4 Outlook: • New patient starts remain a key driver of U.S. growth • Continued investments informed by advanced analytics and AI expected to continue to fuel growth • Investments in data generation expected to help drive earlier use of Vyepti • Continued strong growth momentum across key E&IO markets and Asia launch preparations progressing as planned H1 2026 – 19 August 2026
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Clinical trial and real-world data continuously strengthen the evidence base to support the differentiation of Vyepti 6 >60% Of patients reported less than 4 monthly headache days, sustained through 104 weeks1 Fast and sustained efficacy Multiple Phase III-IV Trials in migraine prevention 44% Of patients exposed to ≥1 prior aCGRP reported ≥50% reduction in monthly headache days3 Switch after multiple aCGRP failures INFUSE Real-world study 50% Of patients with migraine and 2-4 previous oral preventative treatment failures reported ≥50% reduction in monthly migraine days2 Preventive treatment failure DELIVER Clinical trial 45% Of patients with inadequate response to 1 CGRP- targeting preventive treatment reported a much or very much improved PGIC response in interim analysis4 THRIVE Ongoing clinical trial Switch after one aCGRP failure Continuously growing the Vyepti evidence base (1) Starling AJ et al. Pain Ther. 2026 Jun;15(3):785-801; (2) Ashina M et al. Lancet Neurol. 2022 Jul;21(7):597-607; (3) Starling AJ et al. Cephalalgia Reports. 2026;9; (4) Starling AJ et al. Effectiveness of Eptinezumab in Participants With Migraine and Prior Inadequate Response to 1 CGRP-Targeting Preventive Therapy: Interim Results From the Phase IV THRIVE Trial. Presented at: Headache Update 2026 July 16-17; Lake Buena Vista, FL United States of America. PGIC; Patient Global Impression of Change. H1 2026 – 19 August 2026
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0 20 40 0 20 40 60 80 100 120 140 160 180 200 4 8 12 16 24 28 32 36 44 Jun- 23 oct- 23 Feb- 24 Jun- 24 oct- 24 Feb- 25 Jun- 25 oct- 25 Feb- 26 DKK 233m DKK 288m DKK 2,806m H1 2025 DKK 3,009m H1 2026 DKK 3,039m DKK 3,297m Rexulti AADAD momentum delivers +17% CER growth AADAD remains the key growth engine, supported by MDD and increasing 65+ contribution Global reported revenue DKKm (1) IQVIA, U.S. source of business, indication-level data,May 2026. (2) IMS NPA data, R6M Jun 2026 vs R6M Jun 2025. (3) IQVIA, U.S. source of business, indication-level data, May 2026. CER: Constant Exchange Rates; E&IO: Europe & International Operations; AADAD: Agitation associated with dementia due to Alzheimer's disease. MDD: Major depressive disorder. TRx: Total prescriptions. Rexulti TRx market share in the total U.S. antipsychotic market. AADAD market share in the total U.S. antipsychotic market. Claims volume by indication AADAD volume’000 uptake since launch 1 Continued U.S. growth momentum • +16.3% TRx growth R6M (June 2026) vs prior year, driven by strong demand in AADAD and MDD2 o AADAD +37% TRx growth R6M (May 2026) vs prior year 3 o MDD +15.7% TRx growth R3M (May 2026) vs prior year 3 • 65+ segment continues to grow; contributing 36.3% of Rexulti Total Brand TRx2 Outlook • AADAD to remain the main U.S. growth engine with continued support from MDD • Broader prescriber reach, expanding 65+ segment, and the halo effect expected to sustain momentum • Ongoing focus on primary-care expansion and execution across the marketing mix expected to reinforce long- term growth and help address increased competition 7 Total TRx (right-hand scale) AADAD (left-hand scale) +17% CER United States E&IO +16% CER +24% CER H1 2026 – 19 August 2026
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Asimtufii unlocks further LAI franchise growth Growing conversion and sourcing from outside the franchise support continued growth Global reported revenue DKKm Conversion status % (LTM monthly rates) Strong execution focused on accelerating conversion rates U.S.: • Abilify LAI franchise gained +1.1 share points YoY1 driven by Abilify Asimtufii (+1.0 share points YoY) • Abilify LAI franchise revenue grew 10.7% vs prior year • ~57% of Abilify Asimtufii patients are new-to-brand patients converting from oral antipsychotics, other LAIs (excl. Abilify Maintena) or are naïve patients2 • TRx volume for Abilify Asimtufii increased +37.7%3 E&IO: • Abilify LAI franchise revenue grew 6% CER, driven by continued Abilify Maintena 960mg growth • Abilify LAI franchise volume growth of +0.5pp; Abilify Maintena 960mg gained on average +3.8 share points YoY across key markets4 • Strong conversion: Spain ~42%, France ~25%, Italy ~23%4 • ~50% of Abilify Maintena 960mg patients in key markets switch from other LAIs or directly from oral treatments5 8 -3% CER (1) IQVIA NPA data, May 2026. (2) IQVIA LAAD, April 2026. (3) IQVIA NPA data, June 2026 vs. prior year. (4) IQVIA volume data in treatment days (DDDs), (5) Primary market research from key markets (UK, Germany, France, Spain, Australia). February 2026. 2-month formulation launches: U.S. launch Q3 2023 in TRx volume; E&IO launch Q2 2024 in Treatment days (DDDs). CER: Constant Exchange Rates; E&IO: Europe & International Operations; LAI: Long-acting injectable. TRx: Total prescriptions. LTM: Last-12-months.(%). +9% CER DKK 97m DKK 242m DKK 590m DKK 579m DKK 110m DKK 133m H1 2025 H1 2026 H1 2025 H1 2026 DKK 1,695m DKK 1,595m DKK 207m DKK 375m DKK 1,105m DKK 1,016m Abilify Maintena - U.S. Abilify Maintena - E&IO Asimtufii - U.S. Asimtufii - E&IO +86% CER +7% CER Franchise growth H1 2026 – 19 August 2026 0 5 10 15 20 25 Aug- 24 Oct- 24 Dec- 24 Feb- 25 Apr- 25 Jun- 25 Aug- 25 oct- 25 Dec- 25 Feb- 26 Apr- 26 Jun- 26 U.S. (Launch Q3 2023) E&IO (Launch Q2 2024)
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Inventory development IllustrativeGlobal reported revenue DKKm H1 2026 reported Inventory build Irregular shipment patterns Commission fee in H1 2026 H1 2026 underlying performance Strong H1 partner performance; FY outlook on track Underlying H1 growth of ~13% CER after adjusting for partner inventory 9 ~0.5+16% CER ~+13% CER H1 2026 – 19 August 2026 Reported (incl. inventory) H1 2026 Inventory build H2 2026 Expected Inventory unwind Underlying momentum in partner markets intact • Partner transition and execution going according to plan across all markets • Reported growth of +16% CER lifted by one-off inventory build and shipment timing • Inventory unwind expected in second half of 2026 • Strong underlying performance expected to continue throughout the full year • Dynamics already reflected in FY guidance; Inventory build and shipment phasing were anticipated and included in the Q1 guidance update Reported (incl. inventory) H1 2026 Inventory build H2 2026 Expected Inventory unwind
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10 Portfolio update Johan Luthman, Executive Vice President, Head of Research & Development H1 2026 – 19 August 2026
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Welcoming our new Head of R&D Tarek Samad appointed EVP and Head of Research & Development, effective September 1, 2026 11 Tarek Samad Head of R&D September 2026Building on a transformed pipeline. Lundbeck combines a unique legacy of scientific excellence with an unwavering commitment to advancing innovation and improving the lives of people living with brain diseases.” In his words: Joins the Executive Leadership Team to lead R&D and advance our Focused Innovator strategy Succeeds Johan Luthman after +7½ years H1 2026 – 19 August 2026
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D1-D2 agonist • Initiated the Ph2 DARE2 proof-of-concept study in adults with Parkinson's Disease who have motor fluctuations. This marks an important step in the clinical development of the DART2G program Lu AG22515 • Proof of Mechanism established, with lowering of auto-antibodies and supportive safety • Additional data do not support progressing this MoA in TED Bexicaserin Pipeline momentum is accelerating Significant progress across the portfolio, reinforced by external regulatory recognitions HLR: Headline Results, MoA: Mode of Action Eptinezumab • Vyepti received marketing authorization in South Korea for the preventive treatment of migraine in adults, marking an important milestone in expanding access to innovative migraine care across Asia Orexin agonist program • Lu AH69593 received U.S. FDA Fast Track Designation for the treatment of narcolepsy on July 20th • DEEp-OCEAN (301) randomization closed, HLR expected end Q4 2026 • DEEp-SEA (302) enrollment progressing well, randomization to close within next months 12 H1 2026 – 19 August 2026 Regulatory recognitions of true pipeline innovation in rare diseases Orphan Drug Designations Fast Track Designations Breakthrough Therapy Designations 14 9 3 2
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Asedebart shows strong PoC now also in Cushing’s Disease PoC now established in both CAH and CD triggering late-stage development preparations (1) Melmed, Shlomo et al. “Clinical Biology of the Pituitary Adenoma.” Endocrine reviews vol. 43,6 (2022) (2) Claahsen-van der Grinten, Hedi L et al. “Congenital Adrenal Hyperplasia-Current Insights in Pathophysiology, Diagnostics, and Management.” Endocrine reviews vol. 43,1 (2022) (3) Data cut off: June 2, 2026. ULN defined as 170 nmol/24 hours. Excludes participant 9: died after two administrations (due to previously undiagnosed dilated cardiomyopathy not considered related to asedebart treatment); “End of IV titration” value represents the last observation prior to death. IV:,intravenous. UFC: urinary free cortisol. ULN: upper limit of normal. *Participant reached normal UFC values with higher doses subsequently 13 Differentiated MoA Targeting the root cause of cortisol and androgen excess across two rare endocrine indications1,2 ACTH Adrenal gland Pituitary gland Cortisol Androgen ACTH Cortisol CAH Adrenal hyperplasia leads to low cortisol and increased ACTH CD Benign pituitary micro tumors increase ACTH PoC in CD ODD secured in JP PoC in CAH ODD secured in US, JP & EU Asedebart was well tolerated Hypocortisolism was mild and transient Sub-cut administration Investigated in the ongoing part B 30 300 3000 Baseline End of IV Titration UFC (nmol/24 h; log scale) Normalization (170 nmol/24h) 7 out of 8 patients reached normalization Clear beneficial reduction in urinary free cortisol Paired UFC profile per Cushing’s Disease patient3 Individual participants * H1 2026 – 19 August 2026
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Delivered on ambition to have 5 to 6 mid/late-stage assets Delivering key milestones and strengthening future growth opportunities 14 Phase I Phase II Phase III Anti-ACTH mAb (Cushing’s Disease) Orexin program5 Daytime Hypersomnolence Lu AF289964 D1-D2 agonist (Parkinson’s disease) MAGLi program6 Neurology Bocunebart2 Anti-PACAP mAb (Migraine Prevention) Bexicaserin1 5HT2C agonist (DEE) Anti α-synuclein mAb (MSA) Amlenetug Anti-ACTH mAb (Congenital Adrenal Hyperplasia) Asedebart3 Asedebart3 CD40L Blocker (Neurology) Lu AG22515 (1) 5HT2C: 5-hydroxytryptamine receptor 2C, (2) PACAP: Pituitary adenylate cyclase activating peptide, (3) ACTH: Adrenocorticotropic hormone; (4) Dopamine receptor D1 and D2; (5) Orexin receptor type 2 (OX2R) agonist; (6) MAGLi: Monoacylglycerol lipase (“MAGlipase”) inhibitor DEE: Developmental & Epileptic Encephalopathy H1 2026 – 19 August 2026
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15 Financial results and outlook Joerg Hornstein, Chief Financial Officer H1 2026 – 19 August 2026
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Strong H1 with +16% CER revenue growth (+13% underlying) Vyepti-led growth and solid commercial execution drive strong H1 performance 16 Key takeaways Revenue and adjusted gross margin • Vyepti-led growth, supported by Rexulti, drove +13% CER underlying growth • Lower adjusted gross margin reflects the impact of commission costs associated with the partnership model as well as product and geographic mix Operating expenses • Revenue growth, cost efficiency and the partnership model lowered the S&D ratio • Higher R&D reflects accelerated pipeline investment; other expenses mainly relate to the one-off restructuring provision recognized in Q1 Adjusted EBITDA • Underlying adj. EBITDA grew +10% CER, excluding the one-time Partner Markets inventory build • Adjusted EBITDA growth was driven by strong strategic brand performance, partly offset by higher R&D and cost of sales (1) Growth at CER does not include effects from hedging. Key figures DKKm H1 2026 H1 2025 Δ (CER)¹ Δ (DKK) Revenue 13,588 12,258 16% 11% Gross margin 81.1% 82.3% Adjusted gross margin 86.7% 88.6% Sales and distribution (S&D) 3,701 3,818 2% (3%) Administrative expenses 716 713 3% 0% Research and development (R&D) 2,809 2,353 24% 19% Other operating expenses, net 141 - - - EBITDA 4,613 4,150 18% 11% EBITDA margin 33.9% 33.9% Adjusted EBITDA 4,765 4,221 19% 13% Adjusted EBITDA margin 35.1% 34.4% H1 2026 – 19 August 2026
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Strong performance drives 28% adjusted EPS growth Stronger gross profit lifts EBIT, while lower financial expenses further enhance earnings 17 Key takeaways Net profit & EPS DKKm H1 2026 H1 2025 Δ (DKK) EBIT 3,653 3,199 14% EBIT margin 26.9% 26.1% Net financials, (income)/expenses 56 554 (90%) Profit before tax 3,597 2,645 36% Income tax 791 582 36% Effective tax rate (%) 22.0% 22.0% Net profit 2,806 2,063 36% Adjusted net profit 3,673 2,860 28% EPS (DKK) 2.83 2.08 36% Adjusted EPS (DKK) 3.70 2.88 28% H1 2026 – 19 August 2026 • EBIT growth reflects improved gross profit from strong sales growth and a lower S&D ratio • Higher R&D and other operating expenses partly offset growth Operating performance (EBIT) Net financials and tax • Net financials improved, supported by favorable currency movements and lower interest costs following continued deleveraging • Effective tax rate in line with full-year expectations Adjusted EBITDA • Net profit benefited from stronger operating performance and lower financial expenses • Adjusted net profit increased, reflecting strong EBIT performance and lower financial expenses, partly offset by higher income taxes • Adjusted EPS growth in line with adjusted net profit
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Strong cash generation supports continued deleveraging Leverage reduced to 1.0x, supported by strong cash generation and continued debt repayment 18 Key takeaways Operating cash flow • Strong operating performance drove higher operating cash flow • Working capital impacted by receivables from the Partner Markets inventory build • Higher tax payments impacting cash conversion Investing and financing activities • Investing activities mainly reflect continued investment in property, plant and equipment • Financing outflows reflect continued debt repayment, partly offset by utilization of the new RCF and higher dividends Net debt and leverage • Continued debt repayment reduced net debt and leverage year-on-year Cash flow DKKm H1 2026 H1 2025 EBIT 3,653 3,199 Adjustments for non-cash items 1,132 920 Change in working capital (1,017) (855) Cash flow from operations 3,768 3,264 Other changes in operating activities (1,191) (1,003) Cash flow from operating activities 2,577 2,261 Cash flow from investing activities (261) (238) Cash flow from operating and investing activities (free cash flow) 2,316 2,023 Cash flow from financing activities (3,573) (4,005) Net cash flow for the period (1,257) (1,982) Net cash/(net debt) (7,382) (11,156) Net debt/EBITDA 1.0x 1.8x H1 2026 – 19 August 2026
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Strong H1 supports 2026 guidance Strong underlying growth with expected normalization in H2 19 Guidance FY 2026 Other relevant financial information Revenue growth (CER) Total revenue (IFRS) growth1 around 4% points lower than CER (7-9%) Adjusted EBITDA growth1 around 8% points lower than CER (8-14%) Adjusted gross margin2 around 87% R&D costs DKK 5.6bn to 5.9bn Depreciation & amortization DKK 1.8bn to 1.9bn Net financials, (income)/expenses around DKK 200m Effects from hedging around DKK (150m) Effective tax rate 20% to 24% Net cash/(net debt)3 DKK (4.0bn) to DKK (5.0bn) (1) Includes effects from hedging and exchange rate impact. (2) Adjusted gross margin is the gross margin excluding depreciation and amortization and other adjustments linked to sales. (3) Net cash/(net debt) is defined as Interest-bearing debt, cash, cash equivalents and securities, net. Adjusted EBITDA growth (CER) 7% - 9% H1 2026 – 19 August 2026 Maintained from 12 May 2026 8% - 14% Maintained from 12 May 2026
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20 Conclusion Charl van Zyl, President & Chief Executive Officer H1 2026 – 19 August 2026
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21 Strong H1: Delivering across 2026 priorities Positioned to enter our scale phase with strength in 2027 Transformative treatments 2030 – 2033 Accelerate • Pipeline delivering breakthrough products • Ongoing programmatic business development • Industry-leading neuroscience R&D GROWTH INNOVATION FUNDING 2027 – 2029 Scale • Build franchise in migraine and neuro-rare • Establish strong commercial and R&D partnerships • Operational effectiveness across all areas 2024 – 2026 Focus 2026 2H Key priorities Sustain Vyepti momentum across key markets Progress bexicaserin phase III programs toward key readouts (DeepOCEAN HLR Q4) Maintain strong financial discipline and cash generation H1 2026 – 19 August 2026
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22 Q&A H1 2026 – 19 August 2026
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23 Appendix H1 2026 – 19 August 2026
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Pipeline (1) CGRP: Calcitonin gene-related peptide, (2) Two phase III clinical trials completed, supporting registration in Japan and China, (3) PACAP: Pituitary adenylate cyclase activating peptide, (4) ACTH: Adrenocorticotropic hormone, (5) Dopamine receptor D1 and D2, (6) OX2R: Orexin receptor 2 (OX2R)-selective agonist, (7) MAGLi: Monoacylglycerol lipase (“MAGlipase”) inhibitor 24 Phase Ib Phase II Phase III Filing Eptinezumab anti-CGRP mAb1 Migraine Prevention2 Japan & China Bexicaserin 5HT2C agonist Developmental and Epileptic Encephalopathies Amlenetug anti α-synuclein mAb Multiple System Atrophy Bocunebart anti-PACAP mAb3 Migraine Prevention Asedebart anti-ACTH mAb4 Congenital Adrenal Hyperplasia (CAH) Asedebart anti-ACTH mAb4 Cushing’s Disease (CD) Lu AF28996 D1-D2 agonist5 Parkinson’s disease Lu AG22515 CD40L blocker Neurology Orexin program OX2R-agonists6 Daytime Hypersomnolence MAGLi program7 MAGli inhibitor Neurology Late DevelopmentEarly Development H1 2026 – 19 August 2026
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Expanding in migraine and headache disorders Pursuing the strongest mechanistic approaches CGRP: Calcitonin gene-related peptide; PACAP: Pituitary adenylate cyclase-activating polypeptide; VIP: Vasoactive Intestinal Peptide. 25 To improve our presence Vyepti Preventive migraine treatment and the only treatment administered in 30 min IV 4 x year Combination approaches Early exploratory migraine and headache treatments • PACAP – CGRP biology • PACAP – VIP biology Anti-PACAP Addressing a gap in migraine treatment Novel targets Exploring biological pathways H1 2026 – 19 August 2026
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Vyepti effectiveness in patients with prior aCGRP failures INFUSE study in patients with high disease burden strengthens Vyepti’s clinical profile, in a real-world setting 26 INFUSE interim data Study group composition Number of prior preventive aCGRP failures Patients achieving response after Vyepti infusions Measured as percentage of patients achieving 50% greater reduction in monthly headache days 60% 27% 13% 3 or more failures 1 failure 2 failures aCGRP failures on average (N=75) 2.7 6 months3 months 50% responder rate 0% 20% 60% 40% 35% 42% (N=43) (N=48) INFUSE interim data H1 2026 – 19 August 2026
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Anti-PACAP - a new approach to migraine treatment Adressing an urgent need with a differentiated mode of action Adapted from Mallick-Searle et al., 2020; Baun, M., et al., 2012; Schytz, H.W. et al., 2010; Odum, L. et al., 1998. Targeting PACAP • Pituitary Adenylate Cyclase Activating Peptide (PACAP) • The PACAP peptide and its receptors are expressed in areas important for migraine pathophysiology. PACAP is implicated in neurotransmission and vasodilation outside the central nervous system • Abnormal PACAP signalling is involved in pain sensation, neurogenic inflammation and provokes migraine • Anti-PACAP antibodies can prevent the devastating effects of excessive PACAP signalling Cerebral blood vessels Dura Transmission of pain Initiation of pain Perception of pain Trigeminal nucleus caudalis Anti-PACAP Lu AG09222 PACAP Receptors PACAP Trigeminal nerve Post-junction cell Mast cell Degranulation due to PACAP stimulation PACAP Receptors 1 2 3 27 H1 2026 – 19 August 2026
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PACAP clearly differentiates from CGRP There is a need for additional treatment option Ashina, M., Migraine. NEJM, 2020. 383(19), Guo et al., Cephalalgia,37 (2017); Guo et al., Cephalalgia, 37 (2) (2017); Wienholtz et al., J. Invest. Dermatol., 141 (2021); Uddman et al. Brain Res 826(2); Jansen-Olesen et al. Peptides 25, 2105–2114 (2004); Sbei et al., Sci Rep 13, 12302 (2023). CGRP: Calcitonin gene-related peptide. PACAP: Pituitary adenylate cyclase-activating polypeptide. Migraine-like headache Premonitory symptoms CGRP PACAP 63% 72% 9% 48% With the different modes of action, anti-CGRP and anti-PACAP treatments are a strong match for patients Fatigue, yawning, neck stiffness, hunger, mood swings, poor concentration, photophobia, phonophobia Different signalling pathways – Different mode of action Despite the favourable benefit-risk ratio of anti-CGRPs, about 40% of patients do not achieve adequate response Compared to CGRP, experimentally introduced PACAP migraine-like attacks are: • More delayed in nature and with a longer duration of facial flushing • Associated with more premonitory symptoms (e.g., photophobia and facial pain) 28 H1 2026 – 19 August 2026
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Bexicaserin in phase III backed by strong clinical data A differentiated, highly selective 5-HT2C agonist with a compelling efficacy and safety profile 5-HT: 5-hydroxytryptamine (serotonin) receptors; VHD: Valvular Heart Disease; PAH: Pulmonary Arterial Hypertension; SAD: Single Ascending Dose; CSF: Cerebrospinal Fluid; EEG: Electroencephalogram. 29 Greater selectivity and specificity Designed to only bind 5-HT2C receptors No detected activity at receptors associated with significant adverse events with either 5-HT2B (VHD and PAH) or 5-HT2A (psychiatric) Bexicaserin Pre-clinical evidence • Reduced seizure, epileptiform activity, duration and number of epileptiform events in fish and rodent models Phase I – Healthy volunteers • No observed food effect in SAD trial • Plasma and CSF concentration increased in a dose-dependent & consistent manner Phase II – Multiple DEE populations (PACIFIC) • Topline data communicated in Q1 2024 • Global phase III program initiated in Q4 2024 by Longboard • 12-month open-label data confirms strong and durable seizure reduction of 59.3% in countable motor seizures H1 2026 – 19 August 2026
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Strong unmet need across broad range of epilepsy indications Insufficient treatment options available for epilepsy patients with drug-resistant seizures (1) International League Against Epilepsy. DEE: Developmental and Epileptic Encephalopathies; SWAS: Spike Wave Activation in Sleep; EIEE: Early Infantile Developmental & Epileptic Encephalopathy. 30 Developmental and epileptic encephalopathies Only four with approved treatments DUP15q syndrome SCN2A-DEE SCN8A-DEE KCNQ2-DEE KCNQ3-DEE Angelman syndrome DEE-SWAS Early myoclonic encephalopathy KCNT1-DEE SynGAP1-DEE Rett syndrome EIEE PCDH19 Myoclonic-atonic epilepsy Ring14 Ring20 Others Dravet syndrome Lennox-Gastaut syndrome Tuberous sclerosis complex CDKL5 deficiency disorder Classifying epilepsy Based on type of seizure and etiology Focal Generalized Generalized & focal Unknown Acquired Syndromal Genetic Types of seizures Underlying etiologies Epilepsy populations Unmet needs remain 25% to 40% epilepsy patients with ongoing drug-resistant seizuress H1 2026 – 19 August 2026
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Majority of DEEs have no approved treatment options U.S. patient population of approximately 220,000 and half not served by licensed therapies Numbers from U.S. Dravet Syndrome Foundation and U.S. LGS Foundation.. DEE: Developmental and Epileptic Encephalopathies; TSC: Tuberous Sclerosis Complex; CDKL5: Cyclin Dependent Kinase Like 5; EMAS: Epilepsy with Myoclonic-Atonic Seizures. 31 Bexicaserin has the potential to address all DEEs Sizable opportunities across all DEEs DEEs without approved drugs Approximately 100,000 patients DEEs with approved drugs Approximately 120,000 patients Lennox-Gastaut syndrome Dravet syndrome Other DEEs Bexicaserin Pipeline in a mechanism H1 2026 – 19 August 2026
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Promising efficacy across multiple DEE sub-populations Phase II study showed best-in-class potential DEEs: Developmental and Epileptic Encephalopathies. 32 Bexicaserin reduced median countable motor seizures Median percent change from baseline in full data set (n=52) Bexicaserin Placebo Clinical evidence from DEE sub-populations Reduction in median countable motor seizures -59.8% -17.4% -70 -60 0 -20 -40 -50 -10 -30 △42.2% (p-value = 0.0538) FDA Breakthrough Therapy Designation granted in DEEs for patients ≥2 years of age 74.6% Dravet syndrome 65.5% Other DEEs 50.8% Lennox-Gastaut syndrome H1 2026 – 19 August 2026
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Bexicaserin – differentiated by design Bexicaserin harbours best-in-class treatment potential across the DEE indication space (1) Need for liver enzyme monitoring; (2) Valproate and clobazam as first-line treatment; (3) Valproate as first-line treatment; (4) Under a Risk Evaluation and Mitigation Strategies (REMS) program;; DEEs: Developmental and Epileptic Encephalopathies. 33 Dravet syndrome2 Efficacy better than cannabidiol and similar to fenfluramine Compelling safety and tolerability Lennox-Gastaut syndrome3 Efficacy similar to fenfluramine and cannabidiol Compelling safety and tolerability Other DEEs Currently no approved medication Pediatric epilepsies in DEE spectrum Few medications studies and approved for severe pediatric epilepsies Fenfluramine4Cannabidiol1 BexicaserinIndication Potential patient benefit Additional benefits • Breakthrough Therapy Designation granted by the FDA • Potential to be first approved medication in DEEs • Expected good safety and tolerability, leading to little or no drug monitoring • Low patient and health care burden when achieving no REMS or extensive monitoring H1 2026 – 19 August 2026
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Currently no approved treatment for MSA A rapidly progressing and fatal disease (1) Krismer F, Wenning GK. Nat Rev Neurol 2017;13:232–43; (2) Fanciulli A, Wenning GK. N Eng J Med 2015;372:249–63; 3. Jellinger KA. J Alzheimers Dis 2018;62:1141–79. Common symptom • Slowness of movement, tremor, or stiffness • Clumsiness or lack of coordination • Croaky, quivering voice • Fainting or light-headedness • Bladder control problems Mortality usually due to broncho- pneumonia, urosepsis, or sudden death2,3 50% of patients require walking aids within 3 years of motor symptom onset2 60% of patients require a wheelchair after 5 years and the median time before a patient is bedridden is typically 6–8 years2 The clinical course Terminal stageProbable MSAPossible MSAPremotor MSA 9630Years 34 H1 2026 – 19 August 2026
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Amlenetug – inhibiting the spread to other cells Potential first disease-modifying therapy in MSA MSA: Multiple System Atrophy; IgG1: Immunoglobulin G. Amlenetug (Lu AF82422) • Human IgG1 mAb that recognizes and binds to all major forms of extracellular α- syn and thereby prevents uptake and inhibit seeding of aggregation • An active Fc region, which may increase immune-mediated clearance of α-syn/mAb complexes through microglia mediated uptake • Developed by Lundbeck under a joint research and licensing agreement between Lundbeck and Genmab A/S The spread of aggregated α-syn is inhibited Released α-syn aggregates are bound by Lu AF82422 Microglia α-Synuclein Anti-α-syn mAb Lu AF82422 Neuron Lu AF82422 increases α-syn clearance by microglia Oligodendrocyte 1 2 3 35 H1 2026 – 19 August 2026
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Potential first disease-modifying therapy in MSA Amlenetug (Lu AF82422) – Innovative program within rare disease progressing towards phase III pivotal headline results (1) Measured on the Unified Multiple System Atrophy Rating Scale (UMSARS); (2) U.S., EU5, Canada and Japan (source: Trinity and internal estimates). MSA: Multiple System Atrophy; PD: Parkinson’s Disease. 36 Potential first-in-class antibody with superior technical profile which binds all major forms of α-synuclein and prevents aggregation Clinical proof-of-mechanism achieved and well-tolerated in healthy volunteers, MSA and PD patients Target population2 40-45,000 Regulatory path established to allow potential market entry in 2029 Progressing towards phase III pivotal headline results Q3 2027 Phase III Potential pivotal headline results • AMULET phase II showed 27% slowing of clinical progression in MSA1 with a 96.9% probability (modified UMSARS) • MASCOT phase III trial with highly innovative approach including Bayesian statistics Potential launch Q1 2029 Market potential Break-through designation U.S, Japan Orphan drug designation U.S., EU, JP Fast-track: U.S. H1 2026 – 19 August 2026
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Leading innovation on multiple fronts within neuro-rare Guided by insights from patients, payers and healthcare providers to improve clinical care in area of high unmet medical needs (1) Target indication and population: treatment of seizures associated with DEEs for patients aged >1 year with prevalence estimates for total addressable US, EU5/JPN/AUS/CAN ≈ 400-500k patients. Treatment of MSA with diagnosed prevalence estimates US/JPN/EU5/CAN ≈ 40-45k. KEE: Key External Expert; HCP: Healthcare Professional. 37 Bexicaserin Developmental and epileptic encephalopathies (DEE) Amlenetug Multiple System Atrophy (MSA) Deliver first-in-class, novel therapeutic, across all DEEs & demographics regardless of seizure type or cause Build value differentiation across established and underserved syndromes & improve both seizure and non-seizure patient outcomes Advance the epileptologist expert community agenda in operationalizing the broad DEE concept to reduce health system burden Deliver first treatment therapy/MAb Collaborate with Motor Disorder Specialists & Neuro experts to enhance MSA diagnosis and demonstrate sustained clinical and economic impact Bringing the first disease modifying treatment option Relevant for patients Important for KEEs & HCPs Meaningful for payers Redefining treatments for >450k patients worldwide1 Combined peak sales of USD >3bn H1 2026 – 19 August 2026
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Lu AG13909 – potential first-in-class neurohormonal asset Anti-ACTH (Lu AG13909) – Strong mechanistic read-outs predict promising future (1) Source: Evaluate Pharma and internal analysis, U.S. only. ACTH: Adrenocorticotropic Hormone; CAH: Congenital Adrenal Hyperplasia; CD: Cushing’s Disease; GC: Glucocorticoids. 38 Potential first-in-human/first-in-class antibody with favourable safety profile, directly targeting ACTH Strong differentiation in CD and competitive characteristics in CAH Clear diagnostic criteria and patient identification Proof-of- mechanism CAH Proof-of- concept read-outs CAH & CD Two pivotal programs CAH & CD CAH A new option for poorly controlled patients Fewer side effects than GCs A safer pharmaceutical option with compelling disease control Address mental comorbidities CD Anti-ACTH Lu AG13909 ACTH Adrenal glandPituitary gland Cortisol Androgen ACTH Cortisol Adrenal hyperplasia leads to low cortisol and increased ACTH in CAH Benign pituitary micro tumors increase ACTH in CD Market potential Potential launch 2031Inadequately treated patients1 7,400CAH+7,200CD Potential benefits Potential benefits H1 2026 – 19 August 2026
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Letting the molecule speak – CD40L blocker (Lu AG22515) Tapping into well-described and clinically validated biology CD40L: Cluster of Differentiation 40 Ligand 39 Neuroimmunology is a rapidly expanding field Targeting the CD40-CD40L interaction • Potentially involved in multiple CNS disorders • Clinically validated biology targeting innate and adaptive immunity • One of the most important receptor-ligand interactions in T-cell-dependent immune responses CD40L blocker Lu AG22515 ? Broad molecular potential • Unique mode of action • Confirmed proof of mechanism • Multiple potential indications • Strong biomarkers Let the molecule speak New therapies are commercially very successful and there are still a lot of unmet needs A tremendous growth potential Multiple Sclerosis Additional new impactful therapies needed against disease progression Neuromyelitis Optica New mAb therapies with new mechanisms; Complement C5, IL-6R, CD19 Myasthenia Gravis Building on IVIg with FcRn binders and adding two new powerful mechanism of action MAb therapies against IL6, Complement C5 Other possible indications H1 2026 – 19 August 2026 ? ? ?
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Fueling the future: Momentum building mid-stage pipeline Lu AF28996: First-in-class oral D1/D2 agonist in Parkinson´s Disease (PD) L-DOPA: Levodopa; RoA: Route of Administration. 40 Commercial edge & strategic fit“Let the molecule speak” delivering Large, underserved patient population • Targets 7–10 million patients with motor complications • Positioned ahead of invasive treatment Positioned as first-in-class oral D1/D2 agonist …and potentially best-in-class in late-stage PD Commercially competitive • Differentiated target product profile • Oral RoA offers an attractive value proposition for all stakeholders • Compelling global opportunity with attractive market potential across key markets Excellent understanding of PD pathophysiology • Dopamine neurodegeneration causes progressive motor symptoms • Current treatment associated with motor fluctuations and dyskinesia • Optimal motor control requires D1/D2 receptor stimulation Innovative oral pro-drug • Converted to D1/D2 agonist with continuous stimulation Time Lu AF28996 Metabolites Active metabolite Activity levels (rodent) Lu AF28996 Plasma levels Active metabolite L-DOPA ApomorphinePhase Ib open-label data in patients with motor fluctuations: • Impactful effect on off-time • L-DOPA sparing H1 2026 – 19 August 2026
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Lu AF28996 – addressing major unmet need in PD Lack of dopaminergic neurons lead to motor symptoms Parkinson’s disease D2R D2-Receptors L-DOPA Dopamine DAT Dopamine Transporter D1R D1-Receptors Dopaminergic basal ganglia neuron Direct D1 pathway Indirect D2 pathway Targeting the basal ganglia • Parkinson’s disease (PD) is characterized by a progressive loss of dopaminergic neurons • Under normal conditions, dopamine binds to distinct dopamine receptors (D1 and D2) in two different pathways involved in motor control • In PD, the lack of dopamine leads to reduced stimulations of both the direct and indirect pathways leading to motor symptoms Progressive loss of dopaminergic basal ganglia neurons 41 H1 2026 – 19 August 2026
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Lu AF28996 – an innovative and oral prodrug Lu AF28996 provides a new solution for patients and specialists Improved efficacy Improved tolerability Improved convenience Compared to D2 agonists (OFF-time) Compared to L-DOPA (Dyskinesia) Compared to D1/D2 Apomorphine (Pump) Broad-acting dopamine D1/D2 receptor agonist providing continuous dopaminergic activation Lu AF28996 • Active metabolite with agonistic properties towards both dopamine D1 and D2 receptors leading to activation of both the direct and indirect pathways • Oral symptomatic treatment for PD patients experiencing motor complications 42 H1 2026 – 19 August 2026
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Reported product revenue split & YoY growth1 H1 2026, DKKm Reported geographic revenue split & YoY growth1 H1 2026, DKKm Revenue overview H1 2026 Unless otherwise stated, growth rates are at CER; (1) Totals are including other revenue and excluding effect from hedging. 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 Total United States Europe International Operations Strategic brands Mature brands 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 Total Rexulti Brintellix / Trintellix Vyepti Abilify LAI franchise Mature brands United States Europe International Markets +16% +17% +20% +22% +14% +14% +6% +0% +16% +17% +0% +7% +46% 9% 43 H1 2026 – 19 August 2026
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Reported product revenue split & YoY growth1 Q2 2026, DKKm Reported geographic revenue split & YoY growth1 Q2 2026, DKKm Revenue overview Q2 2026 Unless otherwise stated, growth rates are at CER; (1) Totals are including other revenue and excluding effect from hedging. 0 2,000 4,000 6,000 8,000 Total United States Europe International Operations Strategic brands Mature brands 0 2,000 4,000 6,000 8,000 Total Rexulti Brintellix / Trintellix Vyepti Abilify LAI franchise Mature brands United States Europe International Markets +12% +14% +20% +21% +3% +7% -2% -11% +12% +12% -8% +7% +46% 1% 44 H1 2026 – 19 August 2026
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Product distribution of revenue & YoY growth DKKm H1 2026 H1 2025 Growth (CER) Growth (DKK) % of total H1 2026 revenue Q2 2026 Q2 2025 Growth (CER) Growth (DKK) % of total Q2 2026 revenue Rexulti® 3,297 3,039 17% 8% 24% 1,685 1,548 12% 9% 26% Vyepti® 2,865 2,105 46% 36% 21% 1,501 1,063 46% 41% 23% Brintellix®/Trintellix® 2,331 2,390 0% (2%) 17% 1,035 1,136 (8%) (9%) 16% Abilify LAI franchise 1,970 1,902 7% 4% 15% 937 888 7% 6% 15% Abilify Maintena® 1,595 1,695 (3%) (6%) 12% 757 778 (2%) (3%) 12% Abilify Asimtufii® / Abilify Maintena® 960 mg 375 207 86% 81% 3% 180 110 64% 63% 3% Strategic brands 10,463 9,436 17% 11% 77% 5,158 4,635 14% 11% 80% Cipralex®/Lexapro® 1,261 1,090 19% 16% 9% 509 468 8% 9% 8% Other pharmaceuticals 1,564 1,590 2% (2%) 12% 724 757 (4%) (4%) 11% Mature brands 2,825 2,680 9% 5% 21% 1,233 1,225 1% 1% 19% Other revenue 256 123 109% 108% 2% 128 73 74% 75% 2% Total revenue before hedging 13,544 12,239 16% 11% 6,519 5,933 12% 10% Effects from hedging 44 19 0% (56) 90 (1%) Total revenue 13,588 12,258 16% 11% 100% 6,463 6,023 12% 7% 100% 45 H1 2026 – 19 August 2026
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Quarterly reported revenue DKKm Comments Continued strong performance across the strategic brands reaching DKK 10.5bn in H1 2026, representing a growth of 17% (+11% DKK) H1 2026 • +22% (+13% DKK) in the United States • +14% (+14% DKK) in Europe • +0% (-4% DKK) in International Operations Q2 2026 • +21% (+17% DKK) in the United States • +7% (+7% DKK) in Europe • -11% (-12% DKK) in International Operations Strong growth momentum is expected to continue H1 reported revenue DKKm Strategic brands Unless otherwise stated, growth rates are at CER. 0 2,000 4,000 6,000 8,000 10,000 12,000 H1 2023 H1 2024 H1 2025 H1 2026 United States Europe International Operations 0 2,000 4,000 6,000 Q2.23 Q2.24 Q2.25 Q2.26 United States Europe International Operations +17% CER +14% CER 46 H1 2026 – 19 August 2026
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Quarterly reported revenue DKKm Comments • Grew by 17% (+8% DKK) and reached DKK 3.3bn in H1 2026 • Grew by 12% (+9% DKK) and reached DKK 1.7bn in Q2 2026 • In the U.S., revenue continues to benefit from continued focus on patient adherence programs and improving new-to-brand prescription trends • Performance in Europe was primarily supported by continued growth and market share expansion in Switzerland and Spain • In International Operations, performance was driven by Brazil, Canada and Australia H1 reported revenue DKKm Rexulti Unless otherwise stated, growth rates are at CER. Rexulti was approved by the FDA July 2015 and by the European Commission July 2018. 0 500 1,000 1,500 2,000 2,500 3,000 3,500 H1 2023 H1 2024 H1 2025 H1 2026 United States E&IO 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 Q2.23 Q2.24 Q2.25 Q2.26 United States E&IO +17% CER +12% CER 47 H1 2026 – 19 August 2026
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Comments • Grew by 46% (+36% DKK) and reached DKK 2.9bn in H1 2026 • Grew by 46% (+41% DKK) and reached DKK 1.5bn in Q2 2026 • Vyepti sustained its strong momentum in H1 2026, maintaining its position as the fastest-growing injectable anti-CGRP therapy in the U.S. reaching 11.6% market share in May • In Europe and International Operations, strong revenue growth was maintained across key markets such as France, Spain and Canada Quarterly reported revenue DKKm H1 reported revenue DKKm Vyepti Unless otherwise stated, growth rates are at CER. Vyepti was approved by the FDA February 2020 and by the EU Commission January 2022. 0 500 1,000 1,500 2,000 2,500 3,000 H1 2023 H1 2024 H1 2025 H1 2026 United States Europe International Operations 0 100 200 300 400 500 600 700 800 900 1,000 1,100 1,200 1,300 1,400 1,500 1,600 Q2.23 Q2.24 Q2.25 Q2.26 United States Europe International Operations +46% CER +46% CER 48 H1 2026 – 19 August 2026
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Quarterly reported revenue DKKm Comments • Remained flat at CER (-2% DKK) and reached DKK 2.3bn in H1 2026 • Declined by -8% (-9% DKK) to DKK 1bn in Q2 2026 • U.S. revenue declined -8% CER (-14% DKK) in H1 2026, reflecting the transfer of U.S. sales operations to Takeda from 1 Jan 2025 • Key European markets delivered double- digit growth in the second quarter of 2026 • Japan exceeded 13% market share during Q2 2026 • Performance remained pressured in International Operations following generic entry in Canada and volume-based procurement (VBP) in China H1 reported revenue DKKm Brintellix/Trintellix Unless otherwise stated, growth rates are at CER. Trintellix was approved by FDA September 2013, by MHLW Japan September 2019 and Brintellix by European Commission December 2013. 0 500 1,000 1,500 2,000 2,500 H1 2023 H1 2024 H1 2025 H1 2026 United States Europe International Operations 0 200 400 600 800 1,000 1,200 1,400 Q2.23 Q2.24 Q2.25 Q2.26 United States Europe International Operations 0% CER -8% CER 49 H1 2026 – 19 August 2026
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Comments • Grew 7% (+4% DKK) and reached DKK 2bn in H1 2026 • Grew 7% (+6% DKK) and reached DKK 0.9bn in Q2 2026 • The franchise delivered solid growth in H1 2026, strong uptake in total prescriptions ( TRx) for Abilify Asimtufii which grew market share in the U.S. reaching 4.5% in April 2026 • Europe performance is impacted by a provision reversal in Q1 2025; however, underlying growth remained solid, supported by continued uptake and conversion to the two-month formulation across key markets • Growth was partly impacted by Partner Market phasing, where shipments were accelerated earlier in the period compared to last year. Quarterly reported revenue DKKm H1 reported revenue DKKm Abilify LAI franchise Unless otherwise stated, growth rates are at CER. Abilify Maintena was approved by FDA and by the European Commission in February and November 2013, respectively; Abilify Asimtufii was approved by FDA in April 2023 and by EC in March 2024. LAI: Long-acting injectable. 0 500 1,000 1,500 2,000 H1 2023 H1 2024 H1 2025 H1 2026 United States Europe International Operations 0 200 400 600 800 1,000 1,200 Q2.23 Q2.24 Q2.25 Q2.26 United States Europe International Operations +7% CER +7% CER 50 H1 2026 – 19 August 2026
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Comments Abilify Maintena • Declined by -3% (-6% DKK) and reached DKK 1,595m in H1 2026 • Declined by -2% (-3% DKK) and reached DKK 757m in Q2 2026 Abilify Asimtufii/Abilify Maintena 960 mg • Grew by +86% (+81% DKK) and reached DKK 375m in H1 2026 • Grew by +64% (+63% DKK) and reached DKK 180m in Q2 2026 The franchise delivered solid growth in H1 2026, driven by strong uptake in Abilify Asimtufii total prescriptions (TRx) Quarterly reported revenue DKKm H1 reported revenue DKKm Abilify Maintena & Abilify Asimtufii Unless otherwise stated, growth rates are at CER. Abilify Maintena was approved by FDA and by the European Commission in February and November 2013, respectively; Abilify Asimtufii was approved by FDA in April 2023 and by EC in March 2024. LAI: Long-acting injectable. 0 500 1,000 1,500 2,000 H1 2023 H1 2024 H1 2025 H1 2026 Abilify Maintena Abilify Asimtufii/AM 960 mg 0 200 400 600 800 1,000 1,200 Q2.23 Q2.24 Q2.25 Q2.26 Abilify Maintena Abilify Asimtufii/AM 960 mg +7% CER +7% CER 51 H1 2026 – 19 August 2026
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Comments • Grew by +19% (+16% DKK) and reached DKK 1,261m in H1 2026, mainly driven by Partner Markets transition • Grew by +8% (+9% DKK) and reached DKK 509m in Q2 2026 • Continued resilience in key markets (incl. China), partly offset by ongoing generic pressure across regions • The patent expired in 2012 (U.S.) and in 2014 (most of E&IO)1 Quarterly reported revenue DKKm H1 reported revenue DKKm Cipralex/Lexapro Unless otherwise stated, growth rates are at CER. (1) Generic launches were seen in 2009-2010 in countries such as Australia, Brazil, Canada, Finland, Norway and Spain as a consequence of different patent extension rules at the time. 0 300 600 900 1,200 1,500 H1 2023 H1 2024 H1 2025 H1 2026 Europe International Operations 0 200 400 600 800 Q2.23 Q2.24 Q2.25 Q2.26 Europe International Operations 19% CER +8% CER 52 H1 2026 – 19 August 2026
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Comments • Grew by +2% (-2% DKK) and reached DKK 1,564m in H1 2026 • Declined by -4% (-4% DKK) to DKK 724m in Q2 2026 • Revenue was supported by strong contribution from Ebixa in China partially offset by continued erosion across markets • The largest markets for Other pharmaceuticals are the U.S., China, Mexico, France and South Korea Quarterly reported revenue DKKm H1 reported revenue DKKm Other pharmaceuticals1 (1) As of 1 January 2024, Sabril is being reported together with Other pharmaceuticals, comparative figures have been adjusted accordingly. Unless otherwise stated, growth rates are at CER. Lundbeck has only promoted Northera, Onfi, Sabril and Xenazine in the U.S. +2% CER -4% CER 53 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 H1 2023 H1 2024 H1 2025 H1 2026 Total 0 100 200 300 400 500 600 700 800 900 1,000 1,100 Q2.23 Q2.24 Q2.25 Q2.26 Total H1 2026 – 19 August 2026
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Comments • Grew by +109% (+108% DKK) and reached DKK 256m in H1 2026 • Grew by +74% (+75% DKK) and reached DKK 128m in Q2 2026 • Mostly contract manufacturing to third- party Quarterly reported revenue DKKm FY reported revenue DKKm Other revenue Unless otherwise stated, growth rates are at CER. 0 250 500 H1 2023 H1 2024 H1 2025 H1 2026 Total 0 50 100 150 200 Q2.23 Q2.24 Q2.25 Q2.26 Total +109% CER +74% CER 54 H1 2026 – 19 August 2026
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H1 2026: EBIT & Adjusted EBITDA DKKm H1 2026 H1 2025 Change (CER)1 Change (DKK) Revenue 13,588 12,258 16% 11% Gross profit 11,020 10,083 15% 9% thereof depreciation/amortization 756 778 1% (3%) Sales and distribution costs 3,701 3,818 2% (3%) thereof adjustments - 35 - - thereof depreciation/amortization 86 45 93% 91% S&D-ratio 27.2% 31.1% Administrative expenses 716 713 3% 0% thereof adjustments - 41 - - thereof depreciation/amortization 14 13 8% 8% Administrative expenses ratio 5.3% 5.8% Research and development costs 2,809 2,353 24% 19% thereof adjustments - (5) - - thereof depreciation/amortization 104 115 (3%) (10%) R&D-ratio 20.7% 19.2% Other operating expenses 141 - thereof adjustments 152 - Total operating expenses 7,367 6,884 12% 7% OPEX-ratio 54.2% 56.2% EBIT (profit from operations) 3,653 3,199 22% 14% Depreciation and amortization 960 951 5% 1% Depreciation 241 191 27% 26% Amortization 719 760 (1%) (5%) EBITDA 4,613 4,150 18% 11% EBITDA margin (%) 33.9% 33.9% Restructuring expenses 152 35 334% 334% Other adjustments - 36 - - Adjusted EBITDA 4,765 4,221 19% 13% Adjusted EBITDA margin (%) 35.1% 34.4% (1) Change at CER does not include effects from hedging. 55 H1 2026 – 19 August 2026
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Q2 2026: EBIT & Adjusted EBITDA DKKm Q2 2026 Q2 2025 Change (CER)1 Change (DKK) Revenue 6,463 6,023 12% 7% Gross profit 5,196 4,932 11% 5% thereof depreciation/amortization 382 383 1% 0% Sales and distribution costs 1,922 1,946 1% (1%) thereof adjustments - 37 - - thereof depreciation/amortization 42 22 91% 91% S&D-ratio 29.7% 32.3% Administrative expenses 361 354 3% 2% thereof adjustments - 5 - - thereof depreciation/amortization 7 7 0% 0% Administrative expenses ratio 5.6% 5.9% Research and development costs 1,426 1,091 34% 31% thereof adjustments - - - - thereof depreciation/amortization 53 53 2% 0% R&D-ratio 22.1% 18.1% Other operating expenses (11) - thereof adjustments - - Total operating expenses 3,698 3,391 11% 9% OPEX-ratio 57.2% 56.3% EBIT (profit from operations) 1,498 1,541 10% (3%) Depreciation and amortization 484 465 6% 4% Depreciation 122 96 26% 27% Amortization 362 369 0% (2%) EBITDA 1,982 2,006 9% (1%) EBITDA margin (%) 30.7% 33.3% Restructuring expenses - 37 - - Other adjustments - 5 - - Adjusted EBITDA 1,982 2,048 6% (3%) Adjusted EBITDA margin (%) 30.7% 34.0% (1) Change at CER does not include effects from hedging. 56 H1 2026 – 19 August 2026
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Q2 2026: Overall Adjusted EBITDA reconciliation DKKm Q1 2026 Q2 2026 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Profit from operations (EBIT) 2,155 1,498 1,658 1,541 1,601 475 Amortization of product rights 315 318 336 324 317 317 Depreciation and amortization 161 166 150 141 139 141 EBITDA 2,631 1,982 2,144 2,006 2,057 933 Restructuring expenses 152 - (2) 37 371 - Integration costs - - - - 20 (48) Acquisition expenses - - - - - - Impairment costs - - - - - 635 Other adjustments - - 31 5 (397) 89 Adjusted EBITDA 2,783 1,982 2,173 2,048 2,051 1,609 57 H1 2026 – 19 August 2026
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YTD and FY figures: Revenue & Adjusted EBITDA at CER (1) Total revenue at CER for the period divided by Total revenue (IFRS) before hedging for the comparative period (2) Adjusted EBITDA at CER for the period divided by Adjusted EBITDA before hedging for the comparative period. DKKm H1 2026 FY 2025 Adjusted EBITDA 4,765 7,881 Effects from hedging 44 279 Adjusted EBITDA before hedging 4,721 7,602 Effects from exchange rate (300) (300) Adjusted EBITDA at CER 5,021 7,902 Increase/(Decrease) in Adjusted EBITDA 13% 24% Increase/(Decrease) in Adjusted EBITDA at CER2 19% 24% DKKm H1 2026 FY 2025 Total revenue (IFRS) 13,588 24,630 Effects from hedging 44 279 Total revenue (IFRS) before hedging 13,544 24,351 Effects from exchange rate (700) (671) Total revenue at CER 14,244 25,022 Increase/(Decrease) in Total revenue 11% 12% Increase/(Decrease) in Total revenue at CER1 16% 13% 58 H1 2026 – 19 August 2026
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Comments • ~79% of sales in non-EUR currencies • USD directly represents ~55% of sales in H1 2026 • Three main currencies make up ~70% of net exposure (in revenue) • In Q2 2026 effects from hedging reached a loss of DKK 56m vs DKK 90m gain in 2025 Q2. Main currencies2 29 December 2023 = index 100 Sales by currency H1 2026 Increased volatility in main currencies (1) Other includes JPY, AUD and other currencies. Excluding effects from hedging; (2) Source: NASDAQ IR Insight – data until 30 June 2026; (3) Lundbeck internal bookkeeping rates. 5% 16% 21% 55% 3% CAD CNY Other1 EUR USD 85 90 95 100 105 110 Jan. 2024 Jul. 2024 Jan. 2025 Jul. 2025 Jan. 2026 USD/DKK CAD/DKK CNY/DKK Spot June. 30, 2026 Hedge rate YTD 2026 Avg. rate3 H1 2026 Avg. rate3 H1 2025 Avg. rate3 FY 2025 USD 6.5603 6.5387 6.3754 6.9271 6.6766 CAD 4.6080 4.7811 4.6479 4.8709 4.7520 CNY 0.9668 0.9251 0.9263 0.9541 0.9275 59 H1 2026 – 19 August 2026
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Comments • Increase in assets mainly driven by FX translation effects on intangible assets, standard price increases affecting Xenazine inventory values, and commercial/timing effects in receivables • Increase in equity and liabilities reflects higher trade payables due to Xenazine variable price adjustments and higher other payables due to medicine taxes and hedge losses, partially offset by continued deleveraging of Longboard-related Revolving Credit Facility • ROIC increased from 11.3% (H1 2025) to 11.8% (H1 2026) • Net debt/EBITDA reduced to 1.0x Equity and Liabilities DKKbn Assets DKKbn Lundbeck is well-positioned through its strong balance sheet Q4 2025 H1 2026 Inventories Receivables Cash and bank balances Other non-current assets Intangible assets 52.1 52.7 Q4 2025 H1 2026 Current liabilities Bank and bond debt Other non-current liabilities Equity 52.1 52.7 60 H1 2026 – 19 August 2026
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Dividend, DKK • Dividend pay-out of DKK 1.15 per share for 2025, corresponding to a pay-out ratio of ~36%1 • A total of DKK 1,145 million and a yield of 2.7%2 • Dividend policy: Pay-out ratio of 30-60% from 2019 Financial position and dividend Financial position DKKm (1) The proposed dividends correspond to approximately 36% of the net profit and 30% of net profit adjusted for the impairment loss of the planned divestment of a non-core production site in Italy; (2) Based on the 2025 year-end B-share price of 43.16 30.06.2026 31.12.2025 Intangible assets 36,024 35,780 Other non-current assets 3,873 3,491 Current assets 12,807 12,783 Assets 52,704 52,054 Equity 26,865 24,903 Non-current liabilities 16,467 18,298 Current liabilities 9,372 8,853 Equity and liabilities 52,704 52,054 Interest-bearing debt, cash and cash equivalents, net, end of period (9,578) (8,379) 0% 1% 2% 3% 4% 5% 0 1 2 3 Dividend Yield DKK (%) 61 H1 2026 – 19 August 2026
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H1 2026: Cash generation DKKm H1 2026 H1 2025 Cash flows from operating activities 2,577 2,261 Cash flows from investing activities (261) (238) Cash flows from operating and investing activities (free cash flow) 2,316 2,023 Cash flows from financing activities (3,573) (4,005) Net cash flow for the period (1,257) (1,982) Cash, cash equivalent and securities, end of period 2,196 2,647 Interest-bearing debt (9,578) (13,803) Net cash/(net debt) (7,382) (11,156) 62 H1 2026 – 19 August 2026
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Q2 2026: Cash generation DKKm Q2 2026 Q2 2025 Cash flows from operating activities 1,978 1,629 Cash flows from investing activities (145) (127) Cash flows from operating and investing activities (free cash flow) 1,833 1,502 Cash flows from financing activities (1,598) (1,525) Net cash flow for the period 235 (23) Cash, cash equivalent and securities, end of period 2,196 2,647 Interest-bearing debt (9,578) (13,803) Net cash/(net debt) (7,382) (11,156) 63 H1 2026 – 19 August 2026
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Comments • H1 2026: Cash flow negatively impacted by • Dividend amounting to DKK 1,145m • CAPEX investments • Repayments of the RCF used for the acquisition of Longboard of EUR 500m partially offset by utilization of EUR 200m under new RCF • Financial position: Net debt reached DKK 7,382m in H1 2026 and Net debt/EBITDA 1.0x (vs 1.8x at H1 2025) Strong cash flow leading to continuous deleveraging RCF repayments and disciplined cash management strengthened the balance sheet despite higher dividend and CAPEX RCF: Revolving Credit Facility Net cash/(net debt) Net debt/EBITDA Net cash, Net debt and Net debt/EBITDA DKKm 64 711 -9 -8 -7 -6 -5 -4 -3 -2 -1 0 1 2 3 -15,000 -10,000 -5,000 0 5,000 2020 2021 2022 2023 2024 2025 H1 2026 -4,106 -3,189 -2,183 -12,182 -8,379 -7,382 Net debt/EBITDA Net debt Net cash H1 2026 – 19 August 2026
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For more information, please contact Investor Relations (1) Annual Report 2025 For additional company information, please visit Lundbeck at: www.lundbeck.com Jens Høyer Vice President, Head of Investor Relations Mobile: +45 3083 4501 JSHR@lundbeck.com Christian Raadmand Jensen Senior Director, Investor Relations Mobile: +45 3083 3704 CRJS@lundbeck.com Listed on the Copenhagen Stock Exchange since 18 June 1999 Number of A-shares 199,148,222 Number of B-shares 796,592,888 Total 995,741,110 Treasury A shares 127,465 Treasury B shares 5,438,243 Total treasury shares 5,565,708 (0.56%) Insider holdings1 965,691 (0.10%) Classes of shares 2 Restrictions None ISIN code DK0061804697 (A) DK0061804770 (B) Tickers HLUNa / HLUNb (Reuters), HLUNA DC / HLUNB DC (Bloomberg) Q3 2026 | 11 November 2026 Q4 2026 | 10 February 2027 IR contacts Financial calendar 65 H1 2026 – 19 August 2026