Key highlights
Lundbeck's total revenue grew by +14% CER[1] (+11% DKK) to DKK 22,004 million in 2024, with all regions contributing to growth
- United States: DKK 11,325 million (+16% CER; +15% DKK)
- Europe: DKK 5,146 million (+13% CER; +11% DKK)
- International Operations: DKK 5,219 million (+10% CER; +5% DKK)
The revenue of Lundbeck's strategic brands increased by +21% CER (+20% DKK), reaching DKK 16,462 million, representing 75% of total revenue and with all four products showing double-digit growth rates both CER and reported
- Rexulti®: DKK 5,202 million (+16% CER; +15% DKK)
- Brintellix®/Trintellix®: DKK 4,847 million (+14% CER; +12% DKK)
- Abilify LAI franchise[2]: DKK 3,504 million (+10% CER; +10% DKK)
- Vyepti®: DKK 2,909 million (+72% CER; +71% DKK)
Adjusted EBITDA[3] increased to DKK 6,347 million (+20% CER; +12% DKK) reflecting the strong revenue growth across all strategic brands. Adjusted EBITDA margin (DKK) reached 28.8% equivalent to an increase of 0.4 percentage points benefiting from the revenue growth offset by increased R&D investments in the maturing pipeline. EBITDA decreased to DKK 5,146 million (+7% CER; -1% DKK), impacted by the transaction and integration costs amounting to DKK 420 million of Longboard as well as an impairment loss of DKK 547 million from one of the MAGLi projects affecting R&D costs, while 2023 included a Vyepti® obsolescence provision.
For 2025, revenue growth is expected to be +7% to +10% at CER when compared to revenue of the prior year. The growth reflects especially the strong contribution from Vyepti, Rexulti in the U.S. and Brintellix in Europe. Lundbeck expects adjusted EBITDA growth to be 5% to 11% at CER when compared to adjusted EBITDA of the prior year, driven by the growth in revenue, partially offset by higher R&D investments. The significant increase in R&D costs driven by the phase III investment for bexicaserin and the further maturing of Lundbeck's R&D pipeline are fully absorbed by disciplined capital reallocation initiatives.
In line with our dividend policy, it is proposed to pay-out a dividend of DKK 0.95 per share or DKK 946 million which is an increase of +36% compared to 2023.
Lundbeck's President and CEO, Charl van Zyl said:
"I am very pleased to present a strong performance for 2024, with record revenue driven by accelerated growth in all strategic brands and with a strong outlook into 2025. Combined with disciplined capital reallocation, the growth in strategic brands is fueling additional investments in our pipeline, where we now expect to have four projects in phase III by 2026, including the potential best-in-class asset, bexicaserin, acquired through the completion of the Longboard transaction during the fourth quarter of 2024. We are strongly positioned to continue executing on our Focused Innovator strategy and delivering long-term growth".
Key figures
| DKK million | FY 2024 | FY 2023 | Change (CER)1 | Change(DKK) | Q4 2024 | Q4 2023 | Change (CER)1 | Change(DKK) |
| Revenue | 22,004 | 19,912 | 14% | 11% | 5,541 | 4,978 | 16% | 11% |
| EBITDA | 5,146 | 5,207 | 7% | (1%) | 651 | 744 | 12% | (13%) |
| Adjusted EBITDA | 6,347 | 5,652 | 20% | 12% | 1,151 | 793 | 75% | 45% |
| EPS (DKK) | 3.17 | 2.31 | 37% | 0.60 | 0.14 | 329% | ||
| Adjusted EPS (DKK) | 5.31 | 4.22 | 26% | 1.36 | 0.58 | 134% |
Recent events
On 30 January 2025, Lundbeck announced positive results from the 12-month open-label extension of the Phase 1b/2a PACIFIC trial, evaluating bexicaserin in participants aged 12-65 with Developmental and Epileptic Encephalopathies (DEEs). Bexicaserin achieved an overall median seizure reduction of 59.3 percent in countable motor seizures over a 12-month open-label extension (OLE) treatment period. The treatment with bexicaserin demonstrated favorable safety and tolerability, with majority of participants completing the full 12-months OLE period.
On 9 January 2025, Lundbeck announced that the U.S. Food and Drug Administration (FDA) plans to host a Psychopharmacologic Drugs Advisory Committee (PDAC) meeting to seek input on issues related to the Supplemental New Drug Application (sNDA) for brexpiprazole in combination with sertraline for the treatment of adults with post-traumatic stress disorder (PTSD). The FDA's decision to host a PDAC meeting does not reflect a final decision on the approvability. A final date for the meeting has yet to be set by the FDA, but it is currently anticipated to occur during the first half of 2025. This decision means that the FDA anticipates missing the Prescription Drug User Fee Act (PDUFA) target action date of 8 February 2025.
Lundbeck presented scientific data in multiple poster presentations showcasing the potential of bexicaserin in Developmental and Epileptic Encephalopathies (DEEs) at the American Epilepsy Society (AES) Annual Meeting in Los Angeles, U.S. as announced on 5 December 2024.
On 3 December 2024, Lundbeck announced positive results from the RESOLUTION trial. This trial randomized 608 patients with a dual diagnosis of chronic migraine (CM) and medication-overuse headache (MOH) to receive an infusion of either Vyepti 100 mg or placebo. The RESOLUTION trial evaluated the efficacy of Vyepti® versus placebo as add-on to a brief educational intervention for the prevention of migraine.
On 2 December 2024, Lundbeck announced the successful completion of the previously announced transaction to acquire all of the outstanding shares of Longboard Pharmaceuticals, Inc. (Longboard). With the completion of the acquisition, Longboard shares have ceased trading on the NASDAQ Global Market and Longboard is now a wholly owned subsidiary of Lundbeck. The acquisition of Longboard marks a strategic milestone for Lundbeck, enhancing and complementing our Focused Innovator strategy and advancing our goal of building a neuro-rare disease franchise.
On 27 November 2024, Lundbeck announced the advancement of the clinical development of amlenetug (Lu AF82422) for the treatment of Multiple System Atrophy (MSA) with the initiation of MASCOT, a randomized, double-blind, phase III trial. The trial builds on the encouraging results of the AMULET phase II trial showing consistent trend towards amlenetug slowing clinical progression in MSA patients despite the primary endpoint not meeting statistical significance and follows discussions with health authorities.
Conference call
Today at 12.00 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.
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[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 4.1 Adjusted EBITDA.
H. Lundbeck A/S
Ottiliavej 9, 2500 Valby, Denmark
+45 3630 1311
info@lundbeck.com
