H. Lundbeck (LUN) AGM 2026 summary

Opening remarks and agenda

• The meeting was opened with a welcome, highlighting hybrid attendance options and simultaneous interpretation for inclusivity.

• Chair of the Board welcomed attendees and outlined the agenda, including financial review, board elections, remuneration, shareholder proposals, and other business.

• The agenda included reports on company activities, annual report adoption, profit appropriation, remuneration, board elections, auditor appointment, shareholder and board proposals, and other business.

• Confirmation was given that the AGM was lawfully convened, with 86% of share capital and almost 87% of votes represented.

Financial performance review

• Record revenues were achieved for the fourth consecutive year, with 2025 revenues reaching DKK 24,630 million, up 13% at constant exchange rates.

• Adjusted EBITDA increased by 24% to over DKK 7.8 billion, with a margin of 32%; EBITDA up 38%.

• Strategic products and brands, including Vyepti and Rexulti, grew by 19% at constant exchange rates, driving double-digit growth and making up 77% of total revenues.

• Strong cash flow from operations (DKK 5.5 billion) enabled rapid deleveraging, reducing net leverage to 1.2x.

• Share price rose 4.5% in 2025, outperforming the OMXC25 index, but declined 9.9% YTD 2026 amid geopolitical headwinds.

Board and executive committee updates

• The Board consists of seven re-elected members and one new member, Rita Balice-Gordon, who brings deep neuroscience and rare disease expertise.

• The executive leadership team, in place since August 2024, includes a newly appointed Chief AI Officer to accelerate digital transformation.

• Employee-elected board members were thanked for their service, with most re-elected and a new member introduced.