H. Lundbeck (LUN) Jefferies Global Healthcare Conference summary

Strategic Focus and Company Evolution

• Emphasis on focused innovation in neuroscience, targeting sustainable long-term growth and transformation over the next decade.

• Strengthened leadership, disciplined capital allocation, and capital reallocation programs underpin future success and operational efficiency.

• Commercial focus sharpened on neuro-specialty and neuro-rare markets, covering 80% of market potential in key regions and simplifying the operating model to 12 key markets with partnerships in 27 others.

• Strategy centers on growth, innovation, and funding as core pillars, with readiness for upcoming loss of exclusivity events.

• Strategic capital reallocation targets DKK 1.3-1.5bn by 2027, freeing resources for innovation and growth.

Financial and Operational Performance

• Total revenue up 14% and strategic brands up 20% in the first nine months of 2025, with strategic brands now representing 74% of revenue.

• VYEPTI and REXULTI are primary growth drivers, with VYEPTI up 57% and REXULTI up 26%.

• Upgraded full-year and FY 2025 guidance to 13%-14% revenue growth and 22%-25% adjusted EBITDA.

• R&D investment to increase to 20-25% of revenue, with improved S&D cost ratio to 30-35%.

• Mid-single-digit revenue CAGR and over 30% adjusted EBITDA margin targeted through 2027.

Pipeline and Innovation

• Five to six mid- to late-stage pipeline assets expected by end of next year or by 2026, with a balanced pipeline across phases I–III.

• Bexicaserin in phase III for rare epilepsies, with $1.5–$2 billion peak sales potential.

• Key pipeline assets include anti-PACAP, D1/D2 agonist, CD40 ligand blocker, anti-ACTH, and Amlenetug (MSA), targeting large market opportunities.

• Acquisitions and partnerships complement internal innovation to expand the pipeline.

• Aim to launch a new product every 4–5 years, with clinically validated biology.