H. Lundbeck (LUN) Q2 2025 earnings summary

Executive summary

• Strategic brands delivered 21% growth in H1 2025, now constituting 77% of total sales, with strong momentum across key assets and geographies, especially Vyepti (+56% CER) and Rexulti (+28% CER).

• Revenue increased 15% year-over-year to DKK 12.3 billion, with adjusted EBITDA up 24% to DKK 4,221 million and margin expanding to 34.4%.

• Net profit rose 19% to DKK 2,118 million, and EPS increased 20% to DKK 2.14.

• Upgraded full-year 2025 guidance for revenue growth to 11–13% and adjusted EBITDA growth to 16–21%, reflecting robust operational execution and strong demand for Vyepti and Rexulti.

• Focused Innovator strategy validated by pipeline progress, disciplined capital allocation, and significant R&D investment, including late-stage assets and new orphan drug designations.

Financial highlights

• Revenue reached DKK 12,258–12,300 million, up 14–15% at constant exchange rates compared to H1 2024.

• Adjusted EBITDA grew 24% to DKK 4,221 million; margin expanded to 34.4%.

• EBIT increased 43% to DKK 3,269 million; net profit rose 19% to DKK 2,118 million.

• Adjusted net profit and EPS up 9% to DKK 2,860 million and DKK 2.88, respectively.

• Net debt/EBITDA increased to 1.8x, mainly due to the Longboard acquisition.

Outlook and guidance

• Full-year 2025 revenue growth guidance raised to 11–13% (from 8–11%).

• Adjusted EBITDA growth guidance increased to 16–21% (from 8–14%), with margin above 30%.

• R&D spend for 2025 expected around DKK 5 billion, with a long-term corridor of 20–25% of sales.

• Capital reallocation program ambition raised to DKK 1.3–1.5 billion by 2027.

• Guidance assumes stable macroeconomic and currency conditions, excluding major new business development or legal outcomes.