Strong growth from Vyepti[®] and focused commercial execution drive total revenue growth of +16% CER (+13% CER underlying) in H1 2026
Key highlights
Lundbeck’s total revenue grew by +16% CER[1] (+11% DKK) to DKK 13,588 million in the first six months of 2026, with the U.S. and Europe delivering double-digit growth. The performance reflected continued strong commercial momentum, driven by Vyepti® and Rexulti®, and was further shaped by the transition to a partnership model in 27 markets[2], which is progressing according to plan. Adjusting for the planned one-time DKK 470 million inventory build in these markets, which occurred in the first quarter of 2026, total underlying revenue grew by +13% CER
- United States: DKK 7,227 million (+20% CER; +11% DKK)
- Europe: DKK 3,269 million (+14% CER; +14% DKK; underlying +4% CER)
- International Operations: DKK 2,792 million (+6% CER; +2% DKK; underlying -1% CER)
Revenue from Lundbeck’s strategic brands increased by +17% CER (+11% DKK), reaching DKK 10,463 million, representing 77% of total revenue
- Rexulti®: DKK 3,297 million (+17% CER; +8% DKK; underlying +16% CER)
- Vyepti®: DKK 2,865 million (+46% CER; +36% DKK; underlying +46% CER)
- Brintellix®/Trintellix®: DKK 2,331 million (+0% CER; -2% DKK; underlying -5% CER)
- Abilify LAI franchise[3]: DKK 1,970 million (+7% CER; +4% DKK; underlying +4% CER)
EBITDA increased to DKK 4,613 million, up +18% CER (+11% DKK), while adjusted EBITDA reached DKK 4,765 million, up +19% CER (+13% DKK). EBITDA growth includes the one-time gross profit impact recognized in the first quarter of 2026 from the inventory build, supporting the transition to a partnership model and future market operations. Excluding this, EBITDA increased to DKK 4,199 million, up +8% CER (+1% DKK), while adjusted EBITDA increased to DKK 4,351 million, up +10% CER (+3% DKK). The strong performance was mainly driven by Vyepti® and Rexulti®, supported by focused commercial execution. This was partially offset by higher cost of sales and higher R&D costs driven by advancing key pipeline assets. In the second quarter of 2026, adjusted EBITDA grew +6% CER, reflecting the normalization of cost phasing as R&D investment accelerated and the Q1 inventory build was a one-time effect.
EPS reached DKK 2.83, increasing by +36% DKK, and adjusted EPS reached DKK 3.70, increasing by +28% DKK, reflecting the strong EBIT performance and lower financial expenses.
Lundbeck President and CEO, Charl van Zyl said:
"We delivered strong commercial performance in the first half of 2026, with revenue growing 16% CER, driven primarily by continued momentum for Vyepti®. Our pipeline continues to advance meaningfully, including the completion of enrollment in the DEEp OCEAN trial of bexicaserin. With a strong balance sheet and clear strategic momentum, we are entering the next phase of our strategy with confidence."
Key figures
| DKK million | H1 2026 | H1 2025 | Change (CER)1 |
Change(DKK) | Q2 2026 | Q2 2025 | Change (CER)1 |
Change(DKK) |
| Revenue | 13,588 | 12,258 | 16% | 11% | 6,463 | 6,023 | 12% | 7% |
| EBITDA | 4,613 | 4,150 | 18% | 11% | 1,982 | 2,006 | 9% | (1%) |
| Adjusted EBITDA | 4,765 | 4,221 | 19% | 13% | 1,982 | 2,048 | 6% | (3%) |
| EPS (DKK)4 | 2.83 | 2.08 | 36% | 1.16 | 0.95 | 22% | ||
| Adjusted EPS (DKK) | 3.70 | 2.88 | 28% | 1.54 | 1.35 | 14% |
Recent events
On 23 July 2026, Lundbeck announced that the U.S. Food and Drug Administration (FDA) has granted Fast Track designation to Lu AH69593, its lead oral orexin 2 receptor agonist and one of several investigational compounds in its development portfolio for sleep-wake disorders. Discovered by Lundbeck, Lu AH69593 is currently in phase Ib development for the treatment of narcolepsy.
On 20 July 2026, Lundbeck announced that the last patient has been randomized in DEEp OCEAN (NCT06719141), a global phase III clinical trial evaluating the efficacy, safety and tolerability of bexicaserin for the treatment of seizures in children and adults living with developmental and epileptic encephalopathies (DEEs).
On 24 June 2026, Lundbeck announced that Tarek Samad has been appointed Executive Vice President and Head of Research & Development (R&D) and will join the Executive Leadership Team (ELT) effective 1 September 2026. Tarek Samad succeeds Johan Luthman, who has informed the Board of Directors and ELT of his decision to retire after seven years with Lundbeck.
On 24 June 2026, Lundbeck announced that new migraine clinical data were to be presented at the European Academy of Neurology (EAN) Congress 2026, held from 27–30 June in Geneva, Switzerland. The presentations included new analyses of eptinezumab data, exploring outcomes that reflect the broader burden of chronic migraine beyond migraine frequency alone. Lundbeck also presented phase IIb PROCEED primary data for bocunebart, an investigational treatment targeting pituitary adenylate cyclase-activating polypeptide (PACAP), which is in development for migraine prevention.
On 14 June 2026, Lundbeck announced preliminary phase II Part A data from its ongoing study evaluating asedebart, an anti-adrenocorticotropic hormone (ACTH) monoclonal antibody, in adults with Cushing’s disease (CD). The data were presented orally at the 2026 Endocrine Society’s Annual Meeting (ENDO), held from 13–16 June in Chicago, U.S., and showed urinary free cortisol normalization in 7 out of 8 evaluable patients following individualized intravenous (IV) dose titration of asedebart.
On 4 June 2026, Lundbeck announced the first presentation of primary data from the phase IIb PROCEED trial evaluating bocunebart, an investigational monoclonal antibody targeting pituitary adenylate cyclase-activating polypeptide (PACAP). The data presented at the American Headache Society Congress in Orlando, Florida, U.S. (4–7 June) support the potential of bocunebart as a preventive treatment in patients with one to four prior preventive migraine treatment failures, with particularly notable treatment effect in those with chronic migraine.
On 3 June 2026, Lundbeck and Cradle, a leading AI platform for protein engineering, announced a partnership to help Lundbeck discover and optimize biotherapeutics that ultimately can improve patient outcomes.
On 26 May 2026, Lundbeck announced that the Ministry of Food and Drug Safety (MFDS) of South Korea has granted marketing authorization for eptinezumab for use in adults with migraine.
On 18 May 2026, Lundbeck announced that orphan drug designation (ODD) has been granted in Japan by the Ministry of Health, Labour and Welfare (MHLW) for asedebart for the treatment of patients with congenital adrenal hyperplasia (CAH) and Cushing’s disease (CD).
Conference call
Today at 13.00 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.
[1] Change at CER (Constant Exchange Rates) excludes the effect of hedging Lundbeck's foreign currency exposure.
[2] For further details, see our announcement Lundbeck sharpens commercial focus in line with strategy, initiates partnering in 27 markets by end-2025 on 9 September 2025.
[3] Abilify long-acting injectable (LAI) franchise comprises the following products: Abilify Maintena®, Abilify Maintena® 960 mg, and Abilify Asimtufii®.
4 Comparatives were restated to reflect the final purchase-price allocation for the Longboard business combination, for details see note 4.1 Basis of preparation.
H. Lundbeck A/S
Ottiliavej 9, 2500 Valby, Denmark
+45 3630 1311
info@lundbeck.com