Focused innovation driving sustainable growth

The 43rd Annual J.P. Morgan Healthcare Conference - January 13, 2025

Martha

Living with depression and ADHD

Creating value in growing neuroscience market

Well-positioned to secure future success

Neuroscience market growth 8% CAGR expected 2022-20281

Neuroscience in top 3 for new

drug approvals U.S. and EU2

Rapidly evolving science and technologies fuel innovation

Multiple new drug modalities expanding treatment opportunities

Our Focused Innovator strategy

Growth

Secure mid-term growth

Innovation

Lead with focused innovation

Funding

Deliver sustainable Innovation

Disciplined capital allocation

  1. Evaluate Pharma, CAGR forecast 2022-2028 (only captures CNS); (2) Nature Reviews Drug Discovery, 2023.
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Leveraging our neuroscience knowledge and competences

Eight out of nine pipeline programs are in neuro-specialty and neuro-rare

Our three selected strategic focus areas

Grow

Expand

Build

our psychiatry

neuro-specialty

neuro-rare

core

position

franchise

Focused innovation

Aiming for

4 assets

in phase III in 2026

Well-positioned

to launch

>2 impactful products from the pipeline

by 2029

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Delivering on our Focused Innovator strategy

Building pipeline for sustainable long-term growth

Growth

Innovation

Funding

Strong operational momentum

Targeted commercial focus

Strategic brands +21% in 9M 2024

Successful launch of Rexulti AADAD in the U.S.

Vyepti +76%, Brintellix/Trintellix +14%, Rexulti +16%

Exceptional Vyepti growth in key markets

Scale neuro-specialty position

Build neuro-rare franchise

Vyepti geographic expansion (positive phase III SUNRISE HLR)

Bexicaserin phase III initiated in DEEs

Anti-PACAP phase IIb initiated in migraine prevention

Amlenetug phase III initiated in MSA

Anti-ACTH phase Ib initiated in CD and CAH

Disciplined capital reallocation of DKK +1bn by 2027

Bexicaserin deal enabled by strong cashflow

Mid-term R&D corridor 20-25% Adj. EBITDA >30%

Focused global commercial models

All growth rates at CER; AADAD: Agitation Associated with Dementia in Alzheimer's Disease; PTSD: Post-Traumatic Stress Disorder; E&IO: Europe & International Operations; HLR: Headline results; PACAP: Pituitary Adenylate Cyclase-Activating Peptide;

DEEs: Developmental and Epileptic Encephalopathies; MSA: Multiple System Atrophy; ACTH: Adrenocorticotropic Hormone; CD: Cushing's Disease; CAH: Congenital Adrenal Hyperplasia. Vyepti (eptinezumab-jjmr), Brintellix/Trintellix (vortioxetine), and Rexulti (brexpiprazole). Two phase Ib trials are currently ongoing in Congenital Adrenal Hyperplasia and Cushing's Disease. For technical reasons, the latter has been officially categorized as a Phase II trial to adhere to local requirements in Georgia. Bexicaserin, Amlenetug, Anti-PACAP, and Anti-ACTH are investigational compounds that have not been assessed nor approved by the US FDA. Brexpiprazole is not approved by the U.S. FDA for treatment of Post-Traumatic Stress Disorder.

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Strong growth driven by four strategic brands

Growth

Innovation

Ambition to be leader in neuroscience underpinned by 75% revenue contribution of strategic brands

Funding

Current commercial value drivers1

DKK 3.8bn

DKK 2.1bn

+16%

+76%

DKK 3.6bn

DKK 2.6bn

+14%

+10%

Mid-term strategic growth ambition

Rexulti

Mid-teen-digit CAGR into 2027

with potential upside from PTSD2

Vyepti

Expect to triple sales by end 2027

Abilify LAI

Abilify 2-month treatment2 partially

offsets generic erosion for

franchise

Abilify Maintena vials

Brintellix /

Mid-single-digit CAGR until 2027 in Europe,

Trintellix

expected LOE impact in Canada, U.S.

  1. 9M 2024 sales. All growth rates at CER. (2) Pending FDA approval. Brexpiprazole is not approved by the US FDA for treatment of Post-Traumatic Stress Disorder. (2) Abilify Asimtufii in the U.S., Abilify Maintena 960mg in EU & International Operations. PTSD: Post-Traumatic Stress Disorder; LAI: Long-Acting Injectable.

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Leveraging Vyepti and Rexulti growth opportunities

Growth

Innovation

New geographical areas and indications provide potential for additional commercial expansion

Funding

SUNRISE study supports significant

Successful AADAD launch drives

potential in Asia following approval

increased sales momentum across U.S. market

• Exceptional strong uptake of Vyepti in the U.S.

Strengthened overall product profile

• Forms the backbone of our neuro-specialty franchise

PTSD sNDA: FDA to host an Advisory Committee, expected H1 2025

Vyepti vials volume uptake since launch1

4-week average Number of vials

2020

2021

2022

2023

2024

2025

Total TRx

140.000

120.000

100.000

80.000

60.000

40.000

20.000

0

Rexulti monthly claims volume by indication2

30.000

24.000

+425% growth

18.000

TRx

AADAD

since FDA approval

12.000

Total TRx (left-hand scale)

6.000

AADAD TRx (right-hand scale)

0

Apr-23

Oct-23

Apr-24

Oct-24

  1. Wholesale data, the latest month available is December 20, 2024. (2) IQVIA source of business indication level data in the U.S. through month ending October 2024. AADAD market share in the antipsychotic market. Brexpiprazole is not approved by the U.S. FDA for treatment of Post-Traumatic Stress Disorder. Usage of Rexulti for AADAD prior to FDA-approval was not promoted by Lundbeck or Otsuka.

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Focused Innovator built on disciplined R&D investments

Growth

Innovation

Strong competencies and new technologies combined with focused progression of innovative programs

Funding

Where we play

Grow

our psychiatry core

Expand neuro-specialty position

Build

neuro-rare franchise

How we play

Let the

Let the

Let the

biology

molecule

patient

speak

speak

speak

Unmet

needs

R&D organization

(executional excellence)

Breakthrough pipeline potential

through rigorous development process

One organization

Early de-risking from

Fast late development

focusing on

an adequate number of

guided by patients for

promising biology

phase I programs

impactful labels

Innovative

Bringing promising

discovery research

projects quickly forward

Biotherapeutics, CLiPPr,

to early clinical PoC

BBB shuttle etc.

Transformative

treatments

  1. Blood Brain Barrier; CLiPPr: Click Probe Profiling.
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Transformed pipeline accelerating long-term growth

Growth

Innovation

Strong momentum with focus on new target biologies and drug modalities

Funding

Phase I

Phase II

2020 onwards

2023-2024

Rebuilding momentum

+2

Two first-in-class

through innovative early

proof-of-concepts

development programs …

achieved

Amlenetug

Anti-PACAP

… with a high bar for progression

Phase III

2026

Aiming

+4 for four assets in phase III

Amlenetug

Anti-PACAP

Anti-ACTH

Bexicaserin

Innovative trial designs targeting indications with high unmet medical needs

PACAP: Pituitary Adenylate Cyclase-Activating Peptide; ACTH: Adrenocorticotropic Hormone. Bexicaserin, Amlenetug, Anti-PACAP, and Anti-ACTH are investigational compounds not available on the market and they have not been assessed nor approved by the U.S. FDA.

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Bexicaserin - A scientifically de-risked asset in phase III

Growth

Innovation

A late-stage asset in attractive neuro-rare space supporting long-term sustainable growth ambitions

Funding

Bexicaserin

Mode of action

Selective 5-HT2C agonist

Indication

DEEs

Clinical phase

Phase III initiated Q4 2024

Backed by phase II clinical data

  • Broad potential across DEEs
  • Differentiated molecule with validated mode of action
  • Encouraging efficacy and tolerability profile
  • Low drug-drug interaction potential

USD ~1.5-2bn

Estimated peak sales1

Expected launch Q4 2028

A comprehensiveIncludeglobale.gphase. III program in DEEs

Phase 3 design

• Evaluate the efficacy, safety and tolerability of bexicaserin Derisking

in DEEs as assessed by countable motor seizures Do not include OLE…

  • Participants from 2 years of age and older
  • Around 100 sites including U.S., Europe, Australia and Japan

Study 301: DEEs, incl. LGS (n=320)2

Study 302: Dravet syndrome (n=160)3

Study 303: 52-week open-label extension

  1. Global peak sales potential across Developmental and Epileptic Encephalopathies (DEEs) by LoE in 2040 assuming broad label. Estimated by Lundbeck. (2) NCT06719141. (3) NCT06660394. Bexicaserin is an investigational compound not available on the market and has not been assessed nor approved by the U.S. FDA.

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H. Lundbeck A/S published this content on January 14, 2025, and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on January 14, 2025 at 09:19:08.823.