Lundbeck raises financial guidance range for the full year 2022

Valby, Denmark, November 8, 2022 - H. Lundbeck A/S (Lundbeck) announced that the financial guidance range for the full-year 2022 has been raised. Lundbeck's revenue is driven by continued strong underlying positive momentum in the strategic brands (Abilify Maintena^®, Brintellix^®/Trintellix^®, Rexulti^® and Vyepti^®). Revenue is also benefitting significantly from the appreciation of Lundbeck's main currencies and especially the U.S. Dollar. Profitability gains due to underlying demand will be largely offset by hedging effects, normalization of promotional activity levels and investments in global development and launch of Vyepti. The raised guidance in reported currencies is listed below:

Financial guidance

DKK	FY 2021 actual	Previous 2022 guidance	Revised 2022 guidance
Revenue	16,299 million	DKK 17.2 - 17.7 billion	DKK 17.9 - 18.2 billion
EBITDA	3,720 million	DKK 4.2 - 4.5 billion	DKK 4.4 - 4.6 billion
Core EBIT	3,517 million	DKK 3.8 - 4.1 billion	DKK 3.9 - 4.1 billion
Profit from operations (EBIT)	2,010 million	DKK 2.4 - 2.7 billion	DKK 2.6 - 2.8 billion

Foreign exchange development has had a significant impact on especially SG&A and R&D costs primarily in the third quarter which is foreseen to continue in the last quarter of this year.

In the fourth quarter 2021, Lundbeck recognized provisions of around DKK 200 million for restructuring costs which mainly was recognized in the sales and distribution costs, and which was excluded from Core EBIT.

The above expectations to the revised 2022 outlook are based on assumptions including those described in the Financial Report for the period January 1, 2022 to June 30, 2022 (Corporate Release No 728 / 2022). The currency rates at the end of the third quarter have been used as the basis for the revised expectations. Lundbeck's full disclosure of the financial results for the first nine months of 2022 will be published on November 9, 2022.

Lundbeck contacts

Investors:	Media:
Palle Holm Olesen	Thomas Mikkel Mortensen
Vice President, Investor Relations	Media Relations Lead, Corp. Communication
[e-mail]	[e-mail]
[phone]	[phone]

About H. Lundbeck A/S

Lundbeck is a global pharmaceutical company specialized in brain diseases. For more than 70 years, we have been at the forefront of neuroscience research. We are tirelessly dedicated to restoring brain health, so every person can be their best. We are committed to fighting stigma and discrimination against people living with brain diseases and advocating for broader social acceptance of people with brain health conditions. Our research programs tackle some of the most complex challenges in neuroscience, and our pipeline is focused on bringing forward transformative treatments for brain diseases for which there are few, if any therapeutic options.

For additional information, we encourage you to visit our corporate site www.lundbeck.com and connect with us on Instagram (h_lundbeck), Twitter at @Lundbeck and via LinkedIn. 

Safe Harbor/Forward-Looking Statements

This corporate release contains forward-looking statements that provide our expectations or forecasts of future events such as new product introductions, product approvals and financial performance. Forward looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words like "believe", "anticipate", "expect", "estimate", "intend", "plan", "project", "will be", "will continue", "will result", "could", "may", "might", or any variations of such words or other words with similar meanings. All statements other than statements of historical facts included in this presentation, including, without limitation, those regarding our financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to our products), are forward looking statements.

Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. Factors that may affect future results include, among others, interest rate and currency exchange rate fluctuations, delay or failure of development projects, production or distribution problems, unexpected contract breaches or terminations, government-mandated or market-driven price decreases for Lundbeck's products, introduction of competing products, Lundbeck's ability to successfully market both new and existing products, exposure to product liability and other lawsuits, changes in reimbursement rules and governmental laws and related interpretation thereof, and unexpected growth in costs and expenses.

The forward-looking statements in this document and oral presentations made on behalf of Lundbeck speak only as at the date of this presentation. Lundbeck does not undertake any obligation to update or revise forward-looking statements in this presentation or oral presentations made on behalf of Lundbeck, nor to confirm such statements to reflect subsequent events or circumstances after the date of the presentation or in relation to actual results, unless otherwise required by applicable law or applicable stock exchange regulations.

H. Lundbeck A/S

Ottiliavej 9, 2500 Valby, Denmark

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