Q2 2026 H Lundbeck A/S Earnings Call Transcript
Key Points
- Strong strategic brand growth of 17% in H1 2026, driven by Vyepti (46%) and Rexulti (17%).
- Vyepti achieved record US market share of 13.01%, surpassing Aimovig for the first time.
- Successful transition to partner markets with strong underlying demand and 13% adjusted revenue growth.
- Pipeline progress with bexicaserin closing randomization ahead of schedule and multiple Phase III readouts expected soon.
- Strong financial position with net debt reduced to 1x adjusted EBITDA, enabling continued investment.
- Gross margin impacted by partnership model commissions and unfavorable product mix, expected to persist.
- Rexulti faces increasing competition, particularly from Ovelity in AADAD and Coplyda in MDD, with growth moderating.
- One-time inventory build in Q1 not expected to recur, leading to potential H2 revenue normalization.
- R&D costs increased 24% in H1, pressuring near-term profitability despite strong revenue growth.
- Currency headwinds expected to reduce reported revenue growth by ~4 percentage points and EBITDA growth by ~8 percentage points in 2026.
Ladies and gentlemen, welcome to the financial statements for the first six months of 2026 conference call. I'm Moritz, your chorus call operator. I would like to remind you that all participants will be in a listen-only mode and the conference is being recorded. The presentation will be followed by a question-and-answer session. You can register for questions at any time by pressing star and one on your telephone. For operator assistance, please press star and zero. The conference must not be recorded for publication or broadcast.
At this time, it's my pleasure to hand over to Charles Van Zuh, President and CEO. Please go ahead, sir.
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So welcome, everybody.
Thank you for joining our call today for our first half 2026 earnings call.
I'm of course pleased to have my executive leadership team join me today, whom I'll be introducing very shortly. So just a few opening remarks before we get into the main presentation.
So
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