Full Year 2025 H Lundbeck A/S Earnings Call Transcript
Key Points
- H. Lundbeck AS (HLUBF) reported a record year in 2025 with double-digit growth across its strategic portfolio.
- The acquisition of Longboard has bolstered the late-stage pipeline, positioning the company with 5 to 6 mid to late-stage assets.
- Strong growth in strategic brands, with BEPT growing 59% and Rexulti growing 23% in 2025.
- The company has implemented a sharpened commercial model, focusing on 12 key markets and partnering in 27 others.
- H. Lundbeck AS (HLUBF) has maintained a strong financial position, with a 24% growth in adjusted EBITDA and a 32% margin expansion.
- The company faces increased generic competition for Abilify Maintena and Brintellix in 2026.
- There are headwinds from the transition to a partner-driven model, which will reduce net revenue due to commission fees.
- Higher R&D costs are expected due to the progression of phase three programs and mid-stage pipeline maturation.
- The effective tax rate increased to 28.9% in 2025 due to non-recurring items, impacting net profit growth.
- There is uncertainty regarding the impact of the IRA listing on Rexulti's growth dynamics and potential competition from new entrants like J&J's Caplyta.
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So good morning everyone. Welcome to our full year 2025 earnings corps.
Of course, it's my pleasure to really present to you our outstanding results.
It's been again another record year for Lundbeck in 2025 and it's really underpinned by very strong fundamentals, very much underpinned by our focused, innovative, strategic path. You'll hear me say a lot about the results, very much in the sense of, it's not by chance, but by clear intent that we are delivering these outstanding results. We can go to the next slide, please.
So, of course, our discussions today are containing forward-looking statements. Which of course are subject to change.
So let's go to the next slide, please. And here I would like to take a moment just to pause and reflect on the last two years of our focused innovative strategy. And there's so much to say about this transformation that Lindbeck has gone through.
But I have to say, I'm really proud of the progress that we have made.
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