HIGHLIGHTS

  · Revenue reached DKK 8,934 million in the first six months of
2020, a growth
of 5% (5% in local currencies) compared to 2019. Excluding sales
from Onfi[®],
total revenue grew by 10%
    · Revenue of Abilify Maintena[®]
increased 24% to DKK 1,176 million (23% in
local currencies)
    · Revenue of
Brintellix[®]/Trintellix[®] increased 21% to DKK 1,575 million
(21% in local
currencies)
    · Revenue of Northera[®] increased 19% to DKK 1,202 million
(16% in local
currency)
    · Revenue of Rexulti[®]/Rxulti[®] increased 35% to
DKK 1,393 million (32% in
local currencies)
    · Revenue of Vyepti[®] reached
DKK 14 million following the launch in the
U.S. in April 2020. The initial
uptake has been impacted by the COVID-19
pandemic’s negative influence on
HCP-administered medicines
    · Revenue in North America increased 8% to DKK
4,907 million (5% in local
currencies)
    · Revenue in International Markets
increased 11% to DKK 2,229 million (14%
in local currencies)
    · Revenue in
Europe increased 4% to DKK 1,698 million (4% in local
currencies)

  · Revenue
of the five strategic brands combined grew by 25% (23% in local
currencies),
thereby reaching DKK 5,360 million or 60% of total revenue
  · In the second
quarter both revenue and earnings were negatively impacted by
slightly lower
demand and destocking related to the ongoing COVID-19 pandemic
offsetting the
positive effect seen in the first quarter of the year
  · Core EBIT reached DKK
2,483 million corresponding to a core EBIT margin of
27.8%
  · Reported EBIT
reached DKK 1,085 million and the EBIT margin reached 12.1%
following an
impairment due to the foliglurax product rights in the first
quarter
  · Core
EPS reached DKK 10.30 and reported EPS reached DKK 3.69
  · The 2020 financial
guidance for revenue is maintained at DKK 17.4 – 18.0
billion based on the
current assessment of the COVID-19 impact. Lundbeck has
raised the guidance for
core EBIT to DKK 3.9 – 4.3 billion from previously DKK
3.5 – 4.0 billion and
EBIT is raised to DKK 1.8 – 2.2 billion compared to DKK
1.4 – 1.9 billion for
2020 issued previously

In connection with the financial report, Lundbeck’s
President and CEO Deborah
Dunsire said:

“I am very pleased with the results
for the first half of the year. COVID-19 is
challenging for all societies and
for Lundbeck. Our top priority has been to
ensure that patients who need our
medicines could continue to receive them
without interruption and we are proud
to have been able to make that happen. The
first half performance is
encouraging, and the company is strong. We continue to
execute on the Expand
and Invest to Grow strategy. Vyepti has been launched and
despite being
significantly impacted by a lower number of medical procedures due
to COVID-19,
we remain very confident with Vyepti’s ability to deliver on its
promise based
on how it has benefitted the patients treated.”

DKK million           H1 2020 
H1 2019  Growth
Core Revenue*           8,934    8,480      5%
Core EBIT*      
       2,483    2,729    (9%)
Core EPS*               10.30    10.41   
(1%)
Core EBIT margin*       27.8%    32.2%       -

Reported Revenue       
8,934    8,480      5%
Reported EBIT           1,085    2,305   (53%)
Reported
EPS             3.69     8.48   (56%)
Reported EBIT margin    12.1%    27.2%   
   -

       *For definition of the measures “Core Revenue”, “Core EBIT” and
“Core
EPS”, see note 6 Core reporting

H. Lundbeck A/S

Ottiliavej 9, 2500
Valby, Denmark

+45 3630 1311

info@lundbeck.com