Lundbeck First‑Half 2026 Results
H Lundbeck B reported a 36% increase in first‑half net profit, reaching DKK 2.81 billion compared with DKK 2.06 billion a year earlier. Earnings per share rose to DKK 2.83 from DKK 2.08, reflecting both higher operating performance and a sharp decline in net financial expenses, which fell to DKK 56 million from DKK 554 million.
Revenue growth was led by the Vyepti franchise, whose first‑half revenue climbed 46% on a constant‑currency basis to DKK 2.87 billion. Rexulti contributed a 17% constant‑currency revenue increase to DKK 3.30 billion, while the Abilify LAI franchise grew 7%.
The company reaffirmed its 2026 revenue‑growth guidance of 7%‑9% on a constant‑currency basis and its adjusted EBITDA growth target of 8%‑14% CER. However, Lundbeck lowered its adjusted gross‑margin expectation to around 87% from roughly 88% due to product‑mix effects, and it raised its anticipated hedging loss to about DKK 150 million, up from the prior range of DKK 10 million‑DKK 50 million.
Jefferies noted that second‑quarter revenue beat consensus by 4% and adjusted EBITDA by 2%, but cautioned that the unchanged full‑year outlook could trigger consensus downgrades, as current estimates sit near the top of Lundbeck’s guidance range. The broker maintained a Hold rating with a price target of DKK 42.
On the dividend front, Lundbeck paid DKK 1.145 billion in the first half, up from DKK 946 million in the comparable period last year.
In pipeline developments, the company expects Phase III results for bexicaserin toward the end of 2026 and plans to advance bocunebart into Phase III later in the current year.