H. Lundbeck reported a 16% increase in first-half 2026 revenue to DKK 13.6 billion, driven by strong performance from its migraine treatment Vyepti and psychiatric portfolio. Adjusted EBITDA rose 19% at constant exchange rates, while net profit climbed 36% to DKK 2.8 billion.
Vyepti generated DKK 2.865 billion in global revenue, up 46% at constant exchange rates, with U.S. sales growing 47%. The drug’s U.S. market share reached 13.01%, surpassing rival Aimovig for the first time. Demand growth of 41.3% outpaced the broader migraine market’s 15.3% expansion. Europe and international operations grew 39% at constant exchange rates.
The company’s psychiatric drug REXULTI posted DKK 3.297 billion in global revenue, up 17%, with U.S. demand rising 16.3%. The 65-plus segment accounted for over 36% of prescriptions. Abilify’s long-acting injectable franchise grew 7% to DKK 1.97 billion, led by an 86% increase in the two-monthly formulation ABILIFY ASIMTUFII.
Research and development spending rose 24% to DKK 2.8 billion, with full-year outlays expected at DKK 5.6 billion to DKK 5.9 billion. The pipeline saw progress across multiple programs, including the DEEp OCEAN trial for Bexicaserin, which closed randomization early with headline results due in Q4 2026. Amlenetug’s MASCOT study completed enrollment ahead of schedule, with data expected in the second half of 2027.
Management raised its full-year 2026 guidance, now targeting 7% to 9% revenue growth and 8% to 14% adjusted EBITDA growth at constant exchange rates, tracking toward the upper end of the ranges. Net debt fell to DKK 7.4 billion, with leverage at 1.0x adjusted EBITDA. The company also increased its dividend for the fourth consecutive year.
H. Lundbeck’s stock traded at $4.93, near the midpoint of its 52-week range of $4.22 to $5.55, reflecting a 16.8% gain from its low and an 11.2% decline from its high.
