H. Lundbeck A/S reported a 16% increase in first-half 2026 revenue at constant exchange rates (CER), reaching DKK 13.6 billion, as demand for its migraine treatment Vyepti surged. Underlying growth, adjusted for inventory timing, was estimated at 13%. The Danish pharmaceutical company maintained its full-year 2026 revenue growth guidance of 7–9% and adjusted EBITDA growth of 8–14% at CER.
Net debt declined to DKK 7.4 billion from DKK 11.2 billion a year earlier, improving the net debt-to-EBITDA ratio to 1.0x from 1.8x. Adjusted EBITDA rose 19% to DKK 4.77 billion, while the adjusted EBITDA margin expanded to 35.1% from 34.4%. Adjusted earnings per share increased 28% to DKK 3.70.
Vyepti, an intravenous anti-CGRP migraine preventive, generated DKK 2.87 billion in revenue, up 46% CER, with U.S. sales climbing 47% and Europe and international markets growing 39%. The drug’s U.S. market share reached 13.01% in July 2026, while monthly demand growth accelerated to 41.3%, outpacing the broader anti-CGRP market’s 15.3% expansion. Real-world data indicated over 60% of patients reported fewer than four monthly headache days over 104 weeks, and 44% of prior treatment failures achieved at least a 50% reduction in monthly headache days.
Rexulti, used for agitation in Alzheimer’s dementia and major depressive disorder, posted DKK 3.30 billion in revenue, a 17% CER increase. Prescription volume for the agitation indication grew 37% in the six months through May 2026, with the 65+ patient segment accounting for 36.3% of total prescriptions. The Abilify long-acting injectable franchise generated DKK 1.97 billion, up 7% CER, led by an 86% surge in the two-month formulation Asimtufii to DKK 375 million, while the monthly formulation Maintena declined 3% to DKK 1.60 billion.
Lundbeck repaid EUR 500 million of its revolving credit facility and initiated a EUR 200 million new facility, reducing net debt. Free cash flow totaled DKK 2.32 billion, and operating cash flow reached DKK 2.58 billion. The company maintained its full-year 2026 adjusted gross margin guidance of approximately 87% and projected year-end net debt of DKK 4.0–5.0 billion.
