Lundbeck Reports 16% CER Revenue Growth in H1 2026, Driven by Vyepti and Advancing Pipeline
核心洞察
Lundbeck's total revenue grew +16% CER (+11% DKK) to DKK 13,588 million in H1 2026, with double-digit growth in the U.S. and Europe.
Vyepti led strategic brand momentum with +46% CER growth, while Rexulti grew +17% CER, together driving 77% of total revenue from strategic brands.
The pipeline advanced with completion of enrollment in the phase III DEEp OCEAN trial of bexicaserin and FDA Fast Track designation for Lu AH69593 (搜索).
Lundbeck delivered strong commercial performance in the first half of 2026, with total revenue growing +16% CER (+11% DKK) to DKK 13,588 million, driven primarily by continued momentum for Vyepti® and Rexulti®. The U.S. and Europe both delivered double-digit growth, and the results were further shaped by the transition to a partnership model in 27 markets, which is progressing according to plan. Adjusting for a planned one-time DKK 470 million inventory build in these markets during the first quarter of 2026, total underlying revenue grew by +13% CER.
President and CEO Charl van Zyl commented: "We delivered strong commercial performance in the first half of 2026, with revenue growing 16% CER, driven primarily by continued momentum for Vyepti®. Our pipeline continues to advance meaningfully, including the completion of enrollment in the DEEp OCEAN trial of bexicaserin. With a strong balance sheet and clear strategic momentum, we are entering the next phase of our strategy with confidence."
Regional and Brand Performance
Revenue from Lundbeck's strategic brands increased by +17% CER (+11% DKK), reaching DKK 10,463 million and representing 77% of total revenue. Vyepti® led growth with DKK 2,865 million (+46% CER; +36% DKK; underlying +46% CER), followed by Rexulti® at DKK 3,297 million (+17% CER; +8% DKK; underlying +16% CER). Brintellix®/Trintellix® recorded DKK 2,331 million (+0% CER; -2% DKK; underlying -5% CER), while the Abilify LAI franchise reached DKK 1,970 million (+7% CER; +4% DKK; underlying +4% CER).
By geography, the United States generated DKK 7,227 million (+20% CER; +11% DKK), Europe contributed DKK 3,269 million (+14% CER; +14% DKK; underlying +4% CER), and International Operations delivered DKK 2,792 million (+6% CER; +2% DKK; underlying -1% CER).
Financial Results
EBITDA increased to DKK 4,613 million, up +18% CER (+11% DKK), while adjusted EBITDA reached DKK 4,765 million, up +19% CER (+13% DKK). This growth includes the one-time gross profit impact recognized in the first quarter of 2026 from the inventory build supporting the partnership-model transition. Excluding this, EBITDA increased to DKK 4,199 million (+8% CER; +1% DKK) and adjusted EBITDA to DKK 4,351 million (+10% CER; +3% DKK). The strong performance was mainly driven by Vyepti® and Rexulti®, supported by focused commercial execution, partially offset by higher cost of sales and higher R&D costs driven by advancing key pipeline assets. In the second quarter of 2026, adjusted EBITDA grew +6% CER, reflecting normalization of cost phasing as R&D investment accelerated and the Q1 inventory build proved a one-time effect.
EPS reached DKK 2.83, up +36% DKK, and adjusted EPS reached DKK 3.70, up +28% DKK, reflecting strong EBIT performance and lower financial expenses.
Pipeline and Regulatory Milestones
Lundbeck's pipeline advanced on multiple fronts during the period. On 20 July 2026, the company announced that the last patient had been randomized in DEEp OCEAN (NCT06719141), a global phase III clinical trial evaluating the efficacy, safety and tolerability of bexicaserin for the treatment of seizures in children and adults living with developmental and epileptic encephalopathies (搜索) (DEEs).
On 23 July 2026, the U.S. Food and Drug Administration (FDA) granted Fast Track designation to Lu AH69593 (搜索), Lundbeck's lead oral orexin 2 receptor (搜索) agonist and one of several investigational compounds in its portfolio for sleep-wake disorders. Discovered by Lundbeck, Lu AH69593 is currently in phase Ib development for the treatment of narcolepsy (搜索).
Additional clinical data were presented across the period. On 14 June 2026, preliminary phase II Part A data from the ongoing study of asedebart (搜索), an anti-adrenocorticotropic hormone (ACTH) monoclonal antibody, in adults with Cushing's disease (搜索) showed urinary free cortisol normalization in 7 out of 8 evaluable patients following individualized intravenous (IV) dose titration. On 4 June 2026, Lundbeck presented primary data from the phase IIb PROCEED trial of bocunebart (搜索), an investigational monoclonal antibody targeting pituitary adenylate cyclase-activating polypeptide (搜索) (PACAP), supporting its potential as a preventive treatment in patients with one to four prior preventive migraine (搜索) treatment failures, with particularly notable treatment effect in those with chronic migraine.
On the regulatory front, the Ministry of Food and Drug Safety (MFDS) of South Korea granted marketing authorization for eptinezumab for use in adults with migraine (搜索) on 26 May 2026. On 18 May 2026, orphan drug designation was granted in Japan by the Ministry of Health, Labour and Welfare (MHLW) for asedebart (搜索) for the treatment of congenital adrenal hyperplasia (搜索) (CAH) and Cushing's disease (搜索).
Leadership and Partnerships
On 24 June 2026, Lundbeck announced that Tarek Samad has been appointed Executive Vice President and Head of Research & Development, joining the Executive Leadership Team effective 1 September 2026. Samad succeeds Johan Luthman, who announced his retirement after seven years with Lundbeck. On 3 June 2026, Lundbeck and Cradle (搜索), an AI platform for protein engineering, announced a partnership to help Lundbeck discover and optimize biotherapeutics to improve patient outcomes.