Year in review
Annual Reporting 2023
In 2023, Lundbeck reached a record revenue of DKK 20 billion. We continue to present sustainable growth and we already see results of the successful R&D transformation. We are strengthening Lundbeck’s position as a focused innovator to ensure a sustainable long-term growth, innovation and profitability.
Letter to Shareholders
Charl Van Zyl, President & CEO and Lars Søren Rasmussen, Chair of the Board
In 2023, Lundbeck continued to deliver solid performance, primarily driven by our strategic brands. We have expanded both our therapeutic and patient reach. We are seeing strong momentum for our business and are committed to investing further in our pipeline.
Financial highlights
Revenue reached DKK 19,912 million in 2023 compared to DKK 18,246 million in 2022, driven mainly by growth in the U.S. and Europe. The revenue of Lundbeck’s strategic brands increased by 13% (+16% CER), reaching DKK 13,733 million, representing 69% of total revenue.
19,912
Total revenue (DKKm)
5,652
Ajusted EBITDA (DKKm)
2,290
Net profit (DKKm)
13,733
Revenue from strategic brands (DKKm)
5,207
Operating profit before depreciation and amortization (EBITDA) (DKKm)
711
Net cash (DKKm)
Strategy update
Our results continued a strong growth trajectory in 2023, supported by our people and commitment to providing innovative treatments for patients suffering from diseases within neuroscience, managed by specialists. Our future focus is investing for long-term sustainable growth.
Over the last couple of years, we have taken significant strides to expand our operating space through the acquisitions of Abide and Alder in 2019 and the 2021 partnering with AprilBio on the CD40L blocker, which gave us the platforms needed to expand our areas of focus in neuroscience. With the 2020 launch of Vyepti® in the U.S. and the global roll-out to many more markets globally through 2021-2023, we are establishing a new frontier in migraine prevention for the patients that need it the most. The expansion into the migraine space also provides a commercial platform for future growth into specialty neurology.
Furthermore, we have strengthened our R&D capabilities to enable us to broaden our focus in four biologies and ensure that we de-risk our internal pipeline compounds in early development.
We utilize an experimental medicine approach to identify the effects of a drug in carefully selected patient populations, to find the most efficient clinical pathway powered by biomarkers and study designs and advance the most promising drug candidates into full development.
The geographical expansion of Vyepti® and the continuing efforts to grow and expand strategic brands, along with several other life cycle management projects, are all crucial to our future. We are also committed to pursue a programmatic approach to M&A deals to boost innovation and growth in the mid-term and to invest further in enhanced R&D productivity to drive the next decade of growth.
Sustainability highlights
In 2023, we have continued to make strides in our sustainability efforts. Our most important contribution to sustainable development remains providing health to people – with a clear positive impact on local communities and society as a whole.
+8 million
Our portfolio of products reaches more than 8 million people on a daily average.
99.9%
Employees completed the annual e-learning on the Code of Conduct.
34%
Reduction in scope 1 & 2 carbon emissions vs. 2019 SBTi target baseline.
59%
Recovery and reuse of the organic compounds used in chemical production.
36%
Gender split for all senior managers globally of 36% women and 64% men.
2.8
Frequency of lost time accidents per one million working hours for all employees.
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