H. Lundbeck A/S (HLBBF) Shareholder/Analyst Call Transcript

2026-03-18 12:02:19 ET

H. Lundbeck A/S (HLBBF) Shareholder/Analyst Call March 18, 2026 5:00 AM EDT

Company Participants

Ilse Wenzel
Charl van Zyl - President & CEO

Conference Call Participants

Jørgen Madsen - Kromann Reumert
Kjeld Beyer

Presentation

Ilse Wenzel ...

Good morning, and welcome. On behalf of the Board of Directors, it's my great pleasure to welcome you today to Lundbeck's Annual General Meeting. And it's wonderful to see so many of you here in person today. I would like to mention that we offer our shareholders also to attend the Annual General Meeting via webcast, both in Danish and in English. And we provide simultaneous interpretation into English and Danish to allow shareholders from different backgrounds to attend our Annual General Meeting.

As you will be aware, this Annual General Meeting concludes my first year as Chair of the Board of Directors. It has been an honor and a privilege to step into this role at a pivotal moment in Lundbeck's history when a major transformation has just been going on since 2024. And in 2025, amidst significant geopolitical uncertainties, we have strengthened strategic momentum with continued strong growth, additional transformation of our pipeline and successful execution of an ambitious capital reallocation program. Lundbeck has an exciting path ahead, and I very much look forward to supporting this next phase in this great company's proud history.

Let me now present the Board of Directors for 2025, and I'm glad to say that most of them are present here today. The members elected by the Annual General Meeting in addition to myself are Lene Skole-Sorensen, Vice Chair; Santiago Arroyo; Jeffrey Berkowitz; Lars Green; Jakob Riis; and Lars Erik Holmqvist. In addition, we have 4 employee-elected Board members and also a majority of them are present here today, Dorte Clausen; Lasse Skibsbye; Camilla Gram Andersson; and Hossein Armandi.

The 4 employee representatives who have served since the Annual General Meeting in 2025 are concluding their tenure as of today. On behalf of the Board of Directors, I would like to sincerely thank them for their valuable contributions, engagement and commitment during this period. I'm pleased to note that the majority of them have been reelected, reflecting the trust placed in them and the strength of their contribution. The newly elected employee representative as well as the reelected employee representatives will be formally introduced later in this meeting.

When I look back on our work on the Board in 2025, it is with great satisfaction. As both CEO, Charl van Zyl and I will elaborate on, 2025 has been a remarkable year for Lundbeck. In connection with key strategic decisions made during the year, the Board has maintained an open and constructive dialogue with the executive leadership. This discussion covered strategic business development, commercial transformation and a broad range of operational and market-related topics. This included considerations of evolving geopolitical and market conditions with continued attention to strengthening the company's long-term resilience.

Let me briefly introduce the company's executive leadership. Lundbeck has an executive leadership team with extensive international experience that has been in place since August 2024. It consists of Charl van Zyl, President and Chief Executive Officer; Maria Alfaiate, Executive VP, responsible for Portfolio and Product Strategy; Lars Bang, Executive VP, responsible for Product Development and Supply; Michala Fischer-Hansen; Executive VP, responsible for Commercial Business in Europe and International Operations; Thomas Gibbs, Executive VP responsible for our U.S. business; Dianne Hol, Executive VP responsible for People, Culture and Sustainability; Joerg Hornstein, Executive VP, Chief Financial Officer and responsible for corporate functions; Per Johan Luthman, Executive VP, responsible for Research and Development; Tine Ostergaard, Senior VP responsible for Communications and Public Affairs; and recently appointed Markus Kede, Senior VP, Chief AI Officer.

This group of leaders represents a broad range of capabilities and experience, both from Denmark and abroad. Under Charl van Zyl's leadership, the executive leadership team has come together as a strong unit, working towards highly ambitious goals and sharing a common vision for Lundbeck's future. On behalf of the Board of Directors, I would like to thank the executive leadership team and all Lundbeck employees for their amazing efforts and dedication that have delivered impressive results in 2025.

For the fourth consecutive year, Lundbeck has delivered record revenues. The company also achieved substantial growth in operating profit, also known as EBITDA, while simultaneously being able to further increase investments in research and development of new medicines. The Board is very pleased with this performance and how it positions Lundbeck for the future.

According to the company's Articles of Association, the Board of Directors appoints the Chair of the Annual General Meeting. Once again, this year, the Board has appointed attorney at law, Jorgen Kjergaard Madsen from Kromann Reumert Aarhus as Chair of the meeting. Welcome.

And with that, I would like to hand over to you, Jorgen, to chair our AGM.

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