#1November 8, 2023 Financial results and business update 9M 2023 Ronetta Stokes Living with migraine#2Company disclaimer 2 This presentation contains forward-looking statements that provide our expectations or forecasts of future events such as new product introductions, product approvals and financial performance. Forward looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words like "believe", "anticipate", "expect", "estimate", "intend", "plan", "project", "will be", "will continue", "will result", "could", "may", "might", or any variations of such words or other words with similar meanings. All statements other than statements of historical facts included in this presentation, including, without limitation, those regarding our financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to our products), are forward looking statements. Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. Factors that may affect future results include, among others, interest rate and currency exchange rate fluctuations, delay or failure of development projects, production or distribution problems, unexpected contract breaches or terminations, government-mandated or market-driven price decreases for Lundbeck's products, introduction of competing products, Lundbeck's ability to successfully market both new and existing products, exposure to product liability and other lawsuits, changes in reimbursement rules and governmental laws and related interpretation thereof, and unexpected growth in costs and expenses. The forward-looking statements in this document and oral presentations made on behalf of Lundbeck speak only as at the date of this presentation. Lundbeck does not undertake any obligation to update or revise forward-looking statements in this presentation or oral presentations made on behalf of Lundbeck, nor to confirm such statements to reflect subsequent events or circumstances after the date of the presentation or in relation to actual results, unless otherwise required by applicable law or applicable stock exchange regulations. Lundbeck#39M 2023: Business update Strong business performance in the first nine months of 2023 $ Robust revenue performance DKK 15bn Revenue Double-digit growth of strategic brands DKK 10bn 68% of total revenue ه 0000 Strong profit achievements Advancing R&D pipeline +9% (+10% reported) Revenue growth +81% (+79% reported) Vyepti revenue growth +16% (+14% reported) Strategic brands revenue growth Positive indicators persist in the launch of Rexulti AADAD DKK 5bn Adj. EBITDA +20% (+31% reported) Adj. EBITDA growth 32.5% Adj. EBITDA margin PACAP POC data presented at the IHC in Seoul HLR of the two PTSD phase III trials obtained in September 3 Unless otherwise stated, growth rates are at CER. AADAD: agitation associated with dementia due to Alzheimer's disease. PoC: proof of concept. IHC: International Headache Congress Lundbeck#49M 2023: Business update Revenue growth powered by strategic brands performance 4 Reported geographic revenue split & YoY growth¹) Reported product revenue split & YoY growth¹) (9M 2023) (9M 2023) DKKM 16,000 +9% Strategic brands Mature brands DKKM United States Europe International Markets 16,000 +9% 12,000 +16% 8,000 +13% 4,000 12,000 8,000 +3% +19% +11% 4,000 +19% +4% +13% +11% +14% +81% -3% 0 0 Total United States Europe International Markets Total Rexulti Brintellix / Trintellix Abilify Vyepti Maintena Mature brands / Abilify Asimtufii Unless otherwise stated, growth rates are at CER. 1) Totals are including other revenue and excluding effect from hedging Lundbeck#59M 2023: Business update Continued strong momentum for Vyepti 5 U.S. Vyepti revenue (DKKm) DKK 657m +73% CER DKK 1,119m RoW Vyepti revenue (DKKm) DKK 15m +447% CER vyepti TM Vyepti's 9M 2023 global revenue up 81% • Lundbeck's full investment behind the brand continues to drive growth DKK 82m • Continued strong performance driven by new patients starts 9M 2022 9M 2023 United States 9M 2022 Europe 9M 2023 International Markets Vyepti was approved by FDA in February 2020 and by the EU Commission in January 2022. 1) Wholesalers dispensing data (weekly numbers of vials), latest datapoint ending October 6, 2023. Unless otherwise stated, growth rates are at CER Global rollout on track Launched in ten markets in 2023 Secured coverage for 80% of Canadians across healthcare plans Vyepti approved as first reimbursed migraine IV treatment in Australia#69M 2023: Business update Rexulti continues strong growth with 19% U.S. Rexulti demand¹) (weekly - TRx) Global Rexulti revenue (DKKm) 2022 6 FDA approval +19% CER DKK 2,817m +18% CER +38% CER +32% CER DKK 3,309m 2023 Age 65+ TRX 4-week average 9M 2022 United States Europe 9M 2023 International Markets Rexulti was approved by FDA July 2015 and by the EU Commission July 2018. 1) IQVIA Xponent data, latest datapoint ending October 6, 2023. TRx: total prescriptions. MDD: major depressive disorder. AADAD: agitation associated with dementia due to Alzheimer's disease. DTC: direct-to-consumer. LTC: long-term care REXULTI™ brexpiprazole tablets Strong double-digit revenue growth across all regions • • • U.S. the main driver of growth Other key markets, such as Canada and Brazil also growing strongly Rexulti AADAD U.S. launch Rexulti achieved over 2% TRX market share for the first time Significant infliction in 65+ TRxs confirmed by patient claims data • Even stronger uptake in patients aged 85+ and LTC facilities • Branded DTC campaign was launched on October 9#79M 2023: Business update Brintellix/Trintellix growth trajectory in Europe continues Global Brintellix/Trintellix revenue (DKKm) 7 +4% CER DKK 3,207m DKK 3,177m -8% CER +16% CER +6% CER 9M 2022 United States Europe 9M 2023 International Markets Trintellix was approved by FDA September 2013 and Brintellix by EMA December 2013. 1) Reported revenue growth. 2) IQVIA data, value market share, September 2023. MDD: major depressive disorder Brintellix vortioxetine Trintellix vortioxetine • European market maintains strong momentum Solid performance in International Markets Growth driven by strong performance particularly in Canada and Japan First-line treatment positioning in Japan drives sales up +28%1) achieving a market share of 14.8%²) Changed MDD market dynamics in the U.S. • Shifting market dynamics in U.S. favoring adjunctive therapy in second line treatment • Volume seemed to stabilize over the last two quarters#89M 2023: Business update Abilify Maintena continues market share gain Global LAI market & Abilify LAI franchise¹) share (quarterly USD & MS%) Global Abilify LAI franchise¹) revenue (DKKm) USDM 1,600 1,200 800 400 8 (%) 30 20 20 10 10 +11% CER DKK 2,164m +14% CER +7% CER +17% CER DKK 2,374m 0 2020 2021 2022 2023 Revenue Value market share % 9M 2022 9M 2023 United States Europe International Markets Abilify Maintena was approved by FDA in February 2013 and by the EU Commission in November 2013.1) Abilify LAI franchise refers to Abilify Maintena and Abilify Asimtufii combined. LAI: long-acting injectable (LAI) EVERY TWO MONTHS 960MG Abilify Asimtufii ONCE MONTHLY A> Abilify Maintena Abilify LAI franchise¹) delivering double-digit growth • • Growth driven by robust demand Strong performance in most markets, such as the U.S., Canada and Italy Outperforming the global LAI market growth and gain market share in key markets Abilify Asimtufii has been launched in the U.S. to further strengthen the Abilify LAI franchise#99M 2023: R&D update Highly productive R&D in the first nine months of 2023 Key R&D milestones Rexulti AADAD approval & PTSD phase III HLR • AADAD: JAMA Neurology published complete results of positive phase III trial of Rexulti for AADAD AADAD: Regulatory process ongoing in Canada, Singapore, Australia and Switzerland PTSD: Flexible dose trial met primary endpoint (p<0.05), whereas Fixed dose trial missed primary endpoint (p>0.05) Aripiprazole 2-month RTU advancement 9 • European MAA progresses. Approval expected Q1 2024 Research JAMA Neurology | Original Investigation Brexpiprazole for the Treatment of Agitation in Alzheimer Dementia A Randomized Clinical Trial Daniel Lee, MD; Mary Slomkowski, PharmD; Nanco Hefting, MSc; Dalei Chen, PhD; Klaus Groes Larsen, PhD; Eva Kohegyi, MD; Mary Hobart, PhD; Jeffrey L. Cummings, MD, SCD(HC); George T. Grossberg, MD Submitted in Australia and Korea Anti-PACAP PoC data presented at IHC 2023 • Progressing to phase llb trial in migraine prevention to establish full dose range and subcutaneous efficacy IMPORTANCE Agitation is a prevalent, distressing, and burdensome manifestation of Alzheimer dementia in need of an efficacious, safe, and well-tolerated treatment. OBJECTIVE To confirm the efficacy, safety, and tolerability of brexpiprazole in patients with agitation in Alzheimer dementia. DESIGN, SETTING, AND PARTICIPANTS This randomized clinical trial was a 12-week, double-blind, placebo-controlled, fixed-dose, parallel-arm trial that ran from May 2018 to June 2022 at 123 clinical trial sites in Europe and the United States. Participants included patients with agitation in Alzheimer dementia in a care facility or community-based setting. Stable Alzheimer disease medications were permitted. INTERVENTIONS In this 2-arm trial, patients were randomized to receive oral brexpiprazole or placebo (2:1 ratio) for 12 weeks. Within the brexpiprazole arm, patients were further randomized to receive fixed doses of 2 mg/d or 3 mg/d in a 1:2 ratio MAIN OUTCOMES AND MEASURES The Agitation Inva AADAD: agitation associated with dementia due to Alzheimer's disease, PTSD: post-traumatic stress disorder, HLR: headline result, RTU: ready-to-use, MAA: Marketing Authorization Application. PACAP: pituitary adenylate cyclase activating peptide, PoC: proof of concept, IHC: International Headache Congress Lundbeck#109M 2023: R&D update Lu AG09222 (PACAP) moving into full development "The data offer real hope to patients" International Headache Congress 2023 >>>> Proof of concept for a new MoA strengthens Lundbeck's reputation as a brain health expert - a potential next generation migraine prevention treatment Bo 14-17 September IHC 2023 2023 Seoul Strong reception by the scientific community of the HOPE data backing potential preventative treatment International Headache Congress Next step Phase llb subcutaneous dose finding trial ୨୨ "Lundbeck's phase lla PACAP antibody trial is among the most exciting results I have seen in my career. The data offers real hope to patients..." - Peter Goadsby MD, PhD 10 MoA: mechanism of action RISING SUN OVER HEADACHES Towards a global access to headache *science, technology & healing Lundbeck#119M 2023: R&D update R&D Event 2023: Lundbeck poised for success Join us at Lundbeck's R&D Event 2023 in London November 30 Shorter event in NYC on December 6 Lundbeck's CEO and R&D leaders will provide insights into the strategic roadmap for our transformative journey as a neuroscience innovator Neuroscience: The right place to be Rapid advances in science & technologies pave the way for ground-breaking R&D Exciting therapeutic breakthroughs serve indications with huge unmet needs T Delivering leadership in neuroscience Innovative R&D pipeline, supported by top scientists and cutting-edge technologies Transformed R&D organization built to deliver executional excellence, agility and increasing R&D productivity Building a sustainable future business through our R&D Investing in transformative internal innovation, matched with integration of premier external opportunities Maximizing commercial brand value Lundbeck's strong neuroscience legacy and transformed R&D bring us to the forefront in an exciting growth area 11 Lundbeck#129M 2023: Financial update Strong revenue and profit growth Key figures DKKm Revenue Gross margin 9M 2023 9M 2022 Growth Growth (CER)1) 14,934 13,566 10% 9% 78.1% 79.6% (1.5pp) Adj. gross margin 89.3% 88.0% +1.3pp Sales and distribution (S&D) 5,297 4,740 12% 15% Administrative expenses 915 756 21% 22% Research and development (R&D) 2,481 2,849 (13%) (12%) EBITDA 4,463 3,753 19% 9% EBITDA margin 29.9% 27.7% +2.2pp Adjusted EBITDA 4,859 3,705 31% 20% Adj. EBITDA margin 32.5% 27.3% +5.2pp 12 Revenue bridge Adj. EBITDA bridge 10% 31% 9% -4% 5% 14,934 13,566 15% 4,859 20% -4% 3,705 9M 2022 Organic FX Hedging 9M 2023 1) Growth at CER does not include effects from hedging. pp: percentage points 9M 2022 Organic FX Hedging 9M 2023 Comments ● • • Revenue growth is driven by the strong performance across all strategic brands additionally benefited by hedging Adj. gross margin reflects robust operational performance. Adjustments primarily relate to product rights amortization and Vyepti inventory obsolescence provisions S&D costs increase due to higher Vyepti and Rexulti AADAD sales activities Administrative expenses mainly driven by higher legal provisions for ongoing litigations, expenses from digital investments and the CEO transition R&D costs lower when compared to 9M 2022 mainly due to less ongoing clinical activities Adj. EBITDA margin reflects strong revenue performance and operating leverage#139M 2023: Financial update Adjusted EPS growth in line with underlying performance Net profit & EPS DKKm EBIT 9M 2023 9M 2022 Change 2,964 2,449 21% EBIT margin 19.8% 18.1% +1.7pp Net financials, expenses 146 392 (63%) Profit before tax 2,818 2,057 37% Income tax 662 452 46% Effective tax rate (%) 23.5% 22.0% +1.5pp • Net profit for the period 2,156 1,605 34% EPS (DKK) 2.17 1.62 34% Adj. net profit Adj. EPS (DKK) 13 3,620 2,847 27% 3.65 2.87 27% Comments • • EBIT growth reflects high revenue and strong operating leverage Net financials, expenses driven by CVR fair value adjustment of the Vyepti European approval in Q1 2022 Effective tax rate of 23.5% due to reduced deduction benefit from Danish R&D incentive Adjusted EPS growth aligns with underlying performance, after adjustments#149M 2023: Financial update Strong cash flow leading to continuous deleveraging Cash flows DKKm EBIT Adjustments for non-cash items Change in working capital Cash flows from operations 9M 2023 9M 2022 . 2,964 2,449 1,888 1,110 • (1,311) (691) 3,541 2,868 Other changes in operating activities (402) (636) Cash flows from operating activities 3,139 2,232 Cash flows from investing activities (362) (1,360) • Cash flows from operating and investing activities (free cash flow) 2,777 872 Cash flows from financing activities (2,064) 169 Net cash flow for the period 713 1,041 Net cash/(net debt) Net debt/EBITDA1) 14 1) Rolling four quarters (46) (3,021) ~0x ~0.7x Comments Cash inflow from operating activities driven by strong underlying profitability partially offset by higher working capital Cash outflow from investing activities was impacted in 2022 by a DKK ~1.1bn CVR payment triggered by the European Vyepti approval Cash outflow from financing activities driven by dividend payments and repayment of loans Continuous deleveraging as Net debt has significantly reduced to DKK 46m corresponding to ~0x Net debt/EBITDA after Q3 2023#159M 2023: Financial update Lundbeck narrows and raises its Adjusted EBITDA guidance FY 2023 financial guidance DKKbn Revenue Adjusted EBITDA FY 2022 actual Previous FY 2023 guidance¹) Revised FY 2023 guidance 2) 18.2 19.5-20.1 19.8-20.1 4.8 5.2-5.6 5.6-5.8 FY 2023 considerations Revenue • Strong momentum for strategic brands continues Full year positive hedging effect expected (DKK ~66m) Continued erosion of mature brands, Cipralex/Lexapro, Sabril and Deanxit impacted most Profits S&D will increase as planned due to launches R&D now expected to be slightly lower than last year mainly due to lower than expected cost related to LCM activities . Additionally, the transition from early-stage to mid-stage for several of our projects takes slightly longer than anticipated Adjusted EBITDA guidance excludes provision of Vyepti inventory obsolescence in line with prior communication 15 1) Revised guidance based on exchange rates from end of June 2023. 2) Revised guidance based on exchange rates from end of September 2023 Lundbeck#169M 2023: SUM-UP Lundbeck delivers on its priorities for 2023 and beyond 16 $ Robust revenue performance 0000 Double-digit growth of strategic brands Strong profit achievements Advancing R&D pipeline Lundbeck delivers profitable growth Lundbeck#17Lundbeck Q&A 17#18Lundbeck Appendix 18#199M 2023: R&D update Lundbeck's R&D pipeline is substantially transformed Biology Hormonal/ neuropeptide signaling Project Area Phase I Phase II Phase III Filing/Launch Eptinezumab (anti-CGRP mAb)¹) Eptinezumab (anti-CGRP mAb)¹) Lu AG09222 (anti-PACAP mAb)4) Lu AG13909 (anti-ACTH mAb)5) 1) Migraine prevention 2) SUN-studies 1) Cluster headache CHRONICLE³) ALLEVIATE Migraine prevention Neuro-hormonal dysfunctions Circuitry / Brexpiprazole neuronal biology 6) Brexpiprazole Aripiprazole 2-month injectable MAGL inhibitor program? Lu AF28996 (D₁/D2 agonist) Agitation in Alzheimer's dementia PTSD Schizophrenia & bipolar I disorder Neurology/Psychiatry Parkinson's disease Protein aggregation, folding and clearance Lu AF82422 (anti a-synuclein mAb) Synucleinopathies (MSA) Neuroinflammation / neuroimmunology Lu AG22515 (anti-CD40L blocker) Neurology AMULET 19 1) CGRP: Calcitonin gene-related peptide. 2) Two phase III clinical trials, supporting registration in Asia, including China and Japan: SUNRISE, and SUNSET trials. 3) Long-term safety study. 4) PACAP: Pituitary adenylate cyclase activating peptide. 5) Adrenocorticotropic hormone. 6) Acts as a partial agonist at 5-HT1A and dopamine D2 receptors at similar potency, and an antagonist at 5-HT2A and noradrenaline alpha1B/2C receptors. 7) Monoacylglycerol lipase inhibitor ("MAG lipase") previously denominated '466/Lu AG06466. AADAD: agitation associated with dementia due to Alzheimer's disease. Note: Brexpiprazole AADAD and Aripiprazole 2-month injectable formulation approved in the U.S. Lundbeck#209M 2023: APPENDIX Brexpiprazole, in combination with sertraline, is being evaluated in two phase III PTSD trials High unmet need in Post- Traumatic Stress Disorder (PTSD) • ~8.6m U.S. adults affected, but ~80% estimated to be undiagnosed 1.2) • • Growing economic and social burden of care Inadequate response with approved SSRIS polypharmacy the norm Exploratory PoC study in PTSD³) suggested effects of brexpiprazole in combination with sertraline . The combination of brexpiprazole and sertraline showed improvement versus placebo (p<0.01) on the primary endpoint (CAPS-5 total score)4) • Brexpiprazole or sertraline alone did not demonstrate an effect Phase III program (Data read-out expected in H2 2023) • Study #1: Flexible-dose study5) 12-week treatment period Placebo Sertraline up to 150 mg/day Brexpiprazole 3mg + sertraline up to 150mg/day 20 20 • • The overall safety and tolerability of brexpiprazole were good Study #2: Fixed-dose study6) 1) Nature Reviews Disease Primers; Vol 1, 2015. 2) National Institute of Mental Health. 3) NCT03033069. 4) Clinician-Administered PTSD Scale for DSM-5 (CAPS-5). 5) Clinicaltrials.gov ID: NCT04124614. 6) NCT04174170 12-week treatment period Placebo Sertraline up to 150 mg/day Brexpiprazole 2mg + sertraline up to 150mg/day Brexpiprazole 3mg + sertraline up to 150mg/day Lundbeck#219M 2023: APPENDIX Vyepti: Phase III study for treatment of cluster headache, a crippling pain with few effective medications currently available Cluster headache affects approximately one in 1,000 people across the world These are severe attacks of one-sided pain in the head, much stronger than a normal headache Cluster Headaches are also known as "Suicide Headaches" due to the intensity of pain leading to frequent suicide ideation Duration Frequency 15-180 min 1-8 times a day 20-40 yrs. 1:1,000 Age of onset Prevalence Episodic/chronic ratio 6:1 Male/female ratio 4.3:1 CHRONICLE¹) phase III study to evaluate safety of eptinezumab in chronic Cluster Headache (CCH) Eptinezumab intravenous in ~125 patients with CCH • Primary endpoint: Number of participants with adverse events • Results show that patients with chronic cluster headache receiving open-label treatment with eptinezumab report reductions in attack frequency, pain severity, and improvement on patient global impression ALLEVIATE²) phase III study to evaluate eptinezumab in episodic Cluster Headache (eCH) ⚫ Eptinezumab intravenous in ~300 patients with eCH . . Primary endpoint: Change from baseline in number of weekly attacks (Weeks 1-2) • First patient, first visit (FPFV) commenced in December 2020 21 27 1) ClinicalTrials.gov Identifier: NCT05064397 2) NCT04688775 Lundbeck#229M 2023: R&D update New data confirm Vyepti's long-term benefits and effectiveness Extension results presented at AHS 65th annual scientific meeting 22 22 BL 1-12 13-24 Study weeks 25-36 37-48 49-60 61-72 0+ Placebo-controlled period Long-term extension period (all patients received eptinezumab) 30 LS mean change from baseline -25 20 10 -10 5 -30 -Epti 100 mg to 100 mg (n=286; BL=47.3) Epti 300 mg to 300 mg (n=282; BL=43.4) -Placebo to Epti 100 mg (n=144; BL=42.7) -Placebo to Epti 300 mg (n=146; BL=37.6) n=840 CM or EM Starling, A et al. Long-term effectiveness of eptinezumab in patients with prior preventive migraine treatment failures. Poster presentation #114 at the 65th Annual Scientific Meeting of the American Headache Society (AHS) June 15-18, 2023, in Austin, Texas. CM/EM: chronic/episodic migraine 1) NCT04418765 • Phase IIIb DELIVER trial¹) Evaluating the safety and efficacy of Vyepti in hard to-treat patients with 2-4 previous treatment failures, including open label extension phase Extension phase confirm long- lasting migraine preventive effects and strong tolerability profile • Vyepti treatment for up to 18 months: • Reduced number of migraine days • Reduced severity of headaches Reduced use of acute medication#239M 2023: R&D update aPACAP holds the potential to be a novel MoA for migraine prevention 23 Molecule addressing a new MoA ● Anti-PACAP humanized IgG1 antibody • The PACAP biology provides: Achievements to date Phase Ila achieved PoC - breakthrough for a new MoA • PK/safety of subcutaneous dosing has been established • Target engagement verified (intravenous dosing) through phase I clinical trial • Next steps Phase llb study to start in H1 2024 Establish subcutaneous efficacy and optimal dose range Presentation of phase lla data at International Headache Congress (IHC) in September 14-17, 2023 • • New approach to migraine prevention Potential in other pain conditions Phase IIa PoC HOPE trial • Prevention of migraine (EM, CM) in adults not helped by prior treatments Patients received IV infusion of low/high doses over a 12-week trial (N=237). Primary read-out at 4 weeks: number of monthly migraine days *222 versus placebo p=0.01 on primary endpoint. Secondary endpoints supportive. '222 was well tolerated '222 is the first investigational compound targeting PACAP to demonstrate efficacy in a migraine prevention trial PACAP: pituitary adenylate cyclase activating peptide, MoA: mechanism of action, PoC: proof of concept, CM/EM: chronic/episodic migraine PK: pharmacokinetic#249M 2023: R&D update Anti-CD40L first neuroimmunology program progressing Mechanism of action for anti-CD40L (Lu AG22515) 24 B cell Anti-CD40L scFv Anti-Serum albumin Fab (SAFA) Addressing immune-mediated nervous system disorders Differentiated anti-CD40L antibody-like drug candidate Recombinant bispecific scFv-Fab fusion protein, binding to human serum albumin Long half-life and expected improved safety profile due to SAFA technology CD40 CD40L T cell Cell expressing FcRn FcRn Serum albumin (in blood) Clinical development phase Clinical development program initiated in March 2022 Planned to progress to phase II in 2024 with several potential neuro-immune indications CD40L: cluster of differentiation 40 ligand, scFv: single-chain variable fragments, Fab: fragment, antigen-binding region FcRn: neonatal crystallizable fragment receptor#25H1 2023: R&D update D1/D2 agonist: Potential new oral treatment for Parkinson's disease Innovative, orally available prodrug for a broad-acting dopamine D₁/D2 receptor agonist providing continuous dopaminergic activation 25 Goals of the Lu AF28996 dopamine replacement therapy Improved efficacy Improved tolerability Compared to Compared to D2 agonists (OFF-time) L-DOPA (Dyskinesia) 1) Clinicaltrials.gov ID: NCT03565094 and NCT04291859. PD: Parkinson's disease Improved convenience Compared to D1/D2 apomorphine (Pump) Addressing Parkinson's disease patients experiencing motor complications • • Small molecule with agonistic properties towards dopamine D1 and D2 receptors Oral symptomatic treatment for PD patients experiencing motor complications • Clinical phase I studies¹) • Single- and sequential-ascending-dose of '996 in healthy young men Open-label study investigating the safety, tolerability and pharmacokinetic profile of '996 in patients with Parkinson's disease Phase lb concluding with phase II start planned in 2024#269M 2023: APPENDIX Lu AF82422 - Potential first disease modifying therapy in MSA Lu AF82422 (a-synuclein) in phase II Neuron 26 Clinical Trials Alpha-synuclein ♥Lu AF82422 Microglia Oligodendroglial Cell Phase 2 AMULET study Analysis + ph3 go/no-go decision TALISMAN EU data to enrich AMULET placebo arm Natural history study TALISMAN study Phase 3 UMSARS: unified multiple system atrophy rating scale. MSA: multiple system atrophy Efficacy analysis Medical condition • Alpha-synucleinopathies: Multiple System Atrophy - a rare, aggressive, disease with a high unmet medical need Molecule • Anti alpha-synuclein IgG1 antibody • Binds to multiple species, including C-terminal truncated forms; target engagement on monomers in CSF shown Clinical development phase . Phase II: Innovative and adaptive, supported by biomarkers UMSARS Part I and Part II Total Score; 48- 72 weeks of treatment 60 patients randomized 2:1 (active: placebo)#279M 2023: APPENDIX Lu AG13909 - First neurohormonal program started clinical development Hypothalamic-pituitary-adrenal (HPA) axis Hypothalamus CRH Corticotroph + Pituitary gland Negative Feedback ACTH + Aldosterone Androgens Adrenal Glands Cortisol 27 ACTH: adrenocorticotropic hormone. HPA axis: hypothalamic-pituitary-adrenal axis Medical condition • Neurohormonal dysfunctions related to HPA axis Molecule Anti-ACTH humanized IgG1 antibody First in class mAb with potential to offer a safe and efficacious treatment alternative to patients suffering from conditions with increased ACTH Clinical development phase Clinical development program was initiated December 2022#289M 2023: APPENDIX MAGLI program - Potential first-in- class endocannabinoid therapy MAGLI mode of action 28 2-AG MAGL OH CB G (ilo) Restore neuronal transmission OH Ner ve CB₂ 2 Reduce inflammation OH G (ilo) Glia arachidonic acid LOH HO HO ОН prostaglandin E2 OH OH OH OH prostaglandin D2 thromboxane A2 MAGL: monoacylglycerol lipase; 2-AG: 2-arachidonoylglycerol; CB1: cannabinoid receptor 1; CB2: cannabinoid receptor 2 Medical condition • Multiple opportunities within psychiatry and neurology Molecule • • Inhibitor of the monoacylglycerol lipase (MAGL) and selective modulator of the endocannabinoid system Clinical development phase Clinical development program in phase I • Multiple assets with varying degree of CNS penetrance#299M 2023: APPENDIX - Focus on promising biology – selected four biology clusters feeding into our strategy Scientifically well-described areas still rich in targets with untapped potential as well as high feasibility for early de-risking and maintaining a competitive edge 29 Circuitry / neuronal biology Targeting neurotransmission or synaptic dysfunction to restore brain circuits Hormonal/ neuropeptide signaling Well-established clusters Targeting selected pathways of pain signals and stress response Developing clusters Protein aggregation, folding and clearance Targeting protein-related neurodegenerative disorders Neuroinflammation / neuroimmunology Targeting brain function through the immune system Lundbeck#309M 2023: APPENDIX Total molecule sales (gross) - USDm ONCE-MONTHLY Trintellix Brintellix vortioxetine vortioxetine 1.500 1.250 2.000 Abilify Maintena (aripiprazole) prolonged-release suspension for injection +29% 1.600 1.000 1.200 750 800 500 250 400 0 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2014 2015 2.000 REXULTI 1.600 +67% 1.200 800 400 0 2015 2016 2017 2018 2019 2020 2021 2022 30 Source: IQVIA 2022 data (retail) 2019 2020 2021 2022 ייוון Abilify Maintena: U.S. approval (Feb. 2013); EU approval (Nov. 2013) Brintellix/Trintellix: U.S. approval (Oct. 2013); EU approval (Dec. 2013); Japan approval (Sep. 2019) Rexulti: U.S. approval (Jul. 2015); EU approval (Jul. 2018); Japan approval (Jan. 2018 - NOT Lundbeck territory) Lundbeck#319M 2023: APPENDIX Volume growth in the U.S. robust, but Trintellix still impacted by post-pandemic effects (NRx Count) 31 75,000 50,000 25,000 ONCE-MONTHLY Abilify Maintena (aripiprazole) prolonged-release suspension for injection 400,000 Trintellix +1% -1% -3% vortioxetine +8% +8% +8% 200,000 0 0 Q3.18 Q3.19 Q3.20 Q3.21 Q3.22 Q3.23 Q3.18 Q3.19 Q3.20 Q3.21 Q3.22 Q3.23 +15% 200,000 REXULTI 100,000 +14% +8% 600 vyepti 400 (eptinezumab-jjmr) 200 +29% +10% 0 Q3.18 Q3.19 Q3.20 Q3.21 Q3.22 Q3.23 Q3.20 Q3.21 Q3.22 Q3.23 Source: Symphony Health (ref Bloomberg). NRx: new prescription Lundbeck#329M 2023: APPENDIX Volume growth in the U.S. robust for Abilify Maintena, Rexulti and Vyepti (TRX Count) ONCE-MONTHLY 150,000 125,000 800,000 Abilify Maintena +6% +9% (aripiprazole) prolonged-release suspension for injection +8% Trintellix -2% 0% vortioxetine -6% 600,000 100,000 75,000 400,000 50,000 200,000 25,000 0 0 Q3.18 Q3.19 Q3.20 Q3.21 Q3.22 Q3.23 Q3.18 Q3.19 Q3.20 Q3.21 Q3.22 Q3.23 400,000 REXULTI 300,000 +13% +13% +7% +55% 1,000 vyepti 800 (eptinezumab-jjmr) +34% 600 200,000 400 100,000 200 0 0 Q3.18 Q3.19 Q3.20 Q2.21 Q3.22 Q3.23 Q3.20 Q3.21 Q3.22 Q3.23 32 Source: Symphony Health (ref Bloomberg). TRx is defined as Total Prescription (TRX = NRx + Refills) Lundbeck#3333 33 9M 2023: APPENDIX Q3 revenue driven by strategic brands growth Reported geographic revenue split & YoY growth¹) Reported product revenue split & YoY growth¹) (Q3 2023) (Q3 2023) +17% DKKm +7% 5,000 4,500 4,000 3,500 +14% 3,000 +11% 2,500 2,000 1,500 1,000 500 0 Total United States Europe International Markets Strategic brands Mature brands DKKM United States Europe International Markets 5,000 +7% 4,500 4,000 3,500 3,000 2,500 2,000 -8% +8% -2% 1,500 +20% +0% 1,000 +7% +7% +11% +69% 500 0 Total Rexulti Brintellix / Trintellix Abilify Maintena Vyepti Mature brands / Abilify Asimtufii Unless otherwise stated, growth rates are at CER. 1) Totals are including other revenue and excluding effect from hedging Lundbeck#349M 2023: APPENDIX Q3 2023: Product distribution of revenue & YoY growth DKKm FY 2021 FY 2022 Q3 2023 Q3 2022 Growth Growth (CER) % of total Q3 2023 Rexulti 2,849 3,890 1,174 1,046 12% 20% 24% Brintellix/Trintellix 3,526 4,277 1,051 1,126 (7%) 0% 21% Abilify Maintena¹) 2,420 2,964 790 771 2% 7% 16% Vyepti 492 1,004 444 282 57% 69% 9% Strategic brands 9,287 12,135 3,459 3,225 7% 14% 70% Cipralex/Lexapro 2,346 2,360 501 620 (19%) (10%) 10% Sabril 657 636 94 160 (41%) (38%) 2% Other pharmaceuticals²) 3,609 3,426 787 864 (9%) (1%) 16% Other revenue 347 277 61 49 24% 24% 1% Revenue before hedging 16,246 18,834 4,902 4,918 0% 7% 99% Effects from hedging Total revenue 34 53 16,299 (588) 18,246 50 (199) 1% 4,952 4,719 5% 7% 100% 1) Includes Abilify Asimtufii figures. 2) As of January 1, 2023, Onfi is being reported together with Other pharmaceuticals, comparative figures for 2022 have been adjusted accordingly Lundbeck#359M 2023: APPENDIX 9M 2023: Product distribution of revenue & YoY growth DKKm FY 2021 FY 2022 9M 2023 9M 2022 Growth Growth (CER) % of total 9M 2023 Rexulti 2,849 3,890 3,309 2,817 17% 19% 22% Brintellix/Trintellix 3,526 4,277 3,207 3,177 1% 4% 22% Abilify Maintena¹) 2,420 2,964 2,374 2,164 10% 11% 16% Vyepti 492 1,004 1,201 672 79% 81% 8% Strategic brands 9,287 12,135 10,091 8,830 14% 16% 68% Cipralex/Lexapro 2,346 2,360 1,701 1,874 (9%) (5%) 12% Sabril 657 636 318 482 (34%) (34%) 2% Other pharmaceuticals²) 3,609 3,426 2,587 2,576 0% 3% 17% Other revenue 347 277 193 205 (6%) (7%) 1% Revenue before hedging 16,246 18,834 14,890 13,967 7% 9% 100% Effects from hedging Total revenue 35 53 16,299 (588) 18,246 44 (401) 0% 14,934 13,566 10% 9% 100% 1) Includes Abilify Asim tufii figures. 2) As of January 1, 2023, Onfi is being reported together with Other pharmaceuticals, comparative figures for 2022 have been adjusted accordingly Lundbeck#369M 2023: APPENDIX Strategic brands 5,000 4,000 3,000 2,000 1,000 Strategic brands revenue (Quarterly DKKm) vyepti™ 10,500 9,000 +7% reported 7,500 6,000 4,500 3,000 1,500 Brintellix® REXULTI™ vortioxetine Trintellix vortioxetine Abilify Maintena (aripiprazole prolonged-release suspension for injection Abilify Asimtufii (aripiprazole) Strategic brands revenue (9M-DKKM) +14% reported Comments · Strong performance across the strategic brands reaching DKK 10.1bn, representing a growth of 16% (+14% reported) in 9M 2023 +17% (+9% reported) in the United States +11% (+9% reported) in Europe • +7% (-2% reported) in International Markets Strong growth momentum is expected to continue 0 0 Q3.20 Q3.21 Q3.22 Q3.23 9M 2020 9M 2021 9M 2022 9M 2023 United States Europe International Markets 36 Unless otherwise stated, growth rates are at CER. 1) Quarter over quarter growth#379M 2023: APPENDIX Vyepti 500 400 300 200 37 100 Vyepti revenue (Quarterly - DKKm) 1,250 +57% reported 1,000 750 500 250 Wwyepti Vyepti revenue (9M - DKKm) +79% reported TM 0 Q3.20 Q3.21 Q3.22 Q3.23 9M 2020 9M 2021 9M 2022 9M 2023 United States Europe International Markets Unless otherwise stated, growth rates are at CER. Vyepti was approved by the FDA February 2020 and by the EU Commission January 2022 Comments • Grew 81% (+79% reported) and reached DKK 1.2bn in 9M 2023 • Launched in the U.S., Australia, Canada, Denmark, Estonia, Finland, Germany, Kuwait, Singapore, Sweden, Switzerland, U.A.E., Austria, U.K., France, Indonesia, Spain, Czech Republic, Hong Kong, Italy, Norway, Ireland Additional launches planned for 2023 and beyond Vyepti franchise protected for several years: • Patents issued lasting to Q3 2037 • U.S. Composition of matter patent expires in Q2 2034 (including extensions)#389M 2023: APPENDIX Rexulti 1,500 1,200 900 600 300 38 Rexulti revenue (Quarterly DKKm) 4,000 +12% reported 3,000 2,000 1,000 Rexulti revenue (9M - DKKm) REXULTI +17% reported 0 0 Q3.20 Q3.21 Q3.22 Q3.23 9M 2020 9M 2021 9M 2022 9M 2023 United States Other regions Unless otherwise stated, growth rates are at CER. Rexulti was approved by the FDA July 2015 and by the EU Commission July 2018 Comments • • Grew 19% (+17% reported) to DKK 3.3bn in 9M 2023 Strong demand growth continues in the U.S. and other regions Rexulti franchise protected for several years: . • Composition of matter patent expires in June 2029 (including extensions) Patents issued lasting to November 2032#399M 2023: APPENDIX Brintellix/Trintellix 1,500 1,200 900 600 300 Brintellix/Trintellix revenue (Quarterly DKKm) Brintellix® vortioxetine Trintellix vortioxetine Brintellix/Trintellix revenue (9M - DKKm) 4,000 -7% reported 3,000 2,000 1,000 +1% reported 0 0 Q3.20 Q3.21 Q3.22 Q3.23 9M 2020 9M 2021 9M 2022 9M 2023 39 United States Europe International Markets Unless otherwise stated, growth rates are at CER. Trintellix was approved by FDA September 2013, by MHLW Japan September 2019 and Brintellix by EMA December 2013 Comments . Grew 4% (+1% reported) and reached DKK 3.2bn in 9M 2023 Continued robust demand in most markets Brintellix/Trintellix franchise protected for several years: Patents issued lasting to March 2032 Composition of matter patent expires in December 2026 (including extensions)#409M 2023: APPENDIX Abilify LAI franchise ONCE-MONTHLY 400MG Abilify Maintena EVERY TWO MONTHS 960MG (aripiprazole) prolonged-release suspension for injection Abilify Asimtufii (aripiprazole) extended release suspension for injection Abilify LAI franchise revenue (Quarterly - DKKm) Abilify LAI franchise revenue (9M - DKKm) 1,050 40 900 750 600 450 300 150 3,000 +2% reported 2,000 1,000 +10% reported 0 0 Q3.20 Q3.21 Q3.22 Q3.23 9M 2020 9M 2021 9M 2022 9M 2023 United States Europe International Markets Unless otherwise stated, growth rates are at CER. Abilify Maintena was approved by FDA and by the EU Commission in February and November 2013, respectively. Abilify Asimtufii was approved by FDA April 2023. 1) Reported net sales of atypical LAIS. LAI: Long-acting injectable (LAI) Comments • • Grew 11% (+10% reported) to DKK 2.4bn in 9M 2023 Continued robust traction in value share achieving -21.5% share of the global LAI market¹) Abilify LAI franchise protected for several years: • 1-month formulation: Orange Book listed patents until March 2034. In RoW formulation patent expires October 2024 2-month formulation protected until mid-2030's#419M 2023: APPENDIX Cipralex/Lexapro 900 41 Cipralex/Lexapro revenue (Quarterly DKKm) 600 300 -19% reported Cipralex escitalopram Lexapro® Cipralex/Lexapro revenue (9M - DKKm) 2,400 1,600 800 -9% reported 0 0 Q3.20 Q3.21 Q3.22 Q3.23 9M 2020 9M 2021 9M 2022 9M 2023 Europe International Markets Unless otherwise stated, growth rates are at CER. 1) Generic launches were seen in 2009-2010 in countries such as Australia, Brazil, Canada, Finland, Norway and Spain as a consequence of different patent extension rules at the time. RoW: Rest of World Comments . • Down 5% (-9% reported) reaching DKK 1.7bn in 9M 2023 The biggest markets are China, South Korea, Brazil, Italy and Japan in 9M 2023 The patent expired in 2012 (U.S.) and in 2014 (most of RoW)¹) Market exclusivity in Japan expired April 2021#429M 2023: APPENDIX Sabril 250 200 42 Sabril revenue (Quarterly DKKm) 600 -41% reported 400 150 100 50 200 Sabril vigabatrin 500 mg tablet 500 mg powder for oral solution Sabril revenue (9M - DKKm) -34% reported 0 0 Q3.21 Q3.21 Q3.22 Q3.23 9M 2020 9M 2021 9M 2022 9M 2023 United States Unless otherwise stated, growth rates are at CER. Sabril was approved by the FDA in August 2009. LoE: April 26, 2017. Lundbeck has only promoted Sabril in the U.S. Comments • Down 34% (-34% reported) to DKK 0.3bn in 9M 2023 • Down 38% (-41% reported) to DKK 0.1bn in Q3 2023 Sales impacted by generic erosion from Q3 2017#439M 2023: APPENDIX Other pharmaceuticals Other pharmaceuticals revenue (Quarterly DKKm) 2,000 1,500 Other pharmaceuticals revenue (9M-DKKm) 5,400 4,500 3,600 -9% reported 0% reported 1,000 2,700 500 1,800 900 0 0 Q3.20 Q3.21 Q3.22 Q3.23 9M 2020 9M 2021 9M 2022 9M 2023 43 33 Total Unless otherwise stated, growth rates are at CER. LoE: February 18, 2021. 1) Lundbeck has only promoted Northera, Onfi and Xenazine in the U.S. Comments • Grew 3% (+0% reported) to DKK 2.6bn in 9M 2023 • • Down by 1% (-9% reported) to DKK 0.8bn in Q3 2023 Around 15 mature products included Biggest products are Azilect, Cipramil, Cisordinol, Deanxit, Ebixa, Fluanxol, Northera, Onfi, Selincro, Xenazine¹) Ebixa impacted by VBP in China from Q4 2020 Onfi sales impacted by generic erosion from October 2018 International Markets constitutes around 41% of sales (9M 2023)#449M 2023: APPENDIX Other revenue 150 Other revenue (Quarterly DKKm) 500 Other revenue (9M - DKKm) +24% reported 250 -6% reported 0 Q3.20 Q3.21 Q3.22 Q3.23 44 Unless otherwise stated, growth rates are at CER Total 9M 2020 9M 2021 9M 2022 9M 2023 Comments • Down 7% (-6% reported) to DKK 193m in 9M 2023 Grew 24% (24% reported) to DKK 61m in Q3 2023 Mostly contract manufacturing to third-party#459M 2023: APPENDIX 9M 2023: EBIT and Adjusted EBITDA Change DKKm Revenue Gross profit thereof adjustments thereof depreciation/amortization Sales and distribution costs thereof adjustments thereof depreciation/amortization S&D-ratio Administrative expenses 9M 2023 9M 2022 Change (CER)1) 14,934 13,566 10% 9% 11,657 10,794 8% 6% 327 1,359 1,150 18% 19% 5,297 4,740 12% 15% (43) 70 77 (9%) (6%) 35.5% 34.9% 915 756 21% 22% thereof adjustments 69 there of depreciation/amortization 16 13 23% 15% Administrative expenses ratio 6.1% 5.6% Research and development costs 2,481 2,849 (13%) (12%) thereof adjustments (5) thereof depreciation/amortization 54 64 (16%) (14%) R&D-ratio 16.6% 21.0% Total operating expenses OPEX-ratio EBIT (profit from operations) Depreciation/amortization EBITDA EBITDA margin (%) Restructuring expenses Other adjustments 8,693 8,345 4% 6% 58.2% 61.5% 2,964 2,449 21% 6% 1,449 1,304 15% 15% 4,463 3,753 19% 9% 29.9% 27.7% 15 (48) (131%) (131%) 381 Adjusted EBITDA 4,859 3,705 31% 20% Adjusted EBITDA margin (%) 32.5% 27.3% 45 1) Change at CER does not include effects from hedging Lundbeck#469M 2023: APPENDIX Q3 2023: EBIT and Adjusted EBITDA Change DKKm Revenue Gross profit thereof adjustments thereof depreciation/amortization Sales and distribution costs thereof adjustments thereof depreciation/amortization S&D-ratio Administrative expenses Q3 2023 Q3 2022 Change (CER)¹) 4,952 4,719 5% 7% 3,854 3,758 3% 4% 67 447 1,796 409 9% 12% 1,653 9% 16% 23 30 (23%) (20%) 36.3% 35.0% 351 247 42% 45% thereof adjustments 69 there of depreciation/amortization 6 5 20% 0% Administrative expenses ratio 7.1% 5.2% Research and development costs 816 906 (10%) (8%) thereof adjustments thereof depreciation/amortization 18 18 (0%) (0%) R&D-ratio 16.5% 19.2% Total operating expenses OPEX-ratio EBIT (profit from operations) Depreciation/amortization EBITDA EBITDA margin (%) Restructuring expenses Other adjustments 2,963 2,806 6% 11% 59.8% 59.5% 891 952 (6%) 14% 494 462 7% 10% 1,385 1,414 (2%) (7%) 28.0% 30.0% 136 Adjusted EBITDA 1,521 1,414 8% 1% Adjusted EBITDA margin (%) 30.7% 30.0% 46 1) Change at CER does not include effects from hedging Lundbeck#47Full year figures: EBIT and Adjusted EBITDA 9M 2023: APPENDIX DKKm 2022 2021 2020 2022 (A%) Revenue Cost of sales 18,246 16,299 17,672 12% 3,951 3,648 4,166 8% Sales & Distribution (S&D) costs 6,610 5,885 5,946 12% Administrative expenses 1,079 933 966 16% Research & Development (R&D) costs 3,754 3,823 4,545 (2%) Total operating expenses 15,394 14,289 15,623 8% EBIT 2,852 2,010 1,990 42% EBITDA 4,663 3,720 4,783 25% Adjusted EBITDA Cost of sales S&D R&D 4,823 3,990 21% 21.7% 22.4% 23.6% 36.2% 36.1% 33.6% Administrative expenses 5.9% 5.7% 5.5% 20.6% 23.5% 25.7% EBIT margin 15.6% 12.3% 11.3% EBITDA margin 25.6% 22.8% 27.1% Adjusted EBITDA margin 26.4% 24.5% 17 47 Lundbeck#489M 2023: APPENDIX 2023: Overall Adjusted EBITDA reconciliation DKKm Profit from operations (EBIT) Amortization of product rights Depreciation and amortization EBITDA Restructuring expenses Other adjustments Adjusted EBITDA 48 9M 2023 Q1 2023 Q2 2023 Q3 2023 2,964 1,233 840 891 1,173 404 385 384 326 107 109 110 4,463 1,744 1,334 1,385 15 15 381 101 4,859 1,845 144 1,493 136 1,521 Lundbeck#499M 2023: APPENDIX 2022 impacted by appreciation of main currencies with some weakening in 2023 YTD 2023 sales by currency Main currencies²) (January 1, 2022 = index 100) 120 EUR Other¹) 115 110 20% 17% 105 100 95 90 85 Jan 2022 Jul 2022 Jan 2023 Jun 2023 USD/DKK CAD/DKK CNY/DKK CAD 5% CNY 6% 49 Spot Hedge Avg. Avg. Avg. Avg. Sep rate rate rate rate rate 30, YTD YTD YTD Q3 Q3 2023 2023 2023 2022 2023 2022 52% USD 703.86 694.89 688.28 694.11 682.58 729.55 USD CAD 524.08 532.77 510.14 543.12 511.58 563.06 CNY 96.50 102.84 97.94 105.76 94.22 107.57 1) Other includes JPY, AUD and other currencies. Excluding effects from hedging. 2) Source: Bloomberg - data until March 3, 2023 Comments • • ~83% of sales in non-EUR currencies • USD directly represents ~52% of sales YTD 2023 Three main currencies make up -68% of net exposure 5% change in USD will impact revenue by DKK ~50 million for the remaining period of 2023 In Q3 2023 effects from hedging reached a gain of DKK 50m vs DKK 199m loss in Q3 2022#509M 2023: APPENDIX Lundbeck is well-positioned through its strong balance sheet Assets (DKKbn) Liabilities (DKKbn) 37.5 37.7 37.5 37.7 Inventories 4.1 4.4 Current liabilities 8.2 8.0 Receivables 3.8 4.0 Cash and bank balances 3.6 3.7 4.3 Bank and bond debt 5.1 Other non-current assets 3.5 3.7 3.4 Other non-current liabilities 3.4 Intangible assets 22.5 21.6 Comments Q4 2022 Inventories driven by Vyepti and Xenazine Q3 2023 22.3 Equity 20.8 Q4 2022 Q3 2023 ROIC¹) improved from 9.9% (FY2022) to 11.1% (Q3 2023) . Net debt/EBITDA¹) declined to 0.0x Intangible assets decrease driven mainly by product rights amortization 50 1) Rolling four quarters Lundbeck#519M 2023: APPENDIX Financial position and dividend DKKm Intangible assets Other non-current assets Current assets Assets Equity Non-current liabilities Current liabilities Equity and liabilities Dividend (DKK) 30.09.2023 31.12.2022 21,599 22,500 DKK 3,425 3,540 3 12,648 11,412 37,672 37,452 22,305 20,779 2 7,329 8,474 8,038 8,199 1 37,672 37,452 0 Interest-bearing debt, cash and bank balances, net, end of period (46) (2,183) 51 1) Based on the B-share price of DKK 26.05 וויו Dividend Yield (%) 5% וויו 2010 2012 2014 2016 2018 2020 2022 4% 3% 2% 1% 0% . Proposed dividend payout of DKK 0.58 per share to be paid out for 2022, corresponding to a payout ratio of ~30% A total of DKK 578 million and a yield of 2.2% 1) Dividend policy: Pay-out ratio of 30-60% from 2019#529M 2023: APPENDIX 9M 2023: Cash generation DKKm 9M 2023 9M 2022 FY 2022 FY 2021 FY 2020 Cash flows from operating activities 3,139 2,232 3,519 2,272 3,837 Cash flows from investing activities (362) (1,360) (1,892) (610) (467) Cash flows from operating and investing 2,777 872 1,627 1,662 3,370 activities (free cash flow) Cash flows from financing activities (2,064) 169 (387) (3,336) (2,394) Net cash flow for the period 713 1,041 1,240 (1,674) 976 Cash, bank balances and securities, end of 4,248 3,406 3,548 2,279 3,924 period Interest-bearing debt (4,294) (6,427) (5,731) (5,468) (8,030) Net cash/(net debt) (46) (3,021) (2,183) (3,189) (4,106) 22 52 Lundbeck#539M 2023: APPENDIX Q3 2023: Cash generation 53 DKKm Q3 2023 Q3 2022 FY 2022 FY 2021 FY 2020 Cash flows from operating activities 1,490 1,521 3,519 2,272 3,837 Cash flows from investing activities (97) (133) (1,892) (610) (467) Cash flows from operating and investing 1,393 1,388 1,627 1,662 3,370 activities (free cash flow) Cash flows from financing activities (814) (311) (387) (3,336) (2,394) Net cash flow for the period 579 1,077 1,240 (1,674) 976 Cash, bank balances and securities, end of 4,248 3,406 3,548 2,279 3,924 period Interest-bearing debt (4,294) (6,427) (5,731) (5,468) (8,030) Net cash/(net debt) (46) (3,021) (2,183) (3,189) (4,106) Lundbeck#549M 2023: APPENDIX Solid financial foundation from which to execute on our strategy Net debt and Net debt/EBITDA (FY - DKKM) Net debt 8,000 6,635 6,000 4,000 2,000 0 -2,000 -4,000 -2,183 -3,189 -4,106 -6,000 -6,566 -8,000 2018 2019 2020 2021 54 Net debt Net debt/EBITDA Net debt/EBITDA 1.6 1.2 0.8 0.4 0 0.0 -0.4 -0.8 -1.2 -1.6 2022 2023e (mid-point) Comments • FY 2023: Cash flow negatively impacted by Dividend increase from DKK 397m to DKK 576m CAPEX investments Net debt expected to reach around DKK Obn by end-2023 and Net debt/EBITDA expected to be around zero#559M 2023: APPENDIX Funding and debt maturity 55 RCF Bond Debt maturity profile (EURm equivalent) 1,500 500 A diversified and long-term balanced debt portfolio is a priority to Lundbeck • This includes access to various funding sources as well as a balanced maturity profile to support the Expand and Invest to Grow strategy The EUR 1.5bn RCF was established in June 2019, extended in 2020, 2021, 2022 and matures in 2026 The EUR 0.5bn bond was issued in October 2020, and is a 7-year fixed interest rate long- term funding instrument which will be repaid in 2027 Overall Lundbeck is solidly funded with its current bank facilities and issued bond 2022 2023 2024 2025 2026 2027 RCF: Revolving Credit Facility#569M 2023: APPENDIX Solid revenue and Adjusted EBITDA growth to continue mid-term Revenue performance (DKKbn) 2019 2020 2021 2022 2023E1 Adj. EBITDA margin (%) Mid-single digit CAGR • Mid-term aspiration -30-32% 56 1) Mid-point. AADAD: agitation associated with dementia due to Alzheimer's disease. 2M RTU: two-monthly ready-to-use Expected organic development towards mid-term aspiration (3-4 years) • Continued double-digit growth for strategic brands in aggregate Continued erosion of mature brands sales Amortization of product rights expected DKK 1.4bn annually Launch investments for Vyepti, Rexulti AADAD and aripiprazole 2M RTU to drive mid-term growth R&D costs expected to remain broadly stable supporting the transformation of R&D#579M 2023: APPENDIX For more information, please contact Investor Relations. Listed on the Copenhagen Stock Exchange since June 18, 1999 Total For additional company information, please visit Lundbeck at: www.lundbeck.com IR contact Number of A-shares Number of B-shares 199,148,222 796,592,888 995,741,110 Palle Holm Olesen Treasury A shares Treasury B shares Total treasury shares 466,028 3,264,112 3,730,140 (0.37%) 713,562,000 (0.07%) 2 None Vice President, Head of Investor Relations Mobile: +45 3083 2426 [email protected] or [email protected] Sophia Nørskov Bech Senior Manager, Investor Relations Mobile: +45 3083 2460 [email protected] Financial calendar Insider holdings ¹) Classes of shares Restrictions ISIN code Bloomberg ticker symbol DK0061804697 (A) DK0061804770 (B) HLUNA DC and HLUNB DC Q4 2023 Annual General Meeting Q1 2024 Q2 2024 Q3 2024 February 7, 2024 March 20, 2024 May 15, 2024 August 21, 2024 November 13, 2024 57 1) Annual Report 2022 Lundbeck