ANNUAL REPORT 2021
LUNDBECK
ANNUAL REPORT 2021
= CONTENTS
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2021 PERFORMANCE
REVIEW AND 2022
OUTLOOK
2021 saw continued solid growth of our
strategic brands, which mitigated the
impact from the loss of exclusivity on
NortheraⓇ in the U.S. early in the year.
We also saw continued solid revenue
growth in International Markets and in
Europe. We continue to make good
progress on our Expand and Invest to
Grow strategy and revitalizing our
pipeline.
Overall, revenue and EBIT reached mid-range of the financial
guidance provided in February 2021 as a result of solid product
sales.
Revenue reached DKK 16,299 million in 2021. EBIT grew 1%
compared to 2020 and reached DKK 2,010 million. EBIT margin
reached 12,3%. Net profit ended at DKK 1,318 million for the
year (DKK 1,581 million in 2020), a decrease of 17%.
We continue to see strong growth in our strategic brands which
include Abilify MaintenaⓇ (schizophrenia), BrintellixⓇ/TrintellixⓇ
(depression), RexultiⓇ/RxultiⓇ (depression/schizophrenia) and
our newest product, VyeptiⓇ (prevention of migraine) which was
introduced in April 2020 in the U.S. In 2021, we continued the
global roll-out program. We expect to launch in additional 15
markets in 2022, incl. the E.U.
In aggregate, strategic brands grew 18% in local currencies
reaching DKK 9,287 million in 2021 or 57% of total revenue.
The newest product in the portfolio, VyeptiⓇ, continues its strong
momentum since its launch in April 2020 in the U.S. and
reached DKK 492 million in 2021 compared to DKK 93 million in
2020.
In 2019, Lundbeck set up commercial operations in Japan in
order to co-commercialize TrintellixⓇ together with Takeda. In
2021, the product continues to be very successful in Japan and
holds 5.5% market share after two years of being on the market,
making it one of the most successful BrintellixⓇ/TrintellixⓇ
launches to date.
Lundbeck's early-stage pipeline continued to strengthen with
several projects entering first-in-man testing (phase I) and with
two projects entering Proof of Concept (phase II) testing, Lu
AF82422 and Lu AG09222. Additionally, the clinical program for
VyeptiⓇ provided very positive results from the DELIVER trial.
Our top priority is to provide innovative treatments that create
value for patients as well as for Lundbeck.
Now, with the global launch of VyeptiⓇ, we are in the process of
building a migraine and specialty pain franchise and we are
transforming our R&D organization to build a pipeline around
high unmet medical needs, in specialist neuroscience
indications.
TOTAL REVENUE 2021
Growth
DKKm
2021
2020
Growth
in local
currencies
Abilify MaintenaⓇ
2,420
2,271
7%
8%
BrintellixⓇ/TrintellixⓇ
3,526
3,102
14%
16%
RexultiⓇ/RxultiⓇ
2,849
2,620
9%
14%
VyeptiⓇ
492
93
429%
446%
Strategic brands
Cipralex /LexaproⓇ
NortheraⓇ
OnfiⓇ
SabrilⓇ
9,287
8,086
2,346
2,380
15%
(1%)
18%
3%
665
2,553 (74%) (72%)
505
657
642 (21%) (17%)
777 (15%) (11%)
Other pharmaceuticals
Other revenue
2,439
2,738 (11%) (10%)
347
Effects from hedging
53
491
5
(29%) (28%)
(960%)
Total revenue
16,299
17,672
(8%) (5%)View entire presentation