Lundbeck Q3 2019 Financial Results

Strong financial performance Strong growth for strategic brands of 29% DKKm 9M 2019 A % y/y Q3 2019 A% y/y I Revenue 12,615 (9%) 4,135 (11%) Gross margin 80.7% -0.6pp 80.7% * Onfi decline of 69% in line Gross margin (core) 85.7% 85.9% +0.9pp with expectations Operating expenses 6,862 2% 2,327 2% Disciplined cost spend as OPEX up only 2.5% Financial performance leads to raised guidance SG&A 4,636 5% 1,598 8% R&D 2,226 (3%) 729 (11%) _1) -1) Other operating items, net EBIT 3,317 (26%) 1,012 (30%) EBIT margin 26.3% -5.7pp 24.5% -6.8pp Core EBIT margin 31.8% -5.7pp 31.0% -4.6pp Core EBIT 4,010 (23%) 1,281 (22%) Tax rate 27% 27% EPS 12.27 (25%) 3.78 (29%) 1) An expense of DKK 165 million in 9M 2018 and an expense of DKK 0 million in Q3 2018 41 Lundbeck

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