ANNUAL REPORT 2021
LUNDBECK
ANNUAL REPORT 2021
= CONTENTS
CORE
RECONCILIATION
Part of Management review
110/111
Acquisition
valuation
DKKm
Major
restructuring
DKKm
and
integration
costs
DKKm
Legal fees
and
Divestments/
settlements
DKKm
sales
milestones
DKKm
Core result
DKKm
Amortization
rights
Reported
of product
result
DKKm
DKKm
Impairment
and inventory
16,299
Cost of sales
3,648
(1,274)
Gross profit
12,651
1,274
(37)
37
Sales and distribution costs
5,885
(162)
Administrative expenses
933
(31)
Research and development costs
3,823
(3)
16,299
2,337
13,962
5,723
902
3,820
Other operating expenses, net
Profit from operations (EBIT)
2,010
1,274
233
3,517
Net financials, expenses
Profit before tax
Tax on profit for the year
Profit for the year
429
429
1,581
1,274
233
3,088
263
276
51
590
1,318
998
182
2,498
Earnings per share, basic (EPS) (DKK)
6.63
5.02
0.92
12.57
As a general rule, Lundbeck adjusts for amortization of
product rights and for each non-recurring item that
Management deems exceptional and which accumulates or
is expected to accumulate to an amount exceeding a DKK
100 million threshold. Lundbeck's core reporting is a non-
IFRS performance measurement. Lundbeck's core results,
including core operating income (core EBIT) and core EPS,
exclude:
Amortization of product rights
Impairment of intangible assets and property, plant and
equipment as well as inventory valuation adjustment
Major restructuring costs
Acquisition and integration costs, including:
• Accounting adjustments relating to the consolidation of
material acquisitions and disposals of associates,
products and businesses
⚫ Costs associated with the integration of newly acquired
companies
• Retention costs
• Transaction costs
Legal fees and settlements, including:
⚫ Legal costs (external), charges (net of insurance
recoveries) and expenses relating to settlement of
litigations, government investigations and other disputes
• Income from settlement of litigations and other disputes
Core results
1 January 31 December 2021
RevenueView entire presentation