ANNUAL REPORT 2021

LUNDBECK ANNUAL REPORT 2021 = CONTENTS 9/111 LETTER TO SHAREHOLDERS Our Expand and Invest to Grow strategy launched in 2019 is beginning to show tangible results. We have made good progress on expanding our early- and mid-stage pipeline, based around our expanded operating space. Our newest strategic brand, Vyepti®, continues to grow and gain momentum due to its proven efficacy for patients. We are well on our way with the strategic reorientation of our business to discover and develop transformative medications for indications in niche neurology and psychiatry treated by specialists, and rare diseases in neurology, so we can best deliver to patients and maintain a leadership position among Europe based pharmaceutical companies of our size and scope. As we continue to forge ahead with our Expand and Invest to Grow strategy, we are pleased with our progress. SHOWING GOOD GROWTH MOMENTUM We are effectively maximizing our existing brands, showing good growth momentum across all regions of the world. Our newest launch, VyeptiⓇ is increasing pace in the U.S. and was launched in the U.A.E. and Kuwait in 2021. It was also approved in Canada, Australia, Singapore, Switzerland and is currently under review in several countries around the world. We are investing behind the global launch of VyeptiⓇ as our first independent global launch. We are expanding our brands through new indications development for VyeptiⓇ in episodic cluster headache and RexultiⓇ in agitation in Alzheimer's disease to further drive growth. RexultiⓇ/RxultiⓇ was approved by the Food and Drug Administration (FDA) in the U.S. after the submission of an SNDA for the treatment of schizophrenia in pediatric patients 13 to 17 years of age. Our largest brand, BrintellixⓇ/TrintellixⓇ, continues to grow, and the most recent launch in Japan in 2019 has garnered 5.5% market share in the anti-depressant market, just two years after market entry. ENSURING HIGHER PROBABILITIES OF SUCCESS Three years ago, we set out to rebuild our pipeline and now we have a more robust mid-stage pipeline, with several compounds having moved into phase II in 2021. Multiple focused phase lb studies are guiding the future development of other promising compounds within an interesting phase I portfolio. Our journey to transform research and development (R&D) has strong momentum. Last year, we identified four biological clusters that our therapies of the future would address. We have stringently focused our R&D projects around these promising areas of central nervous system (CNS) biology and have implemented stronger derisking through experimental medicine and biomarker approaches to ensure higher probabilities of success as compounds eventually move towards the mid- and late-stage pipeline. To accelerate our advancements into neuroimmunology, we acquired a promising CD40L inhibitor from AprilBio, with a phase I study expected to start in 2022. Earlier in the year, we entered a strategic partnership with Rgenta Therapeutics to explore RNA-targeted therapies in our four biological clusters. We are also continuing our joint phase III studies with Otsuka Pharmaceutical Co., Ltd. (Otsuka) of brexpiprazole for agitation in Alzheimer's disease and for the treatment of post-traumatic stress disorder (PTSD). PREPARING FOR THE FUTURE As we execute our strategy, we will inevitably face challenges. We are navigating a decline of revenue from NortheraⓇ post- loss of exclusivity and VyeptiⓇ's pace of uptake has been impacted by the pandemic. At the same time, we have ongoing global industry changes that are putting increased pressure on pricing. We spent a good part of the year ensuring our business is best prepared for the future to address these and other challenges that may come our way. Although we have strong growth prospects for the coming 5-7 years for the great portfolio of existing brands we have today, we have taken steps to ensure our business model and ways of working are most effective. Using learnings from the pandemic and best practices in the industry, we have taken action to reorient our business to ensure it is better prepared to work using global technology platforms and to develop globally available products. We have also taken steps based on learnings from the pandemic to ensure we are ready for a more digital future when it comes to customer engagement.

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