ANNUAL REPORT 2021

LUNDBECK ANNUAL REPORT 2021 = CONTENTS 12/111 STRATEGY UPDATE Since launching our Expand and Invest to Grow strategy in 2019, we continue to make strong progress, fueled by our purpose, to restore brain health so every person can be their best. DELIVERING ON OUR PROMISES We have taken significant strides to expand our operating space through the acquisitions of Abide and Alder in 2019, which gave us the platforms needed to expand our areas of focus in neuroscience. With the 2020 launch of VyeptiⓇ in the U.S. and the global roll-out which was initiated in 2021, we are beginning to establish a new frontier in migraine prevention and expanding our presence into protein-based therapies. Furthermore, we are continuously expanding our existing portfolio of medicines into new markets. The changes we made to how we approach R&D enables us to de-risk our internal pipeline compounds in early development. We utilize an experimental medicine approach to identify the effects of a drug in carefully selected patient populations, to find the most efficient clinical pathway powered by biomarkers and study designs and advance the most promising drug candidates into full development. The geographical expansion of VyeptiⓇ and the continuing efforts to grow and expand BrintellixⓇ/Trintellix®, RexultiⓇ/RxultiⓇ and Abilify MaintenaⓇ, along with several other life cycle management projects, are all crucial to our future. We have made choices on where to accelerate and enhance the use of digital within our operations and R&D. Also, we have taken steps to fortify our winning culture with increased agility, collaboration, diversity and inclusion. These are just a few of the many actions that are helping us deliver on the promise of our strategy to yield sustainable, long-term profitable growth. CREATING VALUE THROUGH OUR UNIQUE POSITION Our goal continues to be providing innovative treatments for patients that create value for Lundbeck. Achieving our fullest potential as a mid-size, highly specialized pharmaceutical company requires that we thoughtfully concentrate our efforts where we can make the most difference for patients. While we maximize the great medicines and brands that we already have, we simultaneously focus on growing our pipeline with treatments for brain diseases for which there are few, if any, treatment options. We operate within niche diseases affecting subpopulations of people where there is a high, unmet medical need. By focusing on niche and rare disease neurology and psychiatry indications, we can best take advantage of our size and strong relationships with specialist healthcare providers to deliver powerful solutions to challenging diseases. We currently promote medicines that, in some countries, both primary care physicians and specialists treat. We will continue to promote these excellent medicines, working with our partners to reach these larger numbers of physicians. Just as important to growing our pipeline and selling our medicines, is the manufacturing of our medicines, whether internally or via external contract manufacturing. We have strong internal capabilities within small and large molecules to support our R&D pipeline, including monoclonal antibody design, process and formulation development capabilities, as well as end-to-end internal small molecule manufacturing facilities. Our three priorities across Production, Development & Supply remain quality, reliability and cost. We have a robust track- record on all three parameters and ambitious goals to continuously improve performance with a strong focus on operational excellence and sustainable sourcing. We aim to build on what we have achieved and capitalize further on the strong fundamentals that are deeply ingrained in Lundbeck; our rich heritage of developing and producing life- changing treatments for patients, our deep scientific knowledge in psychiatry and neurology and our patient-centric mindset. We will focus on embracing new biologies and technologies, adjusting and learning as we forge ahead.

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