Lundbeck Raises 2026 Outlook as Quarterly Revenue Grows 7% at Constant Exchange Rates
Key Facts
Lundbeck raised its 2026 outlook after reporting third-quarter revenue of 6.603 billion Danish kroner, up 7% at constant exchange rates and 5% in kroner from the same period in 2025, according to a company statement published on November 10. Quarterly revenue was 6.279 billion kroner a year earlier. The company attributed the higher revenue outlook mainly to continued strong performance from Vyepti in the United States and partner-market performance, which it described as stronger than expected. It also raised its outlook for adjusted earnings before interest, taxes, depreciation and amortization, saying the increase was driven mainly by higher revenue. Available information did not establish that quarterly earnings exceeded analyst expectations.
Vyepti stood out among the growth drivers in the results for the first nine months of 2026, with revenue of 4.533 billion Danish kroner. Lundbeck said revenue rose 45% at constant exchange rates and 39% in kroner during the period. The product's performance in the United States directly informed the outlook upgrade, with the company naming its continued strength there as a main reason for raising its annual revenue estimate. It also pointed to partner-market performance improving on expectations. These factors show that the upgrade was based on growth in the products and markets reported by the company, rather than on a standalone reading of the quarterly figure.
Revenue from Rexulti, another key product, reached 5.071 billion Danish kroner in the first nine months of 2026. Revenue rose 13% at constant exchange rates and 8% in kroner, according to company data. Growth at constant exchange rates matched the underlying rate Lundbeck reported for the product, while growth in kroner was lower. The figures place Rexulti alongside Vyepti among the company's products that grew during the period. But the outlook-upgrade statement attributed the main contributions to the increase to Vyepti's strength in the United States and partner-market performance. Available information did not specify how much each product contributed to the 2026 revenue estimate revision.
On operating profitability, adjusted earnings before interest, taxes, depreciation and amortization were 2.261 billion kroner in the third quarter, compared with 2.051 billion in the corresponding period of 2025. That represented growth of 17% at constant exchange rates and 10% in kroner, Lundbeck said. The company raised its full-year outlook for adjusted earnings, linking the increase mainly to higher revenue. The profitability outlook revision was therefore connected to the revenue outlook review, according to the company's explanation. Available information does not compare quarterly earnings with analyst estimates, so it cannot be established that they exceeded them.
The company maintained its research and development investment estimate for the year, expecting it to reach about 5.6 billion to 5.7 billion Danish kroner in 2026. The range comes as Lundbeck raised its revenue and adjusted earnings outlooks, placing research spending within the financial picture the company presented for the year. The available statement did not provide details linking this amount to a specific change in research plans or its allocation among particular programs. Nor did the reported information include a figure for the effect of sales costs or inventory build on third-quarter results. Research spending therefore remains tied to the annual estimate Lundbeck announced, without adding an explanation absent from its statement.
Chief Executive Charl van Zyl said growth in the first nine months, led by Vyepti's continued performance, supports the outlook increase. He added that results from amlenetug are expected in 2027, saying, "amlenetug is on track for a readout in 2027." That timing places the program's results among the upcoming events cited by the company, following the upgrade to its current-year outlook. The quote did not specify a more precise date in 2027 or an expected outcome for the program. On the day after the announcement, November 11, 2026, Lundbeck scheduled a call for the financial community at 13:00 Central European time.