H Lundbeck A/S B

Ladies and gentlemen, welcome to the Lundbeck Financial Statement for the full year's 2025 conference call. I'm Lorenzo, the chorus call operator. I would like to remind you that all participants will be in listen-only mode and the conference will be recorded. The presentation will be followed by a Q&A session. You can register for questions at any time by pressing star and 1 on your telephone. For operator assistance, please press star and 0. The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Charles Van Zyl, President and CEO. Please go ahead.

Good morning, everyone. Welcome to our full year 2025 earnings call. Of course, it's my pleasure to really present to you our outstanding results. It's been, again, another record year for Lundbeck in 2025, and it's really underpinned by very strong fundamentals very much underpinned by our focused innovator strategic path. You'll hear me say a lot about the results, very much in the sense of it's not by chance, but by clear intent that we are delivering these outstanding results. And go to the next slide, please. So of course, our discussions today are containing forward-looking statements, which of course are subject to change. So let's go to the next slide, please. And here I would like to take a moment just to pause and reflect on the last two years of our focused innovative strategy. And there's so much to say about this transformation that Lundbeck has gone through, but I have to say I'm really proud of the progress that we have made. Again, it is not by chance, but by clear strategic intent that we see these very strong results. If you recall, our focus innovative strategy is very much about growth, innovation, and funding. And when I speak about growth, you would have seen over 24, 25, that we've had double-digit growth across our strategic portfolio, which allows us in a way to extend our growth also into 2026. Secondly, when you think about innovation, we made the acquisition of Longboard that bolstered our late-stage pipeline, but we have truly seen a transformation of this pipeline over the last two years. with a position we're in now with five to six mid- to late-stage assets that are really the growth engine of the future of Lundbeck. And it's a pipeline that is characterized by first-in-class or best-in-class molecules. And the third foundation of our strategy is really the funding, the largest capital reallocation that the company has undertaken. And it has allowed us to fund the growth and the pipelines. and keep us in a flexible financial position to continue that journey into 2026. If we go to the next slide, I'd like to focus a little bit more on 2025. And truly, it was an outstanding and a record year for Lundbeck. Again, our intent was to focus on investing in our strategic brands, but also in our pipeline. And on the growth level, we've seen that continuation of the double-digit growth on the strategic brands being at 19% in 2025, underpinned by stellar growth and by up to 59%, and also stellar growth for XLT at 23%. As you recall, we also made very clear moves in 2025 around sharpening our commercial model to focus on 12 key markets and allowing us to work with partners across 27 markets Again, allowing us to focus our efforts on where we can play to win and grow very strongly as we go also into 2026. When you think about the pipeline, keep thinking about the fact that we're building strong diversification of this pipeline, building strong position in NeuroSpecialty and also in NeuroRare. When you think about NeuroSpecialty, of course, VIEPTI, a growth engine in the US and in Europe, but also soon to become a growth engine with the filings that we've done in China, Japan, and Korea, to truly make this a global launch for Lundbeck. You will also, in the first quarter, receive results on our anti-pay cap proceed trial that will further enhance our position in the space of severe preventative migraine. When we think about Nero Rare, we think clearly about Exicastrin, of course, the longboard acquisition that is very much in its Phase III and in execution of the clinical program, and so is Amlenituk in its FAST enrollment, also in MSA. Both of these really high unmet need areas where we can see the opportunity, you know, very strongly in the Phase III results. Then we will talk a bit more today about further elements of the pipeline in the mid-stage, our anti-ACTH. in congenital adrenal hyperplasia as well as Cushing's disease, and you'll hear more about that from the pipeline discussion later today. Fundamentally, the funding that you see is a continuation of the first two years of our focus innovator strategy where we will continue to be disciplined around a capital reallocation in this range of 1.3 to 1.5 billion that we are freeing up to create that flexibility for us to invest in growth and also in innovation. And therefore, we are guiding today very much in a position of strength from 24 to 25, going into 26, with revenue growth of 5% to 8%, and adjusted EBITDA between 4% to 12%, with that spread also taking into account a strategy of investing in the pipeline as we see the triggers unfold in 2026. So with that, let me just introduce the other speakers for today on our agenda, and you'll hear a business update from the team as well as the portfolio updaters and, of course, the financial results in more detail. So with that, it's my pleasure to first of all start with a business update and hand over to Tom Gibbs, our head of the U.S. Thank you, Tom.

Great. Thank you, Charles. As Charles just mentioned, We are pleased with our commercial performance for 2025, which is headlined by a strong growth of VIEPTI and accelerated growth of RIGSULTI. Please turn to the next slide, and I'll first review the performance details for VIEPTI. VIEPTI delivered strong and sustained growth for the full year 2025, and we expect this to continue in 2026. This performance has been powered by continued strong growth in the U.S., and supported by robust adoption of VIEPTI in prioritized ex-U.S. markets, including Canada, Italy, France, Spain, and Germany. VIEPTI global net revenue for 2025 was $4.476 billion DKK, and this represents 59% growth over the same period last year. Net revenue for VIEPTI in the U.S. was $3.908 8 billion DKK, growing 58% over prior year. In the U.S., our focus has been to make purposeful investments in our patient-centric model, supporting VIEPTI through our discipline capital allocation program that Jorg will speak to later. We will continue to make incremental investments in 2026 to elevate the impact of our execution informed by our advanced analytics capability and this includes a Salesforce expansion as well as optimized direct-to-consumer advertising. We expect to sustain market-leading demand growth by driving depth and breadth of prescribing and continued positive momentum in new patient starts supported by high written-to-infusion conversion ratio and best-in-class patient persistency. In Europe and international operations, significant work is being done preparing for the launch of VIEPTI in Asia. And if approved, we see this region as a significant opportunity to drive further growth for VIEPTI. Next slide, please. Now, moving on to RIGSALTI. RIGSALTI continues to perform well and deliver consistent growth propelled by continued strong progress within the AADAD segment in the U.S. Reported revenue was 5.745 billion DKK, increasing 23% for the full year 2025 versus prior year. Importantly, revenue growth in the U.S. was driven by strong underlying TRX demand, delivering 24.2% growth in 2025 compared to 2024. Rexalti AADAD volume is becoming increasingly important to overall Rexalti brand growth, and we expect this to continue through 2026 and beyond. AADAD monthly TRX volume has increased 725% versus pre-indication baseline, and the AADAD contribution to overall Rexalti demand has grown to 24.4%. Importantly, The 65-plus segment now contributes 34.8% or more than one out of every three Regsulti TRX claims based upon the most recently available claims data. The team in the U.S. is continuing to focus on the levers to drive continued growth for Regsulti, informed by our marginal return on investment analyses. As you may recall, we reallocated a portion of our DTC advertising for AADAD to expand our sales footprint, and this is mainly in the primary care segment. The first wave of the expansion of our multi-specialty Salesforce team was deployed during 3Q 2025, and we're encouraged by the early results. The second wave is ongoing, and we expect to be fully deployed during first quarter 2026. Overall, We're pleased with the momentum of Exalti demand exiting 2025, despite an increasingly competitive market and evolving policy landscape. TRX demand in fourth quarter 2025 grew 24.2% versus fourth quarter 2024. Precision execution across the marketing mix, including our expanded sales team and primary care, is expected to reinforce the long-term growth for Exalti and help address increase competition. Nicola, over to you.