H Lundbeck A/S B

Of course, I'm very pleased with the report of today and that we are off to a great start in 2026. These results certainly present to us a clear proof point of our transformation in our focus innovator strategy, and that we are leaving nothing to chance in terms of purposeful execution. It's also great to see the impact of my fantastic leadership team in terms of delivering these results and transforming Lundbeck for the future. So if I could have the next slide, please. So, of course, today is subject to forward-looking statements and, of course, subject to change. If we go to the next slide. So let me unpack a little bit the more specific points of our strong Q1 and how we're seeing progress across the company. So we're delivering very much on our three key areas of our focus innovator strategy, which is growth, innovation, and the funding. And let me talk first about growth. What is really pleasing to see in the first quarter and also the underlying performance is the investments and the actions we're taking against our strategic brands, which are growing at 21%. This is led by VIEPTI at 47% and Rexalti at 22%. Very strong underlying growth of each of these assets that speaks to our discipline execution across all our key markets. As you will recall, also, we have transitioned to 27 markets into a commercial partnership model. And I have to say that that transition has gone really well and off to a great start. And the early signs give us confidence that this is fitting within our strategic intent and allowing us to refocus and play to win in the markets where we operate directly. Let me talk to the second part of our focused innovation strategy, which is innovation. Also here, very strong progress in terms of diversifying the pipeline and the pipeline accelerating and moving in the right direction. One of the key proof points here is, of course, the mascot trial, which has completed recruitment and randomization ahead of our plan, which also translates into an early launch, which we believe is now Q1 2029. We've also seen, since we last spoke, positive phase IIb results of our PRECEDE study in Bakunabhat, which now allows us to introduce, in the future, once we enter into phase III, a new mechanism in the space of severe preventative migraine. And thirdly, bexacastrin in our late stage moving ahead according to plan. Let me also make a few comments on the early and mid-stage part. And Johan will talk more about that in a second. But first of all, three points to make. First, our D1, D2 agonists is advancing very well. in Parkinson's. We've also got a Cetabart that has completed enrollment in congenital adrenal hyperplasia, and we're advancing well in Cushing's disease. And there is also a new chapter we will unveil a bit today, which is our orexin-2 agonist platform, which we believe is a new generation platform with broad application in the space of neuroscience. Then the third pillar of our strategy is funding. And I have to say here, we've continued to be very disciplined around the allocation of capital to either growth or innovation. But we also see the strong cash flow that we generate has allowed us to reduce our net debt to EBITDA by 50% since last year. So again, funding that journey of the future and funding our growth and innovation very effectively. So that brings me to guidance. And as you will know and have followed us, Lundbeck is going through a transformation which is very dynamic, where we're investing in a very dynamic way also into our strategic brands and our key markets. And despite some of the tailwinds that we see that are once-off items in the Q1 results, we see the underlying business really fundamentally driving the growth, and that is allowing us to upgrade our full-year outlook and raising the guidance to 7% to 9% on the top line and 8% to 14% on adjusted EBITDA. With that, I would like to go to the next slide, please, and just give you a bit of an insight also into our artificial intelligence journey and announcements we've made recently around also strengthening our leadership in this space. We have been on this journey for over two years in building strong, broad AI adoption inside the company, bringing literacy to many of our employees and allowing our employees to really, in a daily basis, use AI-enabled tools to ensure to perform on their business in a more impactful way. That's been a journey for over two years, but we're now also building a much more stronger leadership at the top to be really intentional. And we see AI, of course, as a key enabler and an accelerator of our focused innovative strategy that will drive growth and value and speed and quality also in the pipeline. So very much embedded in our focused innovative strategy and an important investment that we're making for the long-term success of Lundbeck. So if we can go to the next slide. then just again, I am of course today privileged to be joined by my leadership team who will go deeper into the Q1 results and unpack a bit more for you on what is the underlying perspectives on our performance and our strong result. So with that, I hand over to Tom. Great, thank you, Charles.

Overall, we're pleased with our commercial performance during Q1 2026, and this performance was headlined by the global performance of VIEPTI. VIEPTI delivered strong, market-leading growth during Q1 2026, and we expect this to continue throughout the year. This performance has been powered by continued robust underlying demand in both the US and our Europe and international markets. Global revenue reached 1.364 billion DKK in Q1 2026, growing 47% at constant exchange rates. In the US, demand grew 42.1%, nearly tripling the market growth of 15.2% during the first quarter of 2026, representing clear and sustained outperformance. This performance reflects precision execution across the marketing mix, including the impact of our Salesforce and DTC investments, which are increasingly guided by internally developed AI tools and advanced analytics. Our weekly market share reached 12.1% in March, driven by continued growth in new patient starts, a high written to infusion conversion ratio, and category leading patient persistency. We will continue to allocate resources in a discipline and data-driven manner as we move through the year to continue to fuel growth. In Europe and international operations, VIEPTI grew an impressive 55% at constant exchange rates, with strong uptake across key markets and also outpacing anti-CGRP market growth. Market share in these prioritized markets has increased approximately three percentage points year over year. We're also making good progress toward expanding VIEPTI into Asia. As a reminder, we completed regulatory filings in China, Japan, and Korea in 2025, and if approved, we see this as meaningful additional growth opportunity over time. Importantly, we also continue to invest in data generation to enhance the clinical and economic value proposition of VIEPTI. The INFUSE and THRIVE studies are designed to support earlier use of VIEPTI in the treatment pathway and establish VIEPTI as a market leader in severe migraine. Next slide, please. turning to Resulti, which continues to deliver strong double-digit growth. In Q1 2026, global revenue reached 1.612 billion DKK, an increase of 22% at constant exchange rates versus the same period last year. In the US, TRX grew 21% on a rolling three-month basis, AADAD is the main growth driver with TRX up 43%, while MDD remains a solid contributor growing 18%, which is demonstrating strong underlying brand fundamentals. RIGSALTI AADAD volume is becoming increasingly important to the overall RIGSALTI brand growth, and we expect this to continue through 2026 and beyond. The 65 plus segment now contributes approximately 36% or more than one out of every three of RIGSULTI TRX claims based upon the most recently available claims data. In our latest awareness trial and usage market research survey, RIGSULTI was the number one preferred brand for the treatment of AADAD and this remains an important driver for the future growth of the brand. We are pleased with the momentum of Rizzolti and demand is tracking to plan despite an increasingly competitive market and evolving policy landscape. Precision execution across the marketing mix, including our expanded sales team and primary care, is expected to continue to drive long-term growth and help address the increased competition. In Europe and international operations, Rixulti delivered very strong growth at 36% at constant exchange rates, and this reflects continued momentum across key markets. Next slide, please. And over to you, Mikola.

Thank you, Tom. If we turn to the Abilify franchise, then you'll see that we have also delivered strong performance in Q1 here for the franchise. And this is driven by the strong growth that we've seen with Asymptify or Abilify 960, as it's called in Europe. At the franchise level, global revenue grew at 8% at constant exchange rates in Q1 versus last year. And this reflects the solid momentum that we've seen with the impressive Asymptify growth of 111% in constant exchange rates. You'll note that Abilify Maintenance One Monthly declined 3% in constant exchange rate versus last year. I want to draw your attention to the fact that Q1 last year was extraordinarily impacted by a provision reversal. And when we adjust for these effects, Abilify Maintenance One Monthly grew 1% in the first quarter. In the US, we see encouraging TRX volume up to 32.2%, contributing to 1.1 share points to overall franchise gains. Conversion is progressing well, as you can see on the right side, with NBRX at around 23%. And importantly, we continue to see that around 58% of patients are new to brand, which further supports that we have a sustainable growth profile of Asympto5 in the future. In Europe and international operations, we also have strong momentum. The franchise grew 8% driven by the rollout of the 960 milligram formulation, which is now available in 27 countries. We continue to see very strong conversion rates, and we currently also see here about a third of the patients that are being switched directly to the two-monthly version from oral treatments, which supports further the continued sustainable growth profile of the brand. Looking ahead, the conversion maximization remains a key priority for us, and we now expect generic entry for Abilify maintenance one monthly to be further delayed with limited impact expected this year, which provides us with additional runway to continue to drive value within the franchise. Next slide, please. There are some important underlying dynamics within the reported Q1 revenue that I'd like to unpack for you a little bit more because the impact of our transition to a partner-led model is important to clarify. As you can see here, at the group level, revenue grew 21% at constant exchange rates. While this represents exceptional performance, it also includes three effects that have been related to our partner model, which should be calibrated against to understand the underlying growth of 13% in constant exchange rate. The first is the planned one-off inventory build that we also mentioned to you in our last earnings call, where we as part of the transition to our new partner model have been building up safety stock with the partners in their markets where they have taken over distribution of our products. This has contributed to a one-off effect in Q1 of approximately 500 million DKK in revenue in Q1. Secondly, also compared to last year, we are now paying a commission fee to the partners. Partner commissions are recognized as a gross-to-net deduction and this means that we need to adjust the revenue base to have a like-for-like comparison. The third effect we have with the partner model is the shipment phasing that we see in the partner model where we ship to them. As partners are establishing their ordering patterns, we do expect to see some quarterly variability, where we expect that the variability will be stronger in Q1 and Q3, and softer shipments in Q2 and Q4. And this is driven by timing effects of the model rather than underlying demand in the market. Altogether, when we adjust for these effects, the underlying revenue growth in Q1 is approximately 13% at constant exchange rates. With this, I conclude for the performance section and hand over to my colleague Johan for a portfolio update.