H Lundbeck A/S B

Ladies and gentlemen, welcome to the financial statements for the first six months of 2026 conference call. I'm Moritz, your chorus call operator. I would like to remind you that all participants will be in a listen-only mode and the conference is being recorded. The presentation will be followed by a question and answer 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 Charl van Zyl, President and CEO. Please go ahead, sir.

So welcome, everybody. Thank you for joining our call today for our first half 2026 earnings call. I'm of course pleased to have my executive leadership team join me today, whom I'll be introducing very shortly. So just a few opening remarks before we get into the main presentation. So again, very pleased to see the strong momentum that we see in the first half of this year. As you recall, we upgraded in Q1 and we see now the full year guidance confirmed through this halfway point through 2026. I want to again emphasize also that these results are not by chance. They're really through strategic choice, through clear intent and disciplined execution of our focused innovative strategy, which is predicated around growth, building a compelling innovative pipeline, and being very disciplined around our capital allocation. Before we unpack these results, let me go to the next slide. So of course today contains forward-looking statements which are subject to change. So if you can go to the next slide, here I will just provide a very short overview of our performance as things stand at the halfway point 2026. First of all, as I mentioned, our strategy is now in its third year of a focused innovator approach, which is built around growing what we have, growing our key strategic assets, building a strong innovative pipeline, and ensuring that we have disciplined funding and allocation to either invest in growth or in innovation. And just a few points to first unpack on the growth side. So again, our performance through the first half shows very strong strategic brand growth of 17%. This is underpinned by VIEPTI at 46%. and Rex Salty at 17%. Again, these are assets that we have consciously invested in over the last three years and we're truly seeing the fruits of those results with strong sustained growth coming from both those assets. We've also transitioned to a commercial model in our key countries, 27 partner markets. And of course, we are about eight months into that partnership and continue to see strong momentum with this relationship in our commercial model. Let me then go to innovation, which is really a transformation that we've seen in Lundbeck over the last three years. And there are two parts to that. So let me talk to a few highlights on the early and mid-stage pipeline. First of all, our D1-D2 agonist is advancing into phase two in Parkinson's. We have seen also really promising results of acetabar progressing in two indications, congenital adrenal hyperplasia and Cushing's disease. and we also see very promising early results on our erection program which has been given fast track designation by the FDA. So really compelling early to mid-stage pipeline that are really promising for the future and long-term sustainable growth of Lundbeck. When I talk a little bit about the late stage, again here you've heard from us before but very important and good to see the progress we're making on dexicastrin with a deep ocean study that is closed randomization ahead of time and we expect our quarter four results or headline results from this particular study. As we also published before, Amlenatuk, the mascot randomization, has completed ahead of schedule and on track for second half 27 readout. Bakunabart continues to advance following the phase 2b and we're preparing to enter phase 3 later in 2026. Importantly also to say the funding part which has been as you have come to know from us very disciplined. We have maintained a very strong investment in R&D of 20 to 25 percent of our revenue But we've done that through careful allocation and reallocation of capital throughout the company. And we've seen that free cash flow very strong in the first half of 2026, which has also allowed us to deleverage fast following the longboard acquisition to a ratio of one for net debt to adjusted EBITDA. So, as I mentioned in my opening remarks, we have upgraded in Q1 based on strong underlying trends and we are therefore confirming our guidance at this halfway point to 7-9% constant on top line and adjusted EBITDA at 8-14% on a constant basis as well. So before I hand to the team again, I want to just emphasize a few things. Lundbeck is continuing on a very strong path of transformation. We are today a much stronger commercial organization. We are financially in a much stronger position, and we have a really compelling pipeline to support the long-term sustainable growth of Lundbeck. So if I can go to the next slide, and of course, my pleasure to introduce the rest of the speakers who will give you a more detailed update today. You'll hear from our two executive vice presidents from our geographies, Tom and Michala. And it's also my pleasure to welcome our soon to be appointed Executive Vice President of Research and Development, Tarek, who will be joining Johan in this very smooth transition in our R&D organization. Of course, you'll be concluded with Joerg going in more detail to the financial results. So with that, it's my pleasure to hand over to Tom.

Great. Thank you, Charles. And hello, everyone. Overall, we are pleased with our commercial performance during the first half of the year. And once again, the highlight was VIEPTI. VIEPTI delivered strong, market-leading growth during the first half of 2026 and we expect this to continue throughout the year. This performance has been powered by continued robust underlying demand in both the U.S. and our Europe and international markets. Global revenue reached 2.865 billion DKK in the first half of 2026, growing at 46% at constant exchange rates. In the US, revenue grew 47% fueled by demand growth of 41.3%. This has nearly tripled the growth rate of the market at 15.3%. This sustained outperformance reflects precision execution across the marketing mix, including the impact of our Salesforce and DTC investments, which are increasingly being guided by internally developed AI tools and advanced analytics. Our monthly market share in the U.S. reached an all-time high of 13.01% compared to 11% at the beginning of 2026 and surpassing Amavig for the first time. This market share expansion is driven by continued growth in new patient starts, a high written-to-infusion conversion ratio, and category-leading patient persistency. We continue to allocate resources in a disciplined and data-driven way as we move through the year to continue to drive market-leading growth. In Europe and international operations, VIEPTI grew 39% at constant exchange rates with strong uptake across key markets, also outpacing anti-CGRP market growth. Market share in these prioritized markets has increased approximately two percentage points year over year. Importantly, we're also making good progress towards expanding into Asia and preparing for the launches in China, Japan, and South Korea. We see these as meaningful additional growth opportunities over time. Next slide, please. A key part of sustaining VIEPTI's momentum is continuing to invest in building the evidence base both through clinical trials and real-world evidence, with the goal of continuing to elevate the clinical and economic value proposition to further differentiate VIEPTI and drive earlier use within the treatment paradigm. Our Phase III and IV programs created a strong clinical foundation demonstrating rapid and sustained efficacy. These data are now supported by DELIVER, which assesses patients who have failed oral preventative treatments, INFUSE, which provides real-world evidence after anti-CGRP failures, and THRIVE, which is currently evaluating VIEPTI efficacy and safety after insufficient response to one prior anti-CGRP. These data are compelling. 60% of patients reported fewer than four monthly headache days sustained through 104 weeks. In DELIVER, 50% of patients with two to four previous oral preventative treatment failures achieved at least a 50% reduction in monthly migraine days. And in INFUSE, 44% of treated patients achieved at least a 50% reduction in monthly headache days despite prior exposure to more than one anti-CGRP. And importantly, in the ongoing THRIVE study, the interim analysis suggests 45% of patients reporting a PGIC response of much or very much improved after an inadequate response to one anti-CGRP targeting preventative treatment. So overall, we are continuously adding complementary evidence that supports meaningful differentiation and clinical evidence to move VIEPTI earlier in the treatment paradigm so that migraine patients have the potential to achieve the outcome that they deserve. Next slide, please. Turning to RIGSALTI, which continues to deliver strong double-digit growth. During the first half of 2026, global revenue reached 3.297 billion DKK, an increase of 17% at constant exchange rates versus the same period last year. In the U.S., TRX demand grew 16.3% on a rolling six-month basis, and ADAD is the main growth driver, with TRXs up 37%. while MDD remains a solid contributor growing 15.7%, really demonstrating strong underlying brand fundamentals. RIGSULTI AADAD volume is becoming increasingly important to the overall RIGSULTI brand. The 65 plus segment now contributes over 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, Rigzulti was identified as the number one preferred brand for the treatment of AADAD and remains an important driver for future growth for the brand. We're pleased with the momentum of Rigzulti and demand is tracking to plan, despite an increasingly competitive market. Precision execution across the marketing mix, including our expanded sales team and primary care, is expected to reinforce long-term growth and help address increased competition. In Europe and international operations, Rixalti delivered strong growth of 24% at constant exchange rates, and this reflects continued momentum across key markets. Next slide, please, and I'll hand it over to you, Michala.