Financials
Key facts, figures, and highlights of Lundbeck’s financials
An overview of Lundbeck’s financial performance.
Financial overview
| Income statement (DKKm) | 2025 | 2024 | 2023 | 2022 | 2021 |
| Revenue | 24,630 | 22,004 | 19,912 | 18,246 | 16,299 |
| Research and development costs | 4,895 | 4,501 | 3,457 | 3,754 | 3,823 |
| Operating profit before depreciation and amortization (EBITDA) |
7,140 | 5,146 | 5,207 | 4,663 | 3,720 |
| Profit from operations (EBIT) | 5,275 | 3,270 | 3,195 | 2,852 | 2,010 |
| Net financials (income) / expenses | 788 | (449) | 202 | 378 | 429 |
| Profit before tax | 4,487 | 3,719 | 2,993 | 2,474 | 1,581 |
| Profit for the year | 3,192 | 3,143 | 2.290 | 1,916 | 1,318 |
| Assets (DKKm) | 2025 | 2024 | 2023 | 2022 | 2021 |
| Non-current assets |
39,271 | 44,650 | 24,118 | 26,040 | 26,041 |
| Inventories |
4,473 | 3,983 | 4,427 | 4,046 | 2,775 |
| Receivables | 4,877 | 4,363 | 3,852 | 3,818 | 3,558 |
| Cash, bank balances and securities | 3,433 | 4,664 | 5,010 | 3,548 | 2,279 |
| Total assets | 52,054 | 57,660 | 37,407 | 37,452 | 34,653 |
| Equity and liabilities (DKKm) | 2025 | 2024 | 2023 | 2022 | 2021 |
| Equity |
24,903 | 25,010 | 22,045 | 20,779 | 18,279 |
| Non-current liabilities |
18,298 | 24,070 | 7,372 | 8,474 | 7,556 |
| Current liabilities | 8,853 | 8,580 | 7,990 | 8,199 | 8,818 |
| Total equity and liabilities | 52,054 | 57,660 | 37,407 | 37,452 | 34,653 |
| statement of Cash flows (DKKm) | 2025 | 2024 | 2023 | 2022 | 2021 |
| Cash flows from operating activities |
5,481 | 3,326 | 4,080 | 3,519 | 2,272 |
| Cash flows from investing activities | -611 | -15,286 | -498 | -1,892 | -610 |
| Cash flows from operating and investing activities (free cash flow) |
4,870 | -11,960 | 3,582 | 1,627 | 1,662 |
| Cash flows from financing activities | -6,062 | 11,629 | -2,085 | -387 | -3,336 |
| Interest-bearing debt, cash, bank balances and securities, net, year-end - net cash/(net debt) |
-8,379 | -12,182 | 711 | -2,183 | -3,189 |
In 2021, securites amounted to DKK 0.
| Key figures | 2025 | 2024 | 2023 | 2022 | 2021 |
| EBIT margin (%) |
21.4 | 14.9 | 16.0 | 15.6 | 12.3 |
| Research and development ratio (%) | 19.9 | 20.5 | 17.4 | 20.6 | 23.5 |
| Return on equity (%) | 12.8 | 13.4 | 10.7 | 9.8 | 7.5 |
| Equity ratio (%) | 47.8 | 43.4 | 58.9 | 55.5 | 52.7 |
| Invested capital (DKKm) | 33,282 | 37,192 | 21,334 | 22,962 | 21,468 |
| Net debt/EBITDA | 1.2 | 2.4 | -0.1 | 0.5 | 0.9 |
| Effective tax rate (%) | 28.9 | 15.5 | 23.5 | 22.6 | 16.6 |
| Purchase of intangible assets, gross (DKKm) | 64 | 21,306 | 224 | 449 | 202 |
| Purchase of property, plant and equipment, gross (DKKm) |
554 | 508 | 277 | 371 | 410 |
| Average number of employees | 5,461 | 5,694 | 5,566 | 5,399 | 5,488 |
| Share data | 2025 | 2024 | 2023 | 2022 | 2021 |
| Number of shares for the calculation of EPS (millions) |
992.1 | 991.4 | 999.2 | 992.9 | 993.3 |
| Earnings per share, basic (EPS) (DKK) | 3.22 | 3.17 | 2.31 | 1.93 | 1.33 |
| Earnings per share, diluted (DEPS) (DKK) | 3.22 | 3.17 | 2.31 | 1.93 | 1.33 |
| Proposed dividend per share (DKK) | 1.15 | 0.95 | 0.70 | 0.58 | 0.40 |
| Cash flow from operating activities per share, diluted (DKK) |
5.52 | 3.35 | 4.11 | 3.54 | 2.29 |
| Net asset value per share, diluted (DKK) | 25.10 | 25.23 | 22.22 | 20.93 | 18.40 |
| Market capitalization (DKKm) | 41,590 | 39,567 | 31,812 | 25,507 | 33.626 |
More from Lundbeck
Investor relations
Detailed information related to Lundbeck’s financial performance. Contact Christian Raadmand Jensen, Senior Director. + 45 3083 3704
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