Remuneration

Our remuneration policy

Makes visible the fair, performance-based and results-oriented compensation of our Executive Management and Board of Directors.

Remuneration policy and Remuneration report

In accordance with the Danish Companies Act and the Danish Corporate Governance Recommendation Lundbeck has prepared a Remuneration Policy. The policy was approved with sufficient majority at Lundbeck’s Annual General Meeting on 26 March 2025. Further, Lundbeck has in accordance with the Danish Corporate Governance Recommendations prepared a Remuneration Report. Both the Remuneration Policy and the Remuneration Report can be downloaded below.

Decision process and approval framework

Each of the registered Executive Leadership Team members participates in a short-term incentive program that provides an annual cash bonus based on the achievement of predetermined targets for the preceding financial year. The short-term incentive payment levels will be determined by the Board of Directors from year to year. The CEO has a target of up to 100% and a maximum of up to 117% of the fixed annual base salary. The other registered Executive Management members have a target of up to 33.33% and a maximum of up to 50% of the fixed annual base salary. All registered Executive Leadership Team members may receive payment below target and potentially no payment in case of performance below target.

Remuneration of key management personnel¹

	2025 DKKm	2024 DKKm
Short-term staff benefits	127	127
Retirement benefits	11	11
Other social security costs	1	1
Equity- and cash-settled incentive programmes	28	22
Severance and other costs	8	20
Total	175	181

Key management personnel are defined as persons who report directly to the registered Executive Leadership Team.

Executive Leadership Team

2025 DKKm	Charl van Zyl President & CEO	Joerg Hornstein EVP & CFO	Lars Bang EVP, Product Devopment & Supply	Per Johan Luthman EVP, R&D	Total Management
Base Salary	9.3	6.3	4.8	5.3	25.7
Pension	0.1	-	1.2	1.4	2.7
Other benefits	1.3	0.3	0.3	0.2	2.1
Total fixed	10.7	6.6	6.3	6.9	30.5
Termination / Severance pay	-	-	-	-	-
Total remuneration	28.5	11.4	10.7	11.9	62.5

Remuneration - Board of Directors

The total remuneration of the Board of Directors for 2025 amounted to DKK 9.2 million (DKK 9.0 million in 2024). The amount includes fees for participation in the Audit Committee of DKK 0.7 million (DKK 0.7 million in 2024), the Remuneration Committee of DKK 0.7 million (DKK 0.7 million in 2024), the Scientific Committee of DKK 0.9 million (DKK 1.0 million in 2024), and travel allowances of DKK 0.8 million (DKK 0.9 million in 2024) for board members with permanent residence outside of Europe. The total remuneration of the Chair of the Board of Directors amounted to DKK 1.8 million (DKK 1.7 million in 2024). The total remuneration of the Deputy Chair of the Board of Directors amounted to DKK 1.3 million (DKK 1.2 million in 2024). These amounts include fees for participation in board committees. The remuneration for 2025 is consistent with the remuneration presented at the Annual General Meeting held on 26 March 2025.

The members of the Board of Directors held a total of 242,805 Lundbeck shares at 31 December 2025 (295,101 shares at 31 December 2024).