Financials

Key Facts, Figures, and Highlights of Lundbeck’s Financials

An overview of Lundbeck’s financial performance.

Income statement (DKKm)	2021	2020	2019	2018	2017
Revenue	16,299	17,672	17,036	18,117	17,234
Research and development costs	3,823	4,545	3,116	3,277	2,705
Operating profit before depreciation and amortization (EBITDA)	3,720	4,783	4,823	6,436	9,190
Profit/(loss) from operations (EBIT)	2,010	1,990	3,153	4,846	8,174
Net financials	429	84	127	12	131
Profit/(loss) before tax	1,581	1,906	3,026	4,834	8,043
Profit/(loss) for the year	1,318	1,581	2,313	3,553	5,560

Assets (DKKm)	2021	2020	2019	2018	2017
Non-current assets	26,041	25,924	29,095	13,944	13,893
Inventories	2,775	2,163	2,204	1,753	1,376
Receivables	3,558	4,018	3,822	3,261	3,791
Cash, bank balances and securities	2,279	3,924	3,012	6,635	3,677
Total assets	34,653	36,029	38,133	25,593	22,737

Equity and liabilities (DKKm)	2021	2020	2019¹	2018¹	2017¹
Equity	18,279	16,973	16,782	16,833	15,117
Non-current liabilities	7,556	9,044	11,071	1,184	1,141
Current liabilities	8,818	10,012	10,280	7,576	6,479
Total equity and liabilities	34,653	36,029	38,133	25,593	22,737

statement of Cash flows (DKKm)	2021	2020	2019	2018	2017
Cash flows from operating activities	2,272	3,837	2,609	5,981	4,045
Cash flows from investing activities	-610	-467	-7,755	-2,907	-1,830
Cash flows from operating and investing activities (free cash flow)	1,662	3,370	-5,146	3,074	2,215
Cash flows from financing activities	-3,336	-2,394	4,548	-1607	-2,235
Interest-bearing debt, cash, bank balances and securities, net, year-end - net cash/(net debt)	-3,189	-4,106	-6,566	6,635	3,677

1) 2017-2019 have been restated to reflect the reversal of an impairment loss on the Rexulti® product rights in 2017.

2) In 2020 and 2021, securites amounted to DKK 0.

Key figures	2021	2020	2019¹	2018¹	2017¹
EBIT margin (%)	12.3	11.3	18.5	26.7	47.4
Research and development ratio (%)	23.5	25.7	18.3	18.1	15.7
Return on equity (%)	7.5	9.4	13.8	22.2	44.8
Equity ratio (%)	52.7	47.1	44.0	65.8	66.5
Invested capital (DKKm)	21,468	21,079	23,348	10,198	11,440
Net debt/EBITDA	0.9	0.9	1.4	-1.0	-0.7
Effective tax rate (%)	16.6	17.0	23.6	26.5	30.9
Purchase of intangible assets, gross (DKKm)	202	114	88	1,149	480
Purchase of property, plant and equipment, gross (DKKm)	410	364	356	300	245
Purchase of financial assets, gross (DKKm)	-	17	18	1,524	1,509
Average number of employees	5,488	5,717	5,475	5,060	4,980

Share data	2021	2020	2019²	2018²	2017²
Number of shares for the calculation of EPS (millions)	198.7	198.7	198.7	198.7	197.5
Earnings per share, basic (EPS) (DKK)	6.63	7.95	11.64	17.88	28.14
Earnings per share, diluted (DEPS) (DKK)	6.63	7.95	11.64	17.87	28.10
Proposed dividend per share (DKK)	2.00	2.50	4.10	12.00	8.00
Cash flow from operating activities per share, diluted (DKK)	11.44	19.31	13.13	30.09	20.44
Net asset value per share, diluted (DKK)	92.01	85.42	84.45	84.67	76.03
Market capitalization (DKKm)	33.626	41,582	50,660	56,825	62,700
Price/Earnings, diluted (DKK)	25.47	26.25	21.86	15.97	11.21
Price/Cash flow, diluted (DKK)	14.76	10.82	19.38	9.48	15.41
Price/Net asset value, diluted (DKK)	1.84	2.44	3.01	3.37	4.14

1) 2017-2019 have been restated to reflect the reversal of an impairment loss on the Rexulti® product rights in 2017.

Investor Relations

Detailed information related to Lundbeck’s financial performance. Contact Palle Olesen, VP Investor Relations. + 45 3083 2426

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