Financials
Key Facts, Figures, and Highlights of Lundbeck’s Financials
An overview of Lundbeck’s financial performance.
Financial Overview
| Income statement (DKKm) | 2023 | 2022 | 2021 | 2020 | 2019 |
| Revenue | 19,912 | 18,246 | 16,299 | 17,672 | 17,036 |
| Research and development costs | 3,457 | 3,754 | 3,823 | 4,545 | 3,116 |
| Operating profit before depreciation and amortization (EBITDA) | 5,207 | 4,663 | 3,720 | 4,783 | 4,823 |
| Profit/(loss) from operations (EBIT) | 3,195 | 2,852 | 2,010 | 1,990 | 3,153 |
| Net financials | 202 | 378 | 429 | 84 | 127 |
| Profit/(loss) before tax | 2,993 | 2,474 | 1,581 | 1,906 | 3,026 |
| Profit/(loss) for the year | 2.290 | 1,916 | 1,318 | 1,581 | 2,313 |
| Assets (DKKm) | 2023 | 2022 | 2021 | 2020 | 2019 |
| Non-current assets |
24,118 | 26,040 | 26,041 | 25,924 | 29,095 |
| Inventories |
4,427 | 4,046 | 2,775 | 2,163 | 2,204 |
| Receivables | 3,852 | 3,818 | 3,558 | 4,018 | 3,822 |
| Cash, bank balances and securities | 5,010 | 3,548 | 2,279 | 3,924 | 3,012 |
| Total assets | 37,407 | 37,452 | 34,653 | 36,029 | 38,133 |
| Equity and liabilities (DKKm) | 2023 | 2022 | 2021 | 2020 | 20191 |
| Equity |
22,045 | 20,779 | 18,279 | 16,973 | 16,782 |
| Non-current liabilities |
7,372 | 8,474 | 7,556 | 9,044 | 11,071 |
| Current liabilities | 7,990 | 8,199 | 8,818 | 10,012 | 10,280 |
| Total equity and liabilities | 37,407 | 37,452 | 34,653 | 36,029 | 38,133 |
| statement of Cash flows (DKKm) | 2023 | 2022 | 2021 | 2020 | 2019 |
| Cash flows from operating activities |
4,080 | 3,519 | 2,272 | 3,837 | 2,609 |
| Cash flows from investing activities | -498 | -1,892 | -610 | -467 | -7,755 |
| Cash flows from operating and investing activities (free cash flow) | 3,582 | 1,627 | 1,662 | 3,370 | -5,146 |
| Cash flows from financing activities | -2,085 | -387 | -3,336 | -2,394 | 4,548 |
| Interest-bearing debt, cash, bank balances and securities, net, year-end - net cash/(net debt) | 711 | -2,183 | -3,189 | -4,106 | -6,566 |
1) 2018-2019 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 | 2023 | 2022 | 2021 | 2020 | 20191 |
| EBIT margin (%) |
16.0 | 15.6 | 12.3 | 11.3 | 18.5 |
| Research and development ratio (%) | 17.4 | 20.6 | 23.5 | 25.7 | 18.3 |
| Return on equity (%) | 10.7 | 9.8 | 7.5 | 9.4 | 13.8 |
| Equity ratio (%) | 58.9 | 55.5 | 52.7 | 47.1 | 44.0 |
| Invested capital (DKKm) | 21,334 | 22,962 | 21,468 | 21,079 | 23,348 |
| Net debt/EBITDA | -0.1 | 0.5 | 0.9 | 0.9 | 1.4 |
| Effective tax rate (%) | 23.5 | 22.6 | 16.6 | 17.0 | 23.6 |
| Purchase of intangible assets, gross (DKKm) | 224 | 449 | 202 | 114 | 88 |
| Purchase of property, plant and equipment, gross (DKKm) | 277 | 371 | 410 | 364 | 356 |
| Purchase of financial assets, gross (DKKm) | - | - | - | 17 | 18 |
| Average number of employees | 5,566 | 5,399 | 5,488 | 5,717 | 5,475 |
| Share data | 2023 | 2022 | 2021 | 2020 | 2019 |
| Number of shares for the calculation of EPS (millions) | 999.2 | 992.9 | 993.3 |
993.7 |
993.5 |
| Earnings per share, basic (EPS) (DKK) | 2.31 | 1.93 | 1.33 |
1.59 |
2.33 |
| Earnings per share, diluted (DEPS) (DKK) | 2.31 | 1.93 | 1.33 |
1.59 |
2.33 |
| Proposed dividend per share (DKK) | 0.70 | 0.58 | 0.40 |
0.50 |
0.82 |
| Cash flow from operating activities per share, diluted (DKK) | 4.11 | 3.54 | 2.29 |
3.86 |
2.63 |
| Net asset value per share, diluted (DKK) | 22.22 | 20.93 | 18.40 |
17.08 |
16.89 |
| Market capitalization (DKKm) | 31,812 | 25,507 | 33.626 | 41,582 | 50,660 |
1) 2018-2019 have been restated to reflect the reversal of an impairment loss on the Rexulti® product rights in 2017.
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