Assets
| Type | Time | Amount | Unit |
|---|---|---|---|
| ifrs-full:Assets | 2019-12-31 | 35757000000 | DKK |
| ifrs-full:Assets | 2018-12-31 | 23011000000 | DKK |
Revenue
| Type | Start date | End date | Amount | Unit |
|---|---|---|---|---|
| ifrs-full:Revenue | 2019-01-01 | 2019-12-31 | 17036000000 | DKK |
| ifrs-full:Revenue | 2018-01-01 | 2018-12-31 | 18117000000 | DKK |
XML
See the xml submitted here:
XML: http://regnskaber.virk.dk/31995765/amNsb3VkczovLzAzLzMwLzlmLzMyL2JkL2JhM2ItNDUxZC05ZDlmLTRjZjlmODRmYTUxYg.xml
Separator
The full data:
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rsrapport</gsd:InformationOnTypeOfSubmittedReport><gsd:IdentificationNumberCvrOfReportingEntity contextRef="duration_CY_only">56759913</gsd:IdentificationNumberCvrOfReportingEntity><gsd:NameOfReportingEntity contextRef="duration_CY_only">H. Lundbeck A/S</gsd:NameOfReportingEntity><gsd:AddressOfReportingEntityStreetName contextRef="duration_CY_only">Ottiliavej</gsd:AddressOfReportingEntityStreetName><gsd:AddressOfReportingEntityStreetBuildingIdentifier contextRef="duration_CY_only">9</gsd:AddressOfReportingEntityStreetBuildingIdentifier><gsd:AddressOfReportingEntityPostCodeIdentifier contextRef="duration_CY_only">2500</gsd:AddressOfReportingEntityPostCodeIdentifier><gsd:AddressOfReportingEntityDistrictName contextRef="duration_CY_only">Valby</gsd:AddressOfReportingEntityDistrictName><gsd:AddressOfReportingEntityCountry contextRef="duration_CY_only">Denmark</gsd:AddressOfReportingEntityCountry><gsd:TelephoneNumberOfReportingEntity contextRef="duration_CY_only">+45 36 30 13 11</gsd:TelephoneNumberOfReportingEntity><gsd:HomepageOfReportingEntity contextRef="duration_CY_only">www.lundbeck.com</gsd:HomepageOfReportingEntity><gsd:EmailOfReportingEntity contextRef="duration_CY_only">information@lundbeck.com</gsd:EmailOfReportingEntity><gsd:ReportingPeriodStartDate contextRef="duration_CY_only">2019-01-01</gsd:ReportingPeriodStartDate><gsd:ReportingPeriodEndDate contextRef="duration_CY_only">2019-12-31</gsd:ReportingPeriodEndDate><gsd:PrecedingReportingPeriodStartDate contextRef="duration_CY_only">2018-01-01</gsd:PrecedingReportingPeriodStartDate><gsd:PredingReportingPeriodEndDate contextRef="duration_CY_only">2018-12-31</gsd:PredingReportingPeriodEndDate><gsd:DateOfGeneralMeeting contextRef="duration_CY_only">2020-03-24</gsd:DateOfGeneralMeeting><gsd:NameAndSurnameOfChairmanOfGeneralMeeting contextRef="duration_CY_only">Jørgen Kjergaard Madsen</gsd:NameAndSurnameOfChairmanOfGeneralMeeting><cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="duration_CY_IdentificationOfMemberOfExecutiveBoardAxis_cmn_memberOfBoardIdentifier_only_1">Deborah Dunsire</cmn:NameAndSurnameOfMemberOfExecutiveBoard><cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="duration_CY_IdentificationOfMemberOfExecutiveBoardAxis_cmn_memberOfBoardIdentifier_only_2">Lars Bang</cmn:NameAndSurnameOfMemberOfExecutiveBoard><cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="duration_CY_IdentificationOfMemberOfExecutiveBoardAxis_cmn_memberOfBoardIdentifier_only_3">Anders Götzsche</cmn:NameAndSurnameOfMemberOfExecutiveBoard><cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="duration_CY_IdentificationOfMemberOfExecutiveBoardAxis_cmn_memberOfBoardIdentifier_only_4">Per Johan Luthman</cmn:NameAndSurnameOfMemberOfExecutiveBoard><cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="duration_CY_IdentificationOfMemberOfExecutiveBoardAxis_cmn_memberOfBoardIdentifier_only_5">Jacob Tolstrup</cmn:NameAndSurnameOfMemberOfExecutiveBoard><cmn:TitleOfMemberOfExecutiveBoard contextRef="duration_CY_IdentificationOfMemberOfExecutiveBoardAxis_cmn_memberOfBoardIdentifier_only_1">President and CEO</cmn:TitleOfMemberOfExecutiveBoard><cmn:TitleOfMemberOfExecutiveBoard contextRef="duration_CY_IdentificationOfMemberOfExecutiveBoardAxis_cmn_memberOfBoardIdentifier_only_2">Executive Vice President, Product Development & Supply</cmn:TitleOfMemberOfExecutiveBoard><cmn:TitleOfMemberOfExecutiveBoard contextRef="duration_CY_IdentificationOfMemberOfExecutiveBoardAxis_cmn_memberOfBoardIdentifier_only_3">Executive Vice President, CFO</cmn:TitleOfMemberOfExecutiveBoard><cmn:TitleOfMemberOfExecutiveBoard contextRef="duration_CY_IdentificationOfMemberOfExecutiveBoardAxis_cmn_memberOfBoardIdentifier_only_4">Executive Vice President, Research & Development</cmn:TitleOfMemberOfExecutiveBoard><cmn:TitleOfMemberOfExecutiveBoard contextRef="duration_CY_IdentificationOfMemberOfExecutiveBoardAxis_cmn_memberOfBoardIdentifier_only_5">Executive Vice President, Commercial Operations</cmn:TitleOfMemberOfExecutiveBoard><cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_CY_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_1">Lars Søren Rasmussen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard><cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_CY_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_2">Lene Skole-Sørensen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard><cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_CY_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_3">Henrik Andersen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard><cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_CY_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_4">Jeffrey Berkowitz</cmn:NameAndSurnameOfMemberOfSupervisoryBoard><cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_CY_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_5">Lars Erik Holmqvist</cmn:NameAndSurnameOfMemberOfSupervisoryBoard><cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_CY_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_6">Jeremy Max Levin</cmn:NameAndSurnameOfMemberOfSupervisoryBoard><cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_CY_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_7">Rikke Kruse Andreasen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard><cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_CY_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_8">Henrik Sindal Jensen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard><cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_CY_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_9">Ludovic Tranholm Otterbein</cmn:NameAndSurnameOfMemberOfSupervisoryBoard><cmn:TitleOfMemberOfSupervisoryBoard contextRef="duration_CY_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_1">Chairman of the Board</cmn:TitleOfMemberOfSupervisoryBoard><cmn:TitleOfMemberOfSupervisoryBoard contextRef="duration_CY_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_2">Deputy Chairman of the Board</cmn:TitleOfMemberOfSupervisoryBoard><cmn:TitleOfMemberOfSupervisoryBoard contextRef="duration_CY_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_7">Employee representative</cmn:TitleOfMemberOfSupervisoryBoard><cmn:TitleOfMemberOfSupervisoryBoard contextRef="duration_CY_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_8">Employee representative</cmn:TitleOfMemberOfSupervisoryBoard><cmn:TitleOfMemberOfSupervisoryBoard contextRef="duration_CY_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_9">Employee representative</cmn:TitleOfMemberOfSupervisoryBoard><cmn:IdentificationNumberCvrOfAuditFirm contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_1">33963556</cmn:IdentificationNumberCvrOfAuditFirm><cmn:IdentificationNumberCvrOfAuditFirm contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_2">33963556</cmn:IdentificationNumberCvrOfAuditFirm><cmn:NameOfAuditFirm contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_1">Deloitte Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm><cmn:NameOfAuditFirm contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_2">Deloitte Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm><gsd:AddressOfAuditorStreetName contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_1">Weidekampsgade</gsd:AddressOfAuditorStreetName><gsd:AddressOfAuditorStreetBuildingIdentifier contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_1">6</gsd:AddressOfAuditorStreetBuildingIdentifier><gsd:AddressOfAuditorPostCodeIdentifier contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_1">0900</gsd:AddressOfAuditorPostCodeIdentifier><gsd:AddressOfAuditorDistrictName contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_1">København C</gsd:AddressOfAuditorDistrictName><gsd:IdentificationNumberCvrOfSubmittingEnterprise contextRef="duration_CY_only">33963556</gsd:IdentificationNumberCvrOfSubmittingEnterprise><gsd:NameOfSubmittingEnterprise contextRef="duration_CY_only">Deloitte Statsautoriseret Revisionspartnerselskab</gsd:NameOfSubmittingEnterprise><gsd:AddressOfSubmittingEnterpriseStreetAndNumber contextRef="duration_CY_only">Weidekampsgade 6</gsd:AddressOfSubmittingEnterpriseStreetAndNumber><gsd:AddressOfSubmittingEnterprisePostcodeAndTown contextRef="duration_CY_only">0900 København C</gsd:AddressOfSubmittingEnterprisePostcodeAndTown><arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="duration_CY_only">To the shareholders of H. Lundbeck A/S</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements><arr:TypeOfModifiedOpinionOnAuditedFinancialStatements contextRef="duration_CY_only">Opinion</arr:TypeOfModifiedOpinionOnAuditedFinancialStatements><arr:OpinionOnAuditedFinancialStatements contextRef="duration_CY_only">We have audited the consolidated financial statements and the<br/>parent financial statements of H. Lundbeck A/S for the financial year<br/>1 January - 31 December 2019, which comprise the income<br/>statement, balance sheet, statement of changes in equity and notes,<br/>including a summary of significant accounting policies, for the Group<br/>as well as the Parent, and the statement of comprehensive income<br/>and the cash flow statement of the Group. The consolidated financial<br/>statements are prepared in accordance with International Financial<br/>Reporting Standards as adopted by the EU and additional<br/>requirements of the Danish Financial Statements Act, and the parent<br/>financial statements are prepared in accordance with the Danish<br/>Financial Statements Act.<br/>In our opinion, the consolidated financial statements give a true and<br/>fair view of the Groupâs financial position at 31 December 2019, and<br/>of the results of its operations and cash flows for the financial year<br/>1 January - 31 December 2019 in accordance with International<br/>Financial Reporting Standards as adopted by the EU and additional<br/>requirements under the Danish Financial Statements Act.<br/>Further, in our opinion, the parent financial statements give a true<br/>and fair view of the Parentâs financial position at 31 December 2019,<br/>and of the results of its operations for the financial year<br/>1 January - 31 December 2019 in accordance with the Danish<br/>Financial Statements Act.<br/>Our opinion is consistent with our audit book comments issued to the<br/>Audit Committee and the Board of Directors.</arr:OpinionOnAuditedFinancialStatements><arr:TypeOfBasisForModifiedOpinionOnAuditedFinancialStatements contextRef="duration_CY_only">Basis for Opinion</arr:TypeOfBasisForModifiedOpinionOnAuditedFinancialStatements><arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="duration_CY_only">We conducted our audit in accordance with International Standards<br/>on Auditing (ISAs) and the additional requirements applicable in<br/>Denmark. Our responsibilities under those standards and<br/>requirements are further described in the Auditorâs responsibilities for<br/>the audit of the consolidated financial statements and the parent<br/>financial statements section of this auditorâs report. We are<br/>independent of the Group in accordance with the International Ethics<br/>Standards Board of Accountantsâ Code of Ethics for Professional<br/>Accountants (IESBA Code) and the additional requirements<br/>applicable in Denmark, and we have fulfilled our other ethical<br/>responsibilities in accordance with these requirements. We believe<br/>that the audit evidence we have obtained is sufficient and appropriate<br/>to provide a basis for our opinion.<br/>To the best of our knowledge and belief, we have not provided any<br/>prohibited non-audit services as referred to in Article 5(1) of<br/>Regulation (EU) No 537/2014.<br/>After H. Lundbeck A/S was listed on Nasdaq Copenhagen in 1999,<br/>we were appointed auditors at the Annual General Meeting held on<br/>28 March 2000 for the financial year 2000. We have been<br/>reappointed annually by decision of the general meeting for a total<br/>contiguous engagement period of 20 years up to and including the<br/>financial year 2019.</arr:DescriptionOfQualificationsOfAuditedFinancialStatements><arr:KeyAuditMattersAudit contextRef="duration_CY_only">Key audit matters are those matters that, in our professional<br/>judgment, were of most significance in our audit of the consolidated<br/>financial statements and the parent financial statements for the<br/>financial year 1 January - 31 December 2019. These matters were<br/>addressed in the context of our audit of the consolidated financial<br/>statements and the parent financial statements as a whole, and in<br/>forming our opinion thereon, and we do not provide a separate<br/>opinion on these matters.<br/>Rebates, discounts and allowances in the US<br/>The Group provides rebates and discounts to customers in the US<br/>that fall under certain government mandated reimbursement<br/>arrangements, of which the most significant is Medicaid. These<br/>arrangements result in deductions to gross sales in arriving at<br/>revenue. The period passing between the sales to distributors and<br/>payment of a rebate to the government bodies may be several<br/>months and requires the unsettled amounts to be recognized as an<br/>accrual resulting in a reduction of gross sales.<br/>The arrangements are complex and require significant judgment and<br/>estimation by Management in establishing an appropriate accrual for<br/>the unsettled amounts. This includes estimation of sales volumes<br/>subject to the rebates, estimation of applicable rebate rates, and<br/>estimation of the lag time described above.<br/>At 31 December 2019, Management determined an accrual of<br/>DKK 1,057 million (2018: DKK 1,493 million).<br/>We refer to notes 2, 9 and 33 in the consolidated financial<br/>statements.<br/>How the matter was addressed in our audit<br/>We have evaluated and tested the appropriateness of the Groupâs<br/>processes for determining the accrual.<br/>We obtained Managementâs accrual calculations under the<br/>reimbursement arrangements and evaluated the accuracy of the<br/>calculations and assumptions made by Management. We have<br/>assessed inputs and key assumptions and recalculated the rebate<br/>percentages.<br/>We performed an analysis of the accrual balance by testing the<br/>payments made, we obtained and assessed the Groupâs estimate of<br/>the period from sale to payment of rebates, the sales volume and<br/>rebate rates applied, and analyzed expenses by reference to actual<br/>rebates paid in prior periods, as well as making inquiries to<br/>Management. We also considered the historical accuracy of the<br/>Groupâs accruals by comparing the actual rebate with the rebate<br/>percentage estimate utilized by Management to record the accrual,<br/>including performing a retrospective review of the prior period accrual<br/>compared to subsequent payments to evaluate the accuracy of<br/>Managementâs estimate and to identify any potential management<br/>bias.<br/>Carrying value of goodwill and other intangible assets<br/>At 31 December 2019, the Group has intangible assets of DKK<br/>23,399 million comprising primarily product rights of DKK 17,876<br/>million and goodwill of DKK 5,278 million (2018: DKK 3,496 million<br/>and DKK 4,300 million, respectively).<br/>The carrying value of goodwill and other intangible assets relies on<br/>the discounted expected future cash flows (value in use) which are<br/>complex to determine and require significant judgment and<br/>estimation by Management. The estimates used for impairment<br/>evaluation include determination of market and sales potential, timing<br/>of product launches, patent expiry, profit margins and discount rate<br/>assumptions. There is a risk that the assets will be impaired if these<br/>future cash flows deviate negatively from the Groupâs expectations.<br/>In addition, there is a risk that previously recognized impairment<br/>losses should be reversed if significant positive changes in the initial<br/>circumstances that led to the recognition of impairment losses have<br/>occurred.<br/>We refer to notes 2, 5, 6 and 33 in the consolidated financial<br/>statements.<br/>How the matter was addressed in our audit<br/>We have evaluated and tested the appropriateness of the Groupâs<br/>processes for evaluating intangible assets impairments as well as<br/>potential reversals.<br/>We obtained the Groupâs impairment tests and assessed<br/>Managementâs assumptions, including impact of the expiry of patents<br/>and timing of product launches as well as an assessment of market<br/>potential and thereby assessment of future sales and earnings<br/>possibilities. We assessed:<br/>⢠The impairment models applied to evaluate consistency with<br/>previous years<br/>⢠The forecast of future cash flows by discussing it with Management<br/>and key employees<br/>⢠Discount rates by testing the Groupâs weighted average cost of<br/>capital (WACC)<br/>⢠The adjustments for risk factors included in the impairment models<br/>⢠The probabilities of success for product rights not yet approved<br/>We consulted with subject matter experts regarding the valuation<br/>methodologies applied and Managementâs assumptions<br/>We obtained and evaluated Managementâs sensitivity analyses to<br/>ascertain the impact of reasonably possible changes in key<br/>assumptions. We also obtained and evaluated Managementâs<br/>analysis of potential reversals of impairment.<br/>We also evaluated the impairment testing disclosures.<br/>Deferred tax assets and liabilities<br/>Measurement of deferred tax assets requires significant judgment<br/>and estimation by Management in assessing the expected future<br/>utilization of tax losses and tax credits. At 31 December 2019, the<br/>Group has recorded deferred tax assets relating to tax loss<br/>carryforwards etc. of DKK 1,695 million (2018: DKK 975 million).<br/>We refer to notes 2, 15 and 33 in the consolidated financial<br/>statements.<br/>How the matter was addressed in our audit<br/>We have evaluated and tested the appropriateness of the Groupâs<br/>processes for assessing the recoverability of tax losses and tax<br/>credits carried forward.<br/>We evaluated Managementâs assumptions used for reasonableness,<br/>including the projections of taxable profit in the foreseeable future in<br/>the jurisdictions with tax losses and tax credits carried forward, the<br/>planned initiatives and the release and expiry of the tax losses and<br/>tax credits carried forward. We also consulted with tax experts<br/>regarding the valuation methodologies applied and Managementâs<br/>assumptions. We obtained and evaluated sensitivity analyses to<br/>quantify the possible impact of changes in key assumptions.<br/>We evaluated the presentation and disclosure of the deferred tax<br/>assets in the consolidated financial statements.<br/>Purchase price allocation (PPA) for acquisitions of businesses<br/>On 29 May 2019, the Group acquired Abide Therapeutics Inc.<br/>(Abide) for a total recognized net purchase price of DKK 1,786<br/>million, including the fair value of contingent consideration. On 22<br/>October 2019, the Group acquired Alder BioPharmaceuticals Inc.<br/>(Alder) for a total recognized net purchase price of DKK 9,923<br/>million, including the fair value of contingent consideration. In<br/>accordance with International Financial Reporting Standards,<br/>identifiable assets and liabilities acquired were recognized at fair<br/>value on acquisition.<br/>The allocation of the purchase price in a business combination to the<br/>net assets, including intangible assets, tangible assets and financial<br/>assets acquired as well as contingent consideration, relies on<br/>assumptions and judgements made by Management.<br/>The main asset identified by Management regarding Abide was<br/>product rights, while the main assets for Alder were product rights,<br/>deferred tax assets, inventories, and cash. Both acquisitions include<br/>fair value of contingent considerations. Management has performed<br/>fair value calculations which include key judgements in determining<br/>appropriate methodologies to value these assets and liabilities and<br/>applying appropriate assumptions in Managementâs accounting<br/>estimates, including forecasting revenue and cash flows, determining<br/>discount rate and expected success rates as well as assessing the<br/>timing and likelihood of future sales and development milestones<br/>used for determining the fair value of contingent considerations.<br/>We refer to notes 2, 4 and 33 in the consolidated financial<br/>statements.<br/>How the matter was addressed in our audit<br/>We have evaluated and tested the appropriateness of the Groupâs<br/>processes for determining the PPA.<br/>We assessed and challenged Managementâs assumptions used in<br/>identifying and determining the fair value of the acquired net assets,<br/>including:<br/>⢠Inquired key employees about the process and judgements made.<br/>⢠Evaluated Managementâs process for identifying the net assets<br/>acquired, including intangible assets, considering the rationale for the<br/>acquisition and the nature of the Abide and Alder businesses.<br/>⢠Obtained supporting documentation of Managementâs accounting<br/>estimates and key assumptions.<br/>⢠Consulted with subject matter experts regarding the valuation<br/>methodologies applied and Managementâs assumptions.<br/>⢠Challenged the future cash flow projections by discussing them with<br/>Management and key employees.<br/>⢠Tested the mathematically accuracy of the calculations in the models.<br/>We also evaluated the presentation and disclosures relating to the<br/>business combinations in the consolidated financial statements.</arr:KeyAuditMattersAudit><arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="duration_CY_only">Management is responsible for the management review.<br/>Our opinion on the consolidated financial statements and the parent<br/>financial statements does not cover the management review, and we<br/>do not express any form of assurance conclusion thereon.<br/>In connection with our audit of the consolidated financial statements<br/>and the parent financial statements, our responsibility is to read the<br/>management review and, in doing so, consider whether the<br/>management review is materially inconsistent with the consolidated<br/>financial statements and the parent financial statements or our<br/>knowledge obtained in the audit or otherwise appears to be<br/>materially misstated.<br/>Moreover, it is our responsibility to consider whether the<br/>management review provides the information required under the<br/>Danish Financial Statements Act.<br/>Based on the work we have performed, we conclude that the<br/>management review is in accordance with the consolidated financial<br/>statements and the parent financial statements and has been<br/>prepared in accordance with the requirements of the Danish<br/>Financial Statements Act. We did not identify any material<br/>misstatement of the management review.</arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements><arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="duration_CY_only">Management is responsible for the preparation of consolidated<br/>financial statements that give a true and fair view in accordance with<br/>International Financial Reporting Standards as adopted by the EU<br/>and additional requirements of the Danish Financial Statements Act<br/>as well as the preparation of parent financial statements that give a<br/>true and fair view in accordance with the Danish Financial<br/>Statements Act, and for such internal control as Management<br/>determines is necessary to enable the preparation of consolidated<br/>financial statements and parent financial statements that are free<br/>from material misstatement, whether due to fraud or error.<br/>In preparing the consolidated financial statements and the parent<br/>financial statements, Management is responsible for assessing the<br/>Groupâs and the Parentâs ability to continue as a going concern, for<br/>disclosing, as applicable, matters related to going concern, and for<br/>using the going concern basis of accounting in preparing the<br/>consolidated financial statements and the parent financial statements<br/>unless Management either intends to liquidate the Group or the Entity<br/>or to cease operations, or has no realistic alternative but to do so.</arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements><arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="duration_CY_only">Our objectives are to obtain reasonable assurance about whether the<br/>consolidated financial statements and the parent financial statements<br/>as a whole are free from material misstatement, whether due to fraud<br/>or error, and to issue an auditorâs report that includes our opinion.<br/>Reasonable assurance is a high level of assurance, but is not a<br/>guarantee that an audit conducted in accordance with ISAs and the<br/>additional requirements applicable in Denmark will always detect a<br/>material misstatement when it exists.<br/>Misstatements can arise from fraud or error and are considered<br/>material if, individually or in the aggregate, they could reasonably be<br/>expected to influence the economic decisions of users taken on the<br/>basis of these consolidated financial statements and these parent<br/>financial statements.<br/>As part of an audit conducted in accordance with ISAs and the<br/>additional requirements applicable in Denmark, we exercise<br/>professional judgment and maintain professional skepticism<br/>throughout the audit.<br/>We also:<br/>⢠Identify and assess the risks of material misstatement of the<br/>consolidated financial statements and the parent financial<br/>statements, whether due to fraud or error, design and perform audit<br/>procedures responsive to those risks, and obtain audit evidence<br/>that is sufficient and appropriate to provide a basis for our opinion.<br/>The risk of not detecting a material misstatement resulting from<br/>fraud is higher than for one resulting from error, as fraud may<br/>involve collusion, forgery, intentional omissions, misrepresentations,<br/>or the override of internal control.<br/>⢠Obtain an understanding of internal control relevant to the audit in<br/>order to design audit procedures that are appropriate in the<br/>circumstances, but not for the purpose of expressing an opinion on<br/>the effectiveness of the Groupâs and the Parentâs internal control.<br/>⢠Evaluate the appropriateness of accounting policies used and the<br/>reasonableness of accounting estimates and related disclosures<br/>made by Management.<br/>⢠Conclude on the appropriateness of Managementâs use of the going<br/>concern basis of accounting in preparing the consolidated financial<br/>statements and the parent financial statements, and, based on the<br/>audit evidence obtained, whether a material uncertainty exists<br/>related to events or conditions that may cast significant doubt on<br/>the Groupâs and the Parentâs ability to continue as a going concern.<br/>If we conclude that a material uncertainty exists, we are required to<br/>draw attention in our auditorâs report to the related disclosures in<br/>the consolidated financial statements and the parent financial<br/>statements or, if such disclosures are inadequate, to modify our<br/>opinion. Our conclusions are based on the audit evidence obtained<br/>up to the date of our auditorâs report. However, future events or<br/>conditions may cause the Group and the Entity to cease to continue<br/>as a going concern.<br/>⢠Evaluate the overall presentation, structure and content of the<br/>consolidated financial statements and the parent financial<br/>statements, including the disclosures in the notes, and whether the<br/>consolidated financial statements and the parent financial<br/>statements represent the underlying transactions and events in a<br/>manner that gives a true and fair view.<br/>⢠Obtain sufficient appropriate audit evidence regarding the financial<br/>information of the entities or business activities within the Group to<br/>express an opinion on the consolidated financial statements. We<br/>are responsible for the direction, supervision and performance of<br/>the group audit. We remain solely responsible for our audit opinion.<br/>We communicate with those charged with governance regarding,<br/>among other matters, the planned scope and timing of the audit and<br/>significant audit findings, including any significant deficiencies in<br/>internal control that we identify during our audit.<br/>We also provide those charged with governance with a statement<br/>that we have complied with relevant ethical requirements regarding<br/>independence, and to communicate with them all relationships and<br/>other matters that may reasonably be thought to bear on our<br/>independence, and where applicable, related safeguards.<br/>From the matters communicated with those charged with<br/>governance, we determine those matters that were of most<br/>significance in the audit of the consolidated financial statements and<br/>the parent financial statements of the current period and are<br/>therefore the key audit matters. We describe these matters in our<br/>auditorâs report unless law or regulation precludes public disclosure<br/>about the matter or when, in extremely rare circumstances, we<br/>determine that a matter should not be communicated in our report<br/>because the adverse consequences of doing so would reasonably be<br/>expected to outweigh the public interest benefits of such<br/>communication.</arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed><arr:SignatureOfAuditorsPlace contextRef="duration_CY_only">Copenhagen</arr:SignatureOfAuditorsPlace><arr:SignatureOfAuditorsDate contextRef="duration_CY_only">2020-02-06</arr:SignatureOfAuditorsDate><cmn:NameAndSurnameOfAuditor contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_1">Erik Holst Jørgensen</cmn:NameAndSurnameOfAuditor><cmn:NameAndSurnameOfAuditor contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_2">Sumit Sudan</cmn:NameAndSurnameOfAuditor><cmn:DescriptionOfAuditor contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_1">State-Authorized Public Accountant</cmn:DescriptionOfAuditor><cmn:DescriptionOfAuditor contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_2">State-Authorized Public Accountant</cmn:DescriptionOfAuditor><arr:IdentificationNumberOfAuditor contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_1">mne9943</arr:IdentificationNumberOfAuditor><arr:IdentificationNumberOfAuditor contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_2">mne33716</arr:IdentificationNumberOfAuditor><mrv:StatementOfCorporateSocialResponsibility contextRef="duration_CY_only">SUSTAINABILITY<br/>Lundbeckâs sustainability activities aim<br/>to mitigate risks and adverse impacts<br/>related to our business activities and<br/>contribute to solving societal challenges<br/>where we can.<br/>We remain committed to the UN Global<br/>Compact Principles and contribute to<br/>addressing six of the Sustainable<br/>Development Goals. The table provides<br/>an overview of our ambitions,<br/>initiatives and targets. More detailed<br/>information about our sustainability<br/>policies, efforts and results is available<br/>on www.lundbeck.com*.<br/>Our mandatory annual statutory report<br/>on sustainability and the gender<br/>diversity of management is available in<br/>our Communication on Progress report<br/>to the UN Global Compact on<br/>www.lundbeck.com**. This report<br/>highlights important actions we have<br/>taken in 2019 to support six of the<br/>Sustainable Development Goals.<br/><br/>SUSTAINABLE DEVELOPMENT GOALS (SDG) LUNDBECKâS SUSTAINABILITY 2020 TARGETS<br/>SDG 3<br/>Good health and well-being<br/>⢠Engage all Lundbeck offices in local World Mental Health Day activities<br/>⢠Establish a product donation partnership<br/>SDG 5<br/>Gender equality<br/>⢠Strive to maintain an overall equal gender split for people managers globally<br/>SDG 8<br/>Decent work and economic growth<br/>⢠Reduce lost time accident frequency ⤠5<br/>SDG 12<br/>Responsible consumption and production<br/>⢠Recycle 55% of the solvents used in chemical production<br/>⢠Zero environmental incidents<br/>SDG 13<br/>Climate action<br/>⢠Reduce CO2 emission by 4% in 2020 compared to 2019<br/>⢠Obtain âScience Based Targets initiative (SBTi)â approval of new climate<br/>target<br/>SDG 16<br/>Peace, justice and strong institutions<br/>⢠Annual Code of Conduct training completed by all employees at work<br/>globally<br/>⢠Work to increase proportion of healthcare professionals supporting<br/>disclosure of collaborations compared to the previous reporting year<br/><br/>*https://www.lundbeck.com/global/sustainability<br/>**http://www.lundbeck.com/upload/global/files/pdf/sustainability/COP/COP_2019.pdf</mrv:StatementOfCorporateSocialResponsibility><mrv:LinkToStatementOfCorporateSocialResponsibility contextRef="duration_CY_only">http://www.lundbeck.com/upload/global/files/pdf/sustainability/COP/COP_2019.pdf</mrv:LinkToStatementOfCorporateSocialResponsibility><mrv:CorporateGovernanceReport contextRef="duration_CY_only">Corporate governance concerns the<br/>way Lundbeck is managed and<br/>controlled, while creating value for both<br/>the company and our stakeholders.<br/>More information on the mandatory<br/>annual corporate governance report is<br/>disclosed on www.lundbeck.com*.<br/><br/>Lundbeck has a two-tier board structure consisting of the Board<br/>of Directors and the Executive Management. The two bodies<br/>are separated, and no person serves as a member of both.<br/>The Board of Directors has nine members of which six are<br/>elected at the Annual General Meeting for a one-year term and<br/>three are elected by Lundbeckâs employees for a four-year term.<br/>The current members of the Board of Directors** bring deep<br/>industry knowledge and solid top management experience to<br/>Lundbeck, which are essential for the Board of Directors to<br/>perform its tasks.<br/>Lundbeckâs Board of Directors is responsible for approving the<br/>corporate strategy and its implementation, setting goals for<br/>Executive Management, and for ensuring that members of<br/>Executive Management and other senior managers have the<br/>right qualifications. The Board of Directors also evaluates<br/>management performance and management remuneration.<br/>Furthermore, the Board of Directors has the overall<br/>responsibility for ensuring that adequate internal and external<br/>controls are in place, and for identifying and addressing any<br/>relevant risks. These responsibilities are defined in the Danish<br/>Companies Act and stipulated in the rules of procedures for the<br/>Board of Directors.<br/>The Board of Directors regularly evaluates our strategy, the<br/>business, our performance, the financial strategies and policies,<br/>and ensures that day-to-day management is carried out in<br/>accordance with such policies.<br/>The Board of Directors has established a self-evaluation<br/>procedure covering, among other things, board composition,<br/>contribution and results, board agenda and discussions,<br/>cooperation between the Board of Directors and Executive<br/>Management, committee work and structure.<br/>All members of the Board of Directors and Executive<br/>Management participates in the evaluation, which in 2019 was<br/>conducted with support from an external provider.<br/>Key conclusions from the 2019 evaluation were high satisfaction<br/>with the collaboration and interaction between the Board of<br/>Directors and Executive Management, which is described as<br/>open, transparent, constructive and involving.<br/>In the past couple of years competencies and knowledge that<br/>are highly relevant for setting the path for the future have been<br/>added not only to the Board of Directors but also to the<br/>Executive Management to the benefit of both the company and<br/>its strategy, as well as the work in the Board of Directors and its<br/>sub-committees.<br/>More details regarding the work performed by the Board of<br/>Directors, the evaluation procedure and results hereof can be<br/>found at www.lundbeck.com***. Also, the remuneration of<br/>Lundbeckâs Executive Management and Board of Directors can<br/>be found at www.lundbeck.com****.<br/><br/>* https://www.lundbeck.com/upload/global/files/pdf/corporate_governance/2019/<br/>corporate_governance_report.pdf<br/>** Detailed description of the Board members and their competencies and<br/>qualifications can be found on https://www.lundbeck.com/global/aboutus/<br/>corporate-governance/board-of-directors/board-members<br/>*** Detailed description of the Board of Directorsâ work, evaluation procedure and<br/>results can be found on https://www.lundbeck.com/global/about-us/corporategovernance/<br/>board-of-directors/board-tasks<br/>**** Detailed description of the remuneration can be found on<br/>https://www.lundbeck.com/global/about-us/corporate-governance/remuneration</mrv:CorporateGovernanceReport><mrv:LinkToCorporateGovernanceReport contextRef="duration_CY_only">https://www.lundbeck.com/upload/global/files/pdf/corporate_governance/2019/corporate_governance_report.pdf</mrv:LinkToCorporateGovernanceReport><mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender contextRef="duration_CY_only">SUSTAINABILITY<br/>Lundbeckâs sustainability activities aim<br/>to mitigate risks and adverse impacts<br/>related to our business activities and<br/>contribute to solving societal challenges<br/>where we can.<br/>We remain committed to the UN Global<br/>Compact Principles and contribute to<br/>addressing six of the Sustainable<br/>Development Goals. The table provides<br/>an overview of our ambitions,<br/>initiatives and targets. More detailed<br/>information about our sustainability<br/>policies, efforts and results is available<br/>on www.lundbeck.com*.<br/>Our mandatory annual statutory report<br/>on sustainability and the gender<br/>diversity of management is available in<br/>our Communication on Progress report<br/>to the UN Global Compact on<br/>www.lundbeck.com**. This report<br/>highlights important actions we have<br/>taken in 2019 to support six of the<br/>Sustainable Development Goals.<br/><br/>SUSTAINABLE DEVELOPMENT GOALS (SDG) LUNDBECKâS SUSTAINABILITY 2020 TARGETS<br/>SDG 3<br/>Good health and well-being<br/>⢠Engage all Lundbeck offices in local World Mental Health Day activities<br/>⢠Establish a product donation partnership<br/>SDG 5<br/>Gender equality<br/>⢠Strive to maintain an overall equal gender split for people managers globally<br/>SDG 8<br/>Decent work and economic growth<br/>⢠Reduce lost time accident frequency ⤠5<br/>SDG 12<br/>Responsible consumption and production<br/>⢠Recycle 55% of the solvents used in chemical production<br/>⢠Zero environmental incidents<br/>SDG 13<br/>Climate action<br/>⢠Reduce CO2 emission by 4% in 2020 compared to 2019<br/>⢠Obtain âScience Based Targets initiative (SBTi)â approval of new climate<br/>target<br/>SDG 16<br/>Peace, justice and strong institutions<br/>⢠Annual Code of Conduct training completed by all employees at work<br/>globally<br/>⢠Work to increase proportion of healthcare professionals supporting<br/>disclosure of collaborations compared to the previous reporting year<br/><br/>*https://www.lundbeck.com/global/sustainability<br/>**http://www.lundbeck.com/upload/global/files/pdf/sustainability/COP/COP_2019.pdf</mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender><mrv:LinkToStatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender contextRef="duration_CY_only">http://www.lundbeck.com/upload/global/files/pdf/sustainability/COP/COP_2019.pdf</mrv:LinkToStatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender><ifrs-full:Revenue contextRef="duration_CY_only" decimals="-6" unitRef="DKK">17036000000</ifrs-full:Revenue><ifrs-full:Revenue contextRef="duration_LY_only" decimals="-6" unitRef="DKK">18117000000</ifrs-full:Revenue><ifrs-full:CostOfSales contextRef="duration_CY_only" decimals="-6" 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