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Report: Sagsnummer X21-BF-20-ED

Report overview

Organization name	H. LUNDBECK A/S
CVR number	56759913
Sagsnummer	X21-BF-20-ED
Period	2020-01-01 - 2020-12-31
Pages	N/A
Words	N/A
Characters	N/A
Sustainability info

Type	Separate report
UN Global Compact CoP	No UN Global Compact record found for this reporting period
Standards mentioned	Not yet analyzed
Text structure

A sparkline graph showing the number of pages, their relative length and how many times the word 'sustainability' occurs in them:
Documents

AARSRAPPORT (application/xhtml+xml) Includes sustainability reporting	Open
AARSRAPPORT (application/xml) Includes sustainability reporting	Open
AARSRAPPORT_ESEF (application/xml)	Open
ESEF_EXTENSION (application/zip)	Open
Sustainability report

Direct link: http://regnskaber.virk.dk/31995765/amNsb3VkczovLzAzL2RiLzFjLzM5L2RhLzlkZmUtNDdjYy1iZDYxLTQ1YjhhZGYyMTI2NA.xhtml
Extra info

Assets

Type	Time	Amount	Unit
ifrs-full:Assets	2020-12-31	36029000000	dkk
ifrs-full:Assets	2019-12-31	38133000000	dkk
Revenue

Type	Start date	End date	Amount	Unit
ifrs-full:Revenue	2020-01-01	2020-12-31	17672000000	dkk
ifrs-full:Revenue	2019-01-01	2019-12-31	17036000000	dkk
XML

See the xml submitted here:
XML: http://regnskaber.virk.dk/31995765/amNsb3VkczovLzAzL2IyLzVmL2VjL2ZlLzIwMDAtNDk4Mi1hZWUzLTQ4NjlkYTg1NTdmNQ.xml
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   <mrv:StatementOfCorporateSocialResponsibility contextRef="ctx-2" id="pp-value1" xml:lang="en">Sust&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ainabi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;lit&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;y is an im&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;perat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ive &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;to Lu&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ndbec&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;k and an i&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ntegral &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;part of our str&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ategy and c&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ultur&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;e.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt; Lundbe&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ckâs sus&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;tainab&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ility ac&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;tiviti&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;es aim to mi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;tigate r&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;isks and adver&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;se imp&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;acts relate&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;d to our busin&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ess activi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;tie&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;s and cont&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ribute&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt; to s&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;olving&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt; societ&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;al c&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;hall&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;enges&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt; where&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt; we c&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;an. The&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt; Sust&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ainable Develo&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;pment G&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;oals (SD&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;G) are t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;he bluep&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;rint to&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt; achi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;eve a b&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;etter and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _20"&gt; &lt;/span&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls1b ws2c"&gt;more su&lt;span class="_ _2"/&gt;staina&lt;span class="_ _2"/&gt;ble future&lt;span class="_ _2"/&gt; for all. At Lu&lt;span class="_ _2"/&gt;ndbeck, we&lt;span class="_ _2"/&gt; want to &lt;/span&gt;cont&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ribut&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;e in part&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;nership&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;s to add&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ress g&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;lobal ch&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;allenges w&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;here we&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt; can m&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ake the m&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ost diff&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;erence.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt; Our mos&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;t material su&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;staina&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;bility is&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;sues are refl&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ected in the SD&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;Gs that&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; we signific&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;antly im&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;pact. Ou&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;r biggest con&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;tribut&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ion to sust&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ainabl&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;e developm&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ent &lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt;â &lt;/span&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ws40"&gt;a&lt;span class="_ _1"/&gt;nd w&lt;span class="_ _1a"/&gt;here we &lt;span class="_ _1"/&gt;bring&lt;span class="_ _1"/&gt; most&lt;span class="_ _1a"/&gt; value t&lt;span class="_ _1a"/&gt;o the &lt;/span&gt;comm&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;uniti&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;es we serve&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt; &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt;â &lt;span class="ls1b ws27"&gt;is ou&lt;span class="_ _2"/&gt;r medical trea&lt;span class="_ _2"/&gt;tments and&lt;span class="_ _2"/&gt; the good &lt;/span&gt;&lt;/span&gt;heal&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;th and wellbe&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ing they brin&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;g to people&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;. Closely rel&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ated to this is being&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt; complia&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;nt in all a&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;spects of p&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;atient saf&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ety and&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt; &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;taki&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ng a strict&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt; stance o&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;n anti&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt;-&lt;span class="ls1b ws40"&gt;corrup&lt;span class="_ _2"/&gt;tion in our col&lt;span class="_ _2"/&gt;laborat&lt;span class="_ _2"/&gt;ions with bu&lt;span class="_ _2"/&gt;siness &lt;/span&gt;&lt;/span&gt;part&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ners,&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt; healt&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;hcare prof&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;essiona&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ls and reg&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ulators&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt;  Our ot&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;her mate&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;rial issu&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;es includ&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;e taking a&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt; leading&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt; role in cl&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;imat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;e actio&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;n, envir&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;onmental&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt; ma&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;nagem&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ent in g&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;eneral, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls1b"&gt;a&lt;span class="_ _2"/&gt;nd p&lt;span class="_ _2"/&gt;romoting &lt;span class="_ _2"/&gt;an &lt;/span&gt;ethic&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;al, safe and in&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;clusive cu&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;lture in ou&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;r entir&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;e value chai&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;n.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt; MANAGING SUSTAINABI&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;LITY&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt;Execut&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ive Manag&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ement gove&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;rns the sustai&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;nabilit&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;y strategy an&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;d review&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt; &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;prog&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ress on targ&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ets and app&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;rove&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;s new init&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;iati&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ves in quart&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;erly se&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ssions&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt;We c&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls1b ws45"&gt;ont&lt;span class="_ _2"/&gt;inuousl&lt;span class="_ _2"/&gt;y set&lt;span class="_ _2"/&gt; ambitio&lt;span class="_ _2"/&gt;us ta&lt;span class="_ _2"/&gt;rgets&lt;span class="_ _2"/&gt;, report&lt;span class="_ _2"/&gt; on p&lt;span class="_ _2"/&gt;rogress&lt;span class="_ _2"/&gt; on the &lt;/span&gt;tar&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;gets and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;disclose&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; a se&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;t of ext&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ernal&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ly audit&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ed non&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt;-&lt;span class="_ _2"/&gt;&lt;span class="ls1c ws26"&gt;fi&lt;span class="_ _1"/&gt;nanci&lt;span class="_ _1a"/&gt;al &lt;/span&gt;&lt;/span&gt;indic&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ators acro&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ss all areas of cor&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;porate sust&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ainabil&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ity and busi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ness eth&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ics compli&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ance.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt;  &lt;span xmlns="http://www.w3.org/1999/xhtml" class="ws0"&gt; &lt;/span&gt;The ta&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ble on t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;he foll&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;owing page pr&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ovides an ov&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;erview of o&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ur curre&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;nt sust&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ainabil&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ity targe&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ts. More&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; detailed&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; informa&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;tion about&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; our susta&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;inabi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;lity pol&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;icies, e&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;fforts a&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;nd resu&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;lts is a&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;vailab&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;le in &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;our Sust&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ainabi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;lit&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;y Report&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt; and o&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;n www.lu&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ndbeck.c&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;om*.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt;  &lt;/span&gt;SUSTAINABI&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;LITY REVIEW&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; OF 2020&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt;Our acti&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;vities re&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;lated to Acc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ess to heal&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;th in 2020 w&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;as gui&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ded by two ta&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;rgets.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; We &lt;span xmlns="http://www.w3.org/1999/xhtml" class="ws4c"&gt;achiev&lt;span class="_ _2"/&gt;ed our&lt;span class="_ _2"/&gt; goal &lt;span class="_ _2"/&gt;to e&lt;/span&gt;n&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;gage all&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; Lundbeck&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; offices in loc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;al World Me&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ntal Healt&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;h Day act&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ivities,&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt; this &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;year wi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;th a &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;higher&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt; degr&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ee of dig&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ital ev&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ents and ac&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;tiviti&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;es due to Cov&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;id&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt;-&lt;span class="ls1b ws31"&gt;19&lt;span class="_ _2"/&gt;. Our other &lt;/span&gt;&lt;/span&gt;compl&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;eted targ&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;et was to e&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;stablish a p&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;roduct d&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;onation p&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;artnershi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;p to low&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;span class="ls1b ws37"&gt;and middl&lt;span class="_ _2"/&gt;e&lt;/span&gt;-&lt;span class="ls1c ws45"&gt;inc&lt;span class="_ _1a"/&gt;ome coun&lt;span class="_ _1a"/&gt;tries. T&lt;span class="_ _1a"/&gt;his is t&lt;span class="_ _1"/&gt;he fi&lt;span class="_ _1"/&gt;rst&lt;span class="_ _1"/&gt; new &lt;span class="_ _1a"/&gt;initiati&lt;span class="_ _1a"/&gt;ve &lt;/span&gt;&lt;/span&gt;in our A&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ccess to &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;Brai&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;n Health &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;2030 stra&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;tegy focu&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;sed on acces&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;sibility &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;for the m&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ost vul&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;nerable.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt; &lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt; The 202&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;0 target f&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;or busi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ness e&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;thics was th&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;at all empl&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;oyee&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;s at wor&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;k globally sh&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ould compl&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ete the Annua&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;l Code of Conduc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;t traini&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ng. This&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt; was ac&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;hieved&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt; with a 9&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;9.8% com&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;pletio&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;n rat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;e. In&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt; 2020&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;, we also&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; establ&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ished a ne&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;w data mode&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;l to monit&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;or propo&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;rtion of heal&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;thcare pr&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ofess&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ionals supp&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;orting dis&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;closur&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;e of collab&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;orati&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ons.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt; To red&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;uce carbo&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;n emissi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ons,&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt; we &lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls1b ws25"&gt;have &lt;span class="_ _22"&gt; &lt;/span&gt;ov&lt;/span&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ws49"&gt;er the la&lt;span class="_ _1a"/&gt;st years &lt;/span&gt;incr&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;easingl&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;y replace&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt;d &lt;span class="_"&gt; &lt;/span&gt;&lt;/span&gt;co&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;nventio&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;nal fuel oi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;l with bio&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt;-&lt;span class="ls1c ws56"&gt;oil at ou&lt;span class="_ _1a"/&gt;r &lt;/span&gt;&lt;/span&gt;facili&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ties. The emi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ssions fr&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;om our purc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;hased energ&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;y &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;wa&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;s also&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt; reduc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ed in 2020. In tot&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;al, we reduce&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;d our carbon e&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;missions wi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;th 14% com&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;pared t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;o 2019&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;, overach&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ieving our &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;2020 targ&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls21 ws105"&gt;et of 4%. W&lt;span class="_ _1a"/&gt;e &lt;/span&gt;have not&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt; purcha&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;sed certif&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;icat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;es of orig&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;in in 2020 to achi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;eve this resul&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;t.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt;The&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; target&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; for &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;re&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ws4c"&gt;cyclin&lt;span class="_ _2"/&gt;g of solve&lt;span class="_ _2"/&gt;nts was&lt;span class="_ _2"/&gt; achieved, as&lt;span class="_ _2"/&gt; we achieve&lt;span class="_ _2"/&gt;d &lt;/span&gt;68%. W&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;e did &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;not achi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;eve ou&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;r target&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt; of zer&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;o enviro&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;nmental&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt; incid&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ents last&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt; year, a&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;s we had tw&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;o such&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt; inci&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;dent&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;s.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt;  &lt;/span&gt;We a&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;re happy&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; to repor&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;t a dec&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;rease &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;in &lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls1c ws45"&gt;accid&lt;span class="_ _1a"/&gt;ent freq&lt;span class="ls1b ws37"&gt;uency of &lt;span class="ls0 ws0"&gt;1&lt;/span&gt;&lt;/span&gt;&lt;span class="ws26"&gt;1%&lt;span class="ls0 ws0"&gt; &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;in 20&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;20 com&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;pared to 2&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;019, due&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; to pre&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ventive &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;action&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;s and l&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ess activ&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ities on our sit&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;es cause&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;d &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;by Cov&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;id&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt;-&lt;span class="ls1b ws38"&gt;19 measur&lt;span class="_ _2"/&gt;es. We&lt;span class="_ _2"/&gt; were &lt;/span&gt;&lt;/span&gt;howev&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;er not s&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;uccessfu&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;l in &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;reaching&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt; our 202&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;0 targ&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;et of a&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt; freq&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;uency &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;of lost&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt; time &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;acciden&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;t rate b&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;elow 5, w&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ith&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt; a rat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;e for&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt; the full y&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ear of 5.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;5.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt;</mrv:StatementOfCorporateSocialResponsibility>
   <mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender contextRef="ctx-2" id="pp-value64" xml:lang="en">Lundb&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;eck maint&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ained a g&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ender split &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;for peopl&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;e manag&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ers gl&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;oball&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;y at 42/&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;58% and c&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;onsider o&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ur Di&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;versi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ty &amp;amp; I&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;nclus&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ion targ&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;et of&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt; equal&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt; gender&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt; &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;spli&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;t achiev&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ed.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt;  &lt;/span&gt;</mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender>
   <mrv:StatementOfTheDiversityPolicies contextRef="ctx-2" id="pp-value73" xml:lang="en">DIVE&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;RSITY &amp;amp; INCLUSION </mrv:StatementOfTheDiversityPolicies>
   <mrv:CorporateGovernanceReport contextRef="ctx-2" id="pp-value75" xml:lang="en">Lundb&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;eck has a tw&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;o&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt;-&lt;/span&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ws22"&gt;tier&lt;span class="_ _1"/&gt; board st&lt;span class="_ _1"/&gt;ruct&lt;span class="_ _1"/&gt;ure con&lt;span class="_ _1a"/&gt;sisting of the B&lt;span class="_ _1"/&gt;oar&lt;span class="_ _1"/&gt;d &lt;/span&gt;of Dire&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ctor&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;s and th&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;e Execu&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;tive Manag&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;emen&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;t. &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;Th&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;e two bod&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ies&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt;are s&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;eparat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ed, an&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;d no p&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;erson &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;serves&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; as a &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;member o&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;f bot&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;h.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt;  &lt;/span&gt;The Boa&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls1b ws28"&gt;rd&lt;span class="_ _2"/&gt; of Director&lt;span class="_ _2"/&gt;s has nine me&lt;span class="_ _2"/&gt;mbers, of whi&lt;span class="_ _2"/&gt;ch six are &lt;/span&gt;elec&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ted at th&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;e Annual Ge&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;neral Meet&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ing for a on&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;e&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt;-&lt;/span&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ws2a"&gt;year&lt;span class="_ _2"/&gt; term &lt;span class="_ _2"/&gt;and &lt;/span&gt;thre&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;e are el&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ecte&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;d by Lund&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;beckâs em&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ployee&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;s for a four&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt;-&lt;span class="ls1b ws31"&gt;year term&lt;span class="_ _2"/&gt;. &lt;/span&gt;&lt;/span&gt;The cu&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;rrent mem&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;bers of t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;he Board &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;of Direct&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ors** bri&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ng deep&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt; indu&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;stry kn&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;owledg&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;e a&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ws2e"&gt;nd soli&lt;span class="_ _1a"/&gt;d top manag&lt;span class="_ _1a"/&gt;ement e&lt;span class="_ _1"/&gt;xperi&lt;span class="_ _1a"/&gt;ence to &lt;/span&gt;Lundbe&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ck, wh&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ich are essen&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;tial for&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; the Board&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; to perform&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; its tasks.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt; Lundb&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;eckâs Bo&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ard of Dir&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ectors is r&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;esponsib&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;le for app&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;roving th&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;e corp&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;orat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;e str&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ategy&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt; and its&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt; implem&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;entat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ion&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;, set&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ting&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt; goal&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;s for Execut&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ive &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _22"&gt; &lt;/span&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ws7e"&gt;Man&lt;span class="_ _1"/&gt;agem&lt;span class="_ _1a"/&gt;ent, and for en&lt;span class="_ _1a"/&gt;suring tha&lt;span class="_ _1a"/&gt;t &lt;span class="_ _2"/&gt;mem&lt;span class="_ _1a"/&gt;bers of &lt;/span&gt;Exec&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;utive Mana&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;gement and other&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; senior mana&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;gers have the&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; right quali&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;fications&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;. The Bo&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ard &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;of Dir&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ector&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;s also eva&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;luates manag&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ement per&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;form&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ance and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;remun&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;eration. F&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;urtherm&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ore, the&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt; Board &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;of Dire&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ctors ha&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;s the ov&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;erall&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt; re&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls1b ws22"&gt;spons&lt;span class="_ _2"/&gt;ibilit&lt;span class="_ _2"/&gt;y for ensu&lt;span class="_ _2"/&gt;ring that &lt;/span&gt;adequ&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ate inter&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;nal&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt; and exte&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;rnal contr&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ols are i&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;n plac&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;e, and&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt; &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;for&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt; iden&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;tifyin&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;g and address&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ing any re&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;levant ri&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;sks. Thes&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;e resp&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;onsibi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;liti&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;es are defi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ned in the Da&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;nish Compa&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;nies Act a&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;nd stip&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ulated in&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; the rules&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; of procedure&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;s for the&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; Boa&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls1c ws45"&gt;rd of Dir&lt;span class="_ _1a"/&gt;ectors.&lt;span class="ls0 ws0"&gt; &lt;/span&gt;&lt;/span&gt; The Boar&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;d of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;Di&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;rectors reg&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ularly eval&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;uates our&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt; strat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;egy, the busi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ness, ou&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;r perform&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ance, the fi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;nanci&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;al strateg&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ies and poli&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;cies,&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt;and en&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;sures t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;hat day&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt;-&lt;span class="ls1f ws32"&gt;to&lt;/span&gt;-&lt;/span&gt;day ma&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;nageme&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;nt is ca&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;rried o&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ut in accor&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;dance &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;with su&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ch pol&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;icies.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt;The B&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;oard of D&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;irec&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;tors &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;has es&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;tablis&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;hed a s&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;elf&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt;-&lt;/span&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ws26"&gt;eval&lt;span class="_ _1a"/&gt;uation &lt;/span&gt;proce&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;dure cov&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;erin&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;g, among o&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ther thi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ngs, bo&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ard co&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;mposition&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;, contr&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ibution an&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;d result&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;s, board &lt;span xmlns="http://www.w3.org/1999/xhtml" class="ws8b"&gt;agen&lt;span class="_ _2"/&gt;da and d&lt;span class="_ _2"/&gt;iscussion&lt;span class="_ _2"/&gt;s, &lt;/span&gt;coope&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ration&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; between th&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;e Board of Di&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;rectors an&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;d Executi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ve Manag&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ement, comm&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ittee wo&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;rk and struct&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ure.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt;  &lt;/span&gt;The 202&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls1b ws78"&gt;0&lt;span class="_ _2"/&gt; evalua&lt;span class="_ _2"/&gt;tion &lt;span class="_ _2"/&gt;built on &lt;span class="_ _2"/&gt;the pr&lt;span class="_ _2"/&gt;evious y&lt;span class="_ _2"/&gt;earâs,&lt;span class="_ _2"/&gt; with a&lt;span class="_ _2"/&gt;ll &lt;/span&gt;memb&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ers of&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt; the Boa&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;rd of Di&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;rectors &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;and Execu&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;tive Ma&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;nagement&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt; part&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;icipati&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ng. It was con&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ducted with&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; support f&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;rom an exter&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;nal prov&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ider and con&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;cluded t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;hat there was a hi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;gh level&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; of satisfac&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;tion with th&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;e collabo&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls1b ws5c"&gt;ration and i&lt;span class="_ _2"/&gt;nteracti&lt;span class="_ _2"/&gt;on betwee&lt;span class="_ _2"/&gt;n the Boar&lt;span class="_ _2"/&gt;d of &lt;/span&gt;Dire&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ctor&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;s and E&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;xecutive M&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;anagem&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ent, d&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;escri&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;bing&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt; it a&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;s&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt;trans&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;parent&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;, cons&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;tructiv&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;e, effect&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ive a&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;nd invol&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ving.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; The Boa&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;rd repre&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;sents a br&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;oad set of co&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;mpetenc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ies and know&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ledge&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; relevant to th&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;e compan&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;y and it&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;s future &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;strategic&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt; path. W&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;e belie&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ve t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;hat i&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ts compo&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;sition can be im&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;proved by a&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;dding&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt; even mor&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;e &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;rel&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;evant&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt; scie&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ntific&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt; expertise&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;, an object&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ive t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;hat w&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls1b ws3b"&gt;ill be follo&lt;span class="_ _2"/&gt;wed up on in &lt;/span&gt;2021.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt; To m&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;eet&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt; thi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;s obj&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ecti&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ve, t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;he Bo&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ard is c&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;urrently w&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;orking&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt; towar&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ds ex&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;panding&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt; the sci&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;entifi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;c knowl&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;edge of t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;he Board.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt; &lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt; More&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; details re&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;garding the work pe&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;rformed by th&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;e Board of Direc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;tors,&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; the evalua&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;tion pr&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ocedur&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;e and resul&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ts here&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;of can be found&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; at www.lund&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;beck.co&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;m***. Also&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;, the remun&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;eration of&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; Lundbe&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ck&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ffa ls0 ws0"&gt;â&lt;/span&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ws23"&gt;s Exec&lt;span class="_ _2"/&gt;utive&lt;span class="_ _2"/&gt; Manageme&lt;span class="_ _2"/&gt;nt and Bo&lt;span class="_ _2"/&gt;ard of Dire&lt;span class="_ _2"/&gt;ctors&lt;span class="_ _2"/&gt; can &lt;/span&gt;be foun&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;d at www.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;lundbeck&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;.com***&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;*.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt; Discl&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;osure&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt; regardi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ng chang&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;e of&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt; cont&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;rol &lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt;The EU Tak&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;eover Bid&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;s Direct&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ive, as part&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ially i&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;mplemented&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; in the Danish&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt; Finan&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;cial Stat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ements&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt; Act,&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt; requi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;res li&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;sted&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt; com&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;panies t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;o discl&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ose inform&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ation a&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;bout s&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ignific&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ant agre&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ement&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;s that ma&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;y be affec&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ted in case of&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt; &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;a compl&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;eted take&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt;-&lt;span class="_ _1"/&gt;&lt;span class="ls1b ws3b"&gt;over b&lt;span class="_ _2"/&gt;id, &lt;span class="_ _2"/&gt;in parti&lt;span class="_ _2"/&gt;cular&lt;span class="_ _2"/&gt; in &lt;/span&gt;&lt;/span&gt;rela&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;tion to dis&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;closur&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;e of chan&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ge&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt;-&lt;span class="ls1c ws26"&gt;of&lt;/span&gt;-&lt;span class="_ _1"/&gt;&lt;span class="ls1c ws45"&gt;contr&lt;span class="_ _1"/&gt;ol pr&lt;span class="_ _1"/&gt;ovi&lt;span class="ws26"&gt;si&lt;span class="_ _1"/&gt;ons.&lt;span class="ls0 ws0"&gt; &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt; Lundbe&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ck dis&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;closes &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;that the Gr&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;oup has&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; a ma&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;jor partn&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ership&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; agre&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ement&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt; in plac&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;e under&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt; whic&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;h an acq&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;uiring &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;entit&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;y must di&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;vest any com&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;peting&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt; product&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt; accordi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ng t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;o an ag&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;reed pr&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ocess a&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;nd in &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;the absen&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ce of suc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;h divest&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ure, Lun&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;dbeckâs&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt; part&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ner m&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ay termi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;nate the&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt;agree&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ment. &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _18"/&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ws27"&gt;The Lund&lt;span class="_ _2"/&gt;beck &lt;span class="_ _2"/&gt;Group m&lt;span class="_ _2"/&gt;ay be &lt;span class="_ _2"/&gt;met wi&lt;span class="_ _2"/&gt;th deman&lt;span class="_ _2"/&gt;ds for&lt;span class="_ _2"/&gt; &lt;/span&gt;repay&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ment on its&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; debt por&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;tfolio sho&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;uld Lundb&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;eckfond Inv&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;est A/S hold l&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ess than 50&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;% of the share ca&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;pital or vo&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ting right&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;s in H. Lundbe&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ck A/S&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; (change of con&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;trol)&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt;  &lt;/span&gt; In the ev&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ent Lundb&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;eck is acqu&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ired o&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls1c ws2a"&gt;r merg&lt;span class="_ _1a"/&gt;es, ce&lt;span class="_ _1a"/&gt;rtain Ex&lt;span class="_ _1a"/&gt;ecutive &lt;/span&gt;Manag&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ement mem&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;bers may&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;, dependi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ng on the im&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;pact on t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;heir posit&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ion, be entit&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;led t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;o termi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;nate &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;emplo&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;yment wit&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;h Lundbe&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ck with a thr&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ee (&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;3) mo&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;nthsâ not&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ice and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;receive&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt; a com&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;pensati&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;on of up&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt; to eight&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;een (18)&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt; mont&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;hs remun&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;eration.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt; Given t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="wsc3"&gt;he ownersh&lt;span class="_ _1a"/&gt;ip structur&lt;span class="_ _1a"/&gt;e &lt;span class="_ _2"/&gt;of Lun&lt;span class="_ _1a"/&gt;dbeck the risk&lt;span class="_ _1a"/&gt;s &lt;span class="_ _2"/&gt;are&lt;span class="_ _1a"/&gt; &lt;/span&gt;consi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;dered r&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;emote. For inf&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;ormation a&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;bout the owne&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;rship stru&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;cture of Lun&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;dbeck&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;, see page 36.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt;</mrv:CorporateGovernanceReport>
   <sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx-2" id="pp-value151" xml:lang="en">The Board of Direc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;tors and the regis&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;tered Exec&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;utive Management have today c&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;onsidered and appr&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;oved the&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;span class="_ _1a"/&gt;&lt;span class="ls22 ws6f"&gt;A&lt;span class="_ _2"/&gt;nnual Report of&lt;span class="_ _2"/&gt; H. Lundbeck&lt;span class="_ _2"/&gt; A/S &lt;/span&gt;&lt;/span&gt;for the fi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;nancial year 1 J&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;anuary to 31 December 2020.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt; The consol&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;idated financ&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ial stat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ements have been pr&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;epared in&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; accordanc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;e with Intern&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ational Fi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;nancial Rep&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;orting Stand&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ards as adopted by the E&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;U and additional requirem&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ents&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; of the Danish Financi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;al Statem&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ents Act, and the parent f&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;inancial stat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ements have been prepared in acc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ordance with t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;he Danish Financial St&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;atements Act. Management rev&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;iew has been prepared in ac&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;cordance with t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;he Danish Financial&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; Stat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ements Act&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt;.&lt;span class="_ _1"/&gt; &lt;/span&gt; In our opinion,&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; the consoli&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;dated financial s&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;tatements and t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;he Parent companyâ&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;s financi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;al statem&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ents give a true and f&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;air view of&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; the Groupâs&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; and the Parent c&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ompanyâs f&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;inancial pos&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ition at 31 Dec&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ember 2020, t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;he results&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; of their operati&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ons and of t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;he Groupâs c&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ash flows&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; for the financ&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ial year 1 January&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; to 31 December 2020.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt;We believe t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;hat Management review inc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ludes a fair review of development&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;s in the Gro&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;upâs and the P&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;arent company&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;âs activ&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ities&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; and finances&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;, results f&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;or the year and the Groupâs&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; and the Parent c&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ompanyâs&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt;financi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;al position i&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;n general as well as a fair desc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ription of the princ&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ipal risks and unc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ertainties&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; to which the Group and the Pare&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;nt company&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; are exposed.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt; In our opinion, t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;he Annual Repo&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;rt of H. Lundbeck&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; A/S for the f&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;inancial year 1 January&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; to 31 December 2020 identi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;fied as HLU&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;N&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt;-&lt;/span&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ws6c"&gt;2020&lt;span class="ls0 ws0"&gt;-&lt;/span&gt;12&lt;span class="ls0 ws0"&gt;-&lt;/span&gt;&lt;/span&gt;31.zip i&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;s prepared, in all m&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;aterial respec&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ts, in compl&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;iance with the ESEF Regulation&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt; We recommend t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;hat the An&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;nual Report b&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;e approved at&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; the Annual&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; General Meeting.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt;</sob:StatementByExecutiveAndSupervisoryBoards>
   <arr:OpinionOnAuditedFinancialStatements contextRef="ctx-2" id="pp-value182" xml:lang="en">In our opinion, t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;he &lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt;c&lt;/span&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ws6c"&gt;onsolidated &lt;span class="ls0 ws0"&gt;f&lt;span class="_ _1a"/&gt;&lt;span class="ls22 ws6c"&gt;i&lt;span class="_ _2"/&gt;nancial &lt;span class="_ _1a"/&gt;&lt;span class="ls0 ws0"&gt;s&lt;span class="ls22 ws6c"&gt;t&lt;span class="_ _2"/&gt;atement&lt;span class="wsfa"&gt;s (pages &lt;/span&gt;43&lt;/span&gt;-&lt;span class="ls22 ws6c"&gt;84&lt;span class="wsfa"&gt;) give &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;a true and fair v&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;iew of the Grou&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;pâs financ&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ial positi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;on at 31 December 2020 and of the resul&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ts of the Groupâs operations&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; and cash flows for the financi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;al year 1 January t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;o 31 December 2020 in accordanc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;e with Internati&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;onal Financial Report&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ing Standar&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ds as adopted by the EU and further req&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;uirements in t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;he Danish Financ&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ial Statem&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ents A&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls71 ws14f"&gt;ct.&lt;span class="ls0 ws0"&gt; &lt;/span&gt;&lt;/span&gt; Moreover, i&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;n our opinion,&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; the Parent&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; company f&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;inancial st&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;atements (pages &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_"&gt; &lt;/span&gt;85&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt;-&lt;/span&gt;96&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ws153"&gt;) give a true and f&lt;span class="_ _2"/&gt;air view of t&lt;span class="_ _2"/&gt;he Parent company&lt;span class="_ _2"/&gt;âs &lt;/span&gt;financi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;al position at 31 Dec&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ember 2020 and of the r&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ws6f"&gt;esul&lt;span class="_ _2"/&gt;ts of t&lt;span class="_ _2"/&gt;he &lt;span class="ws6c"&gt;Parent &lt;/span&gt;&lt;/span&gt;company&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ws70"&gt;â&lt;span class="_ _2"/&gt;s operations for t&lt;span class="_ _2"/&gt;he financial year 1 January&lt;span class="_ _2"/&gt; to 31 December &lt;/span&gt;2020 in accordanc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;e with the Danis&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;h Financi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;al Statem&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ents Act.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt; Our opinion i&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;s consist&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ent with our Audit&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;orâs Long&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt;-&lt;/span&gt;form Report&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; to the Audit Comm&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ittee and the B&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;oard of Directors.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt;W&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls22 ws3e"&gt;hat we have audited&lt;span class="_ _2"/&gt;&lt;/span&gt; The &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_"&gt; &lt;/span&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt;c&lt;/span&gt;onsolidated &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_"&gt; &lt;/span&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt;f&lt;/span&gt;inancial &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_"&gt; &lt;/span&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt;s&lt;/span&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ws153"&gt;tatements of H. Lundbeck A/S for the &lt;/span&gt;financi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;al year 1 January t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;o 31 December 2020 comprise t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;he consoli&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;dated stat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ement of profit&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; or loss and s&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;tatement of&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; comprehensi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ve income,&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; the consol&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;idated stat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ement of fi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;nancial posit&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ion, the cons&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;olidated stat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ement of changes in equit&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;y, the cons&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;olidated statem&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ent of cash flows&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; and the notes, incl&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;uding summary of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="ws6c"&gt;si&lt;span class="_ _2"/&gt;gnificant &lt;/span&gt;account&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ing policies&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt; The &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="wsf2"&gt;P&lt;span class="_ _2"/&gt;arent company&lt;span class="_ _2"/&gt;&lt;span class="ls0 ws0"&gt; &lt;span class="_ _2"/&gt;&lt;/span&gt;&lt;span class="ws14b"&gt;financ&lt;span class="_ _2"/&gt;ial statement&lt;span class="_ _2"/&gt;s&lt;span class="ls0 ws0"&gt; &lt;span class="_ _2"/&gt;&lt;/span&gt;&lt;/span&gt;of&lt;span class="_ _2"/&gt; H. Lundbeck A/S for the &lt;/span&gt;financi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;al year 1 January t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;o 31 December 2020 c&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;omprise the s&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;tatement of profit&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; or loss, t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;he statem&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ent of financial posi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;tion, the s&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;tatement of changes in equi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ty, and the not&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;es, including s&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ummary of signif&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;icant account&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ing policies&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt; Collect&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ively ref&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;erred to as the âfi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;nancial st&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;atements&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt;â&lt;span class="ffb"&gt;.&lt;/span&gt; &lt;/span&gt;</arr:OpinionOnAuditedFinancialStatements>
   <arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx-2" id="pp-value213" xml:lang="en">We conduct&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ed our audit in ac&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;cordance wi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;th Internati&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;onal Standards&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; on Auditing (I&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;SAs) and t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;he additional requi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;rements&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; applicable in Denm&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;a&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls7f ws176"&gt;rk. &lt;/span&gt;Our responsibi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;lities under t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;hose standards&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; and requirem&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ents are furt&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;her described i&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;n the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="ff5"&gt;Auditorâs&lt;span class="_ _2"/&gt; responsibilit&lt;span class="_ _2"/&gt;ies for the audi&lt;span class="_ _2"/&gt;t of the &lt;span class="ws6c"&gt;financ&lt;span class="_ _2"/&gt;ial &lt;/span&gt;&lt;/span&gt;statem&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ents&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ff1 ws3e"&gt;section of our report&lt;span class="_ _2"/&gt;.  &lt;span class="ls0 ws0"&gt; &lt;/span&gt;&lt;/span&gt; We believe t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;hat the audit evidence we have obt&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ained is sufficient&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; an&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls4e ws15a"&gt;d &lt;/span&gt;appropriate t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;o provide a basis&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; for our opinion.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt; Independence&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt;We are independ&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ent of the Group i&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;n accordance wi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;th the Internat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ional Ethic&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;s Standards Board f&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;or Acc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ountantsâ Code of&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; Ethics&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; for Profess&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ional Acc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ountants (I&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ESBA Code) and the a&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;dditional&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; require&lt;span xmlns="http://www.w3.org/1999/xhtml" class="wsf3"&gt;ment&lt;span class="_ _2"/&gt;s applicabl&lt;span class="_ _2"/&gt;e in Denmark&lt;span class="_ _2"/&gt;. We have als&lt;span class="_ _2"/&gt;o fulfill&lt;span class="_ _2"/&gt;ed our other &lt;/span&gt;ethical&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; responsibili&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ties in acc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ordance with the I&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ESBA Code.  &lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt; To the best&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; of our knowledge and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;belief, prohi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;bited non&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt;-&lt;/span&gt;audi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;t servic&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;es referred t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;o in Article 5(1) of Regulati&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;on (EU) No 537/2014 were not provided. &lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt; Appointment&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt;We were first&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; appointed auditors&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; of H. Lundbeck A/S on 24 March 2020 for the fi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;nancial year 2020.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt;  &lt;/span&gt;</arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
   <arr:KeyAuditMattersAudit contextRef="ctx-2" id="pp-value236" xml:lang="en">Key audit&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; matters are t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;hose matters t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;hat, in our profes&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;sional judgment&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;, were of mos&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;t signif&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;icance in our a&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;udit of t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;he financial s&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;tatement&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;s&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;span class="_ _17"&gt; &lt;/span&gt;&lt;span class="ls4e ws15a"&gt;for &lt;/span&gt;&lt;/span&gt;2020. These m&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;atters were address&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ed in the context&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; of our audit of the financi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;al s&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ws6c"&gt;tatem&lt;span class="_ _2"/&gt;ents&lt;span class="ls0 ws0"&gt; &lt;span class="_ _18"/&gt;&lt;/span&gt;&lt;/span&gt;as&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; a whole, and in forming our opini&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;on thereon,&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; and we do not prov&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ide a separate o&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;pinion on these mat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ters. Sales dedu&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ctions in the U.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;S.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt;As of 31 Decem&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ber 2020, Management has&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; recognized a&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; provisi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;on for discount&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;s and rebates of&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; DKK 1,002 mil&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;lion (2019: DKK 1,040 m&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;illion).  The Group prov&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ides rebates&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; and dis&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;counts t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;o customers i&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;n the U.S. t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;hat fall under certai&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;n government mandat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ed reimbursement&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; arrangements&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;, of which the mos&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;t significant&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; is Medicaid.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; These arrangements&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; result&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; in deductions&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; to gross sales i&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;n arriving at net&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; revenue. The period pass&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ing between t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;he sales t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;o distribut&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ors and payment&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; of the related rebat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;e to the&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; government bodi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;es may be several&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; months and requires&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; the unsettl&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ed amounts to be rec&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ognized as a prov&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ision.  We focus&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ed on these arrangement&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;s bec&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ause they are com&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;plex and require s&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ignificant&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; estimat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ion by Management in es&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;tablishing an appropriate prov&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ision for t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;he unsettled amount&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;s. This includes estim&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ation of sal&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;es volumes&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; subject to the reb&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ates, es&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;timation of&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; applicable r&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ebate rat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;es, and est&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;imation of t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;he lag time d&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;escribed&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; above.  We refer to notes&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; 1.5, 16 and 26 i&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;n the consoli&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;dated financial statem&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ents.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt;We evaluated and t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ested cont&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;rols related to the prov&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ision on rebates&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; and discount&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;s in the U.S., i&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ncluding applicable inf&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ormation sy&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;stems and Managementâs&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; monitoring c&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ontrols.   We obtained Man&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;agementâs c&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;alculati&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ons under the reimb&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ursement&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; arrangements&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; and evaluat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ed the acc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;uracy of t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;he calculations&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; made by Management.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; Further, we ass&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;essed and tes&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ted key data inputs and&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; signif&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;icant assum&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ptions and recalc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ulated the rebate pe&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;rcentages.  We obtained and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;asses&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;sed the Groupâs es&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;timate of&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; the period fr&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;om sale to&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; payment of&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; rebates, and rebat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;e percentages applied, and inq&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;uired&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; with Management about&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; their estim&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ation proc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ess.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt; We considered t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;he Groupâs hist&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;orical provi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;sions by comparing t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;he actual rebate with t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;he rebate percent&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;age estimat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;e used by Management to recognize t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;he provision, inc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;luding performing a retros&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;pective rev&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;iew of the prior period &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;provision &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _17"&gt; &lt;/span&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls22 wsed"&gt;compared to&lt;span class="_ _2"/&gt; subsequent pay&lt;span class="_ _2"/&gt;ments to ev&lt;span class="_ _2"/&gt;aluate the &lt;/span&gt;accurac&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;y of Managementâs&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; estimate and to ident&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ify any potential management bias&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;.  We evaluated t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;he presentation and di&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;sclosures of s&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ales deductions in the U.S. i&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;n the consolidated f&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;inancial s&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;tatements.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="fcd ls0 ws0"&gt; &lt;/span&gt;Impairment of product right&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;s&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt;As of 31 December 2020,&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; the Group has product&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; rights of DKK 17,632 mill&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ion (2019: DKK&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; 20,732 &lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls35 ws63"&gt;million&lt;span class="ls67 ws13c"&gt;). &lt;/span&gt;&lt;/span&gt;  The carryi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ng value of product&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; rights mi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ght be impaired and the impairment&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; test reli&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;es on the discount&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ed expected f&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;uture cash&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; flows (v&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;alue in use) whic&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;h are complex to determine and require&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; signif&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;icant est&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;imation by Managem&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ent. The est&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;imates used for impairment eval&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;uation include det&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;erminati&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;on of market and s&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ales potential&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;, timing of&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; product launches&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;, patent ex&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;piry, profit margins and dis&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;count rate as&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;sumptions.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;   We focus&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ed on this area as&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; the amount&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;s involv&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ed are material&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; and there is a ri&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;sk that the as&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;sets &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls22 wsf3"&gt;wil&lt;span class="_ _2"/&gt;l be impaired if t&lt;span class="_ _2"/&gt;he future &lt;/span&gt;cash f&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;lows deviat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;e negatively from&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;he expect&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ations.   We refer to notes &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _17"&gt; &lt;/span&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls22 wseb"&gt;1.5, 7, and 26 in the cons&lt;span class="_ _2"/&gt;olidated financ&lt;span class="_ _2"/&gt;ial &lt;/span&gt;statem&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ents. We evaluated t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;he appropriatenes&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;s of the Groupâs process&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;es for identifyi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ng impairment&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; indicators&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; of product ri&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ghts and conduc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ting impairment test&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ing, where relevant&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;.   We obtained the Groupâ&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;s assess&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ments of impairm&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ent indicat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ors and impairment&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; tests and eval&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;uated Managementâs as&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;sumptions&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;, including impact&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; of the expiry&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; of patents&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; and timi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ng of product launc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;hes as well&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; as an assess&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ment of market potent&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ial and thereby as&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;sessment&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; of future sales and earnings&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; possibili&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ties. Further, we as&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;sessed:&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt;â¢ &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _18"/&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls22 wsf2"&gt;The impairment&lt;span class="_ _2"/&gt; models applied.&lt;span class="_ _2"/&gt; We included our val&lt;span class="_ _2"/&gt;uation speci&lt;span class="_ _2"/&gt;alists in &lt;/span&gt;our audit of t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;he valuation methodologi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;es applied and the as&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;sumptions made;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt;â¢ &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _18"/&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls22 wsf3"&gt;The forecas&lt;span class="_ _2"/&gt;t of future cas&lt;span class="_ _2"/&gt;h flows by discuss&lt;span class="_ _2"/&gt;ing it with Management&lt;span class="_ _2"/&gt; and &lt;/span&gt;key empl&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;oyees; and&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt;â¢ &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _18"/&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls22 ws169"&gt;The applied di&lt;span class="_ _2"/&gt;scount rates&lt;span class="_ _2"/&gt; by incl&lt;span class="_ _2"/&gt;uding our valuat&lt;span class="_ _2"/&gt;ion special&lt;span class="_ _2"/&gt;ists to&lt;span class="_ _2"/&gt; &lt;/span&gt;independentl&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;y calc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ulate the discount rates. We c&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ompared the discount&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; rates us&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ed by Management t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;o our calculated rates&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt; We evaluated t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;he presentation and&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; discl&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;osures of impairment&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; testing in the&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; consoli&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;dated financi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;al statem&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ents.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt;Deferred tax as&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;set valuation an&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;d uncertain tax posi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;tions&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt;As of 31 December 2020, def&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;erred tax assets am&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ounted to DKK 2,075 million bef&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ore netting deferred t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ax liabiliti&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;es within legal&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; tax entities and jurisdic&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;tions (2019:&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; DKK 2,406 million) and provis&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ion for uncert&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ain tax positi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ons amounted to DK&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;K 406 &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _19"&gt; &lt;/span&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls22 ws164"&gt;m&lt;span class="_ _2"/&gt;illion (2019: DKK&lt;span class="_ _2"/&gt; 385 million).&lt;/span&gt;  The Group operat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;es in many t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;erritories and i&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;s, consequent&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ly, s&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ubject to local laws&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;, and cross-&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls22 ws14c"&gt;border transfer prici&lt;span class="_ _2"/&gt;ng legislati&lt;span class="_ _2"/&gt;on which complic&lt;span class="_ _2"/&gt;ates &lt;/span&gt;the tax mat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ters of the Group as a whole. &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls22 ws14c"&gt;Where the amount of&lt;span class="_ _2"/&gt; tax payable &lt;/span&gt;or receivabl&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;e is uncertai&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;n, a provis&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ion for uncertai&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;n tax positions is recognized bas&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ed on Management&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;âs es&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;timates.  Measurement&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; of deferred tax as&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;sets requires&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; signifi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;cant estimat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ion by Management in as&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;sess&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ing the expect&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ed future util&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ization of t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ax loss&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;es and tax c&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;redits.   We focus&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ed on these areas as the amounts&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; involved are m&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;aterial and as the valuat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ion of deferred tax&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; assets and uncertain tax positions is assoc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;iated with a high degree of&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; estimat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ion uncertaint&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;y.  We refer to notes&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; 1.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt;5&lt;span class="ls2e"&gt;, 6&lt;/span&gt; &lt;span class="_ _1"/&gt;&lt;span class="ls22 ws3e"&gt;and 26 in the &lt;span class="ls0 ws0"&gt;c&lt;/span&gt;&lt;span class="ws6c"&gt;onsoli&lt;span class="_ _2"/&gt;dated &lt;span class="ls0 ws0"&gt;f&lt;/span&gt;inancial &lt;span class="ls0 ws0"&gt;s&lt;/span&gt;tatements&lt;span class="_ _2"/&gt;.&lt;span class="ls0 ws0"&gt; &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;We evaluated t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;he appropriat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;eness of t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;he Groupâs process&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;es for assess&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ing the recoverabil&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ity of tax losses, t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ax credits carried forward&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; and provisi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ons for uncert&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ain tax positi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ons. &lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt; We evaluated M&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;anagementâs as&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;sumptions us&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ed in (a) th&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;e projecti&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ons of taxable prof&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;it in the foreseeable fut&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ure in the jurisdic&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;tions wit&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;h tax losses, tax credit&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;s carried f&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;orward and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_"&gt; &lt;/span&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt;(b&lt;span class="ls6d ws6e"&gt;) &lt;/span&gt;&lt;/span&gt;provisi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ons for uncert&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ain tax &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _17"&gt; &lt;/span&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls22 ws6c"&gt;positions&lt;span class="wsed"&gt;.&lt;span class="_ _2"/&gt; Moreover, we ass&lt;span class="_ _2"/&gt;essed the&lt;/span&gt;&lt;/span&gt; planned initi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;atives and t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;he release and expiry of t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;he tax losses and tax c&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;redits carried forwa&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;rd. We included our t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ax speci&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;alists&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; to evaluate and c&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;hallenge th&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;e adequ&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;acy of Managem&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;entâs si&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;gnificant assumpt&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ions.   We evaluated the pres&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;entation an&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;d disclos&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ure of the deferred tax&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; asset&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;s &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_"&gt; &lt;/span&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls22 ws172"&gt;and uncert&lt;span class="_ _2"/&gt;ain tax posi&lt;span class="_ _2"/&gt;tions&lt;/span&gt; &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_"&gt; &lt;/span&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls22 ws172"&gt;in t&lt;span class="_ _2"/&gt;he &lt;/span&gt;c&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls22 ws6c"&gt;onsolidated &lt;span class="_"&gt; &lt;/span&gt;&lt;/span&gt;f&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls22 ws6c"&gt;inanc&lt;span class="_ _2"/&gt;ial &lt;/span&gt;statement&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;s.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt;</arr:KeyAuditMattersAudit>
   <arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx-2" xml:lang="en">To the shareholde&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;rs of H. Lundbec&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;k A/S&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt;</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
   <arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx-2" id="pp-value354" xml:lang="en">Management is&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; responsible f&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;or Management review (pa&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ges &lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt;3-&lt;/span&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ws6c"&gt;42&lt;span class="ls0 ws0"&gt; &lt;span class="_ _2"/&gt;&lt;/span&gt;and &lt;/span&gt;pages 103&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt;-&lt;/span&gt;104&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ws3e"&gt;, respec&lt;span class="_ _2"/&gt;tively&lt;span class="_ _2"/&gt;).&lt;span class="ls0 ws0"&gt; &lt;/span&gt;&lt;/span&gt; Our opinion on t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;he financial&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; statement&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;s does not c&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;over Management review, and we do not&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; express any&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; form of assurance c&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;onclusi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;on thereon.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt; In connec&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;tion with our audit&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; of the financ&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ial stat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ements, our responsibi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;lity is&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; to read Manageme&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;nt review and, i&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;n doing so, c&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;onsider whether &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"/&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ws14c"&gt;Managem&lt;span class="_ _2"/&gt;ent revi&lt;span class="_ _2"/&gt;ew is material&lt;span class="_ _2"/&gt;ly incons&lt;span class="_ _2"/&gt;istent wi&lt;span class="_ _2"/&gt;th the financ&lt;span class="_ _2"/&gt;ial &lt;/span&gt;statem&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ents or our knowledge ob&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;tained in t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;he audit, or otherwis&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;e appears t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;o be materially&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; misstat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ed. &lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt; Moreover, we c&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;onsidered whether&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; Management review i&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ncludes the discl&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;osures required by t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;he&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt;Danish Financi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;al Statement&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;s Act. &lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt; Based on the work&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; we have performed, in our vi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ew, Management review is&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; in accordance with t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;he consolidated f&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;inancial st&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;atements and the Parent c&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ompany financ&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ial statement&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;s and has been pre&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;pared in &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _12f"/&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt; accordanc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;e with the requirement&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;s of the Danis&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;h Financial S&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;tatements Act. We did not&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; identify&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; any material miss&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;tatement&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; in Management review.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt;</arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
   <arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx-2" id="pp-value377" xml:lang="en">Management is&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; responsibl&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;e for the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;preparation of c&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;onsolidat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ed financi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;al statem&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ents t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ws190"&gt;hat&lt;span class="_ _2"/&gt; give a true and fai&lt;span class="_ _2"/&gt;r view in acc&lt;span class="_ _2"/&gt;ordance with &lt;/span&gt;Internati&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;onal Financial Report&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ing Standar&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ds as adopted by the EU and further req&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;uirements in t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;he Danish Financ&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ial Statem&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ents Act and for the preparation &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;of parent&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; company fi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;nancial s&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;tatement&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;s that giv&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;e a true and fair vi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ew in accordance wit&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;h the Danis&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;h Financial S&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;tatements&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; Act, and for suc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;h internal control&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; as Managem&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ent determines i&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;s necess&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ary to enable the preparat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ion of financ&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ial stat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ements that are free from material m&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;isstatem&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ent, whether due to f&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;raud or &lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls67 ws13c"&gt;error.&lt;span class="_ _2"/&gt;&lt;span class="ls0 ws0"&gt; &lt;/span&gt;&lt;/span&gt; In preparing t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;he financial&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; statements&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;, Management is respons&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ible for assess&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ing the Groupâs and t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;he Parent&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; companyâ&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;s ability&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; to continue as a going concern,&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; disclos&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ing, as appli&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;cable, mat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ters related t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;o going concern and us&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ing the going conc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ern basis of acc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ounting unless Management eit&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;her intends to l&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;iquidate the Group or the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="ws6c"&gt;Paren&lt;span class="_ _2"/&gt;t &lt;/span&gt;company&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="wsfa"&gt;or to cease operat&lt;span class="_ _2"/&gt;ions, or &lt;span class="_ _2"/&gt;has no realis&lt;span class="_ _2"/&gt;tic alt&lt;span class="_ _2"/&gt;ernative but t&lt;span class="_ _2"/&gt;o do &lt;/span&gt;so.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt;</arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
   <arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx-2" id="pp-value450" xml:lang="en">Our objecti&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ves are to obtai&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;n reasonable assurance about&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; whether the financi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;al statem&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ents&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;span class="_ _18"/&gt;&lt;/span&gt;as a whole are free from&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; material miss&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;tatement, whether due t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;o fraud or error,&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; and to i&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ssue an audit&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;orâs report t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;hat includes&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; our opinion. Reas&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;onable as&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;surance is&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; a high level of assuranc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;e, but is not a guarantee t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;hat an audit conduc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ted in accordanc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;e with ISAs and the additional&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; requirements&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; applicable in Denmark will&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; always detec&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;t a material mis&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;statem&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ent when it exists. Misstat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ements can aris&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;e from fraud or&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;span class="_ _1a"/&gt;&lt;span class="ls22 ws14c"&gt;error and are consi&lt;span class="_ _2"/&gt;dered material &lt;/span&gt;&lt;/span&gt;if, indi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;vidually or in t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;he aggregate, they could reas&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;onably be expec&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ted to infl&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;uence the economi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;c decisi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ons of users&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; taken on the bas&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;is of thes&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;e financi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;al statem&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ents&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt;. &lt;/span&gt; As part of&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; an audit in acc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ordance wit&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;h ISAs and the a&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ws6c"&gt;ddit&lt;span class="_ _2"/&gt;ional &lt;/span&gt;requirement&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;s applicabl&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;e in Denmark&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;, we exerci&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;se profess&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ional judgment&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;span class="_ _17"&gt; &lt;/span&gt;&lt;/span&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="wsed"&gt;and maint&lt;span class="_ _2"/&gt;ain profes&lt;span class="_ _2"/&gt;sional sk&lt;span class="_ _2"/&gt;epticism througho&lt;span class="_ _2"/&gt;ut the audit.&lt;span class="_ _2"/&gt;&lt;span class="ls0 ws0"&gt; &lt;/span&gt;&lt;/span&gt;We also:   â¢ &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls22 ws3e"&gt;I&lt;span class="_ _2"/&gt;dentify&lt;span class="_ _2"/&gt; and assess the ri&lt;span class="_ _2"/&gt;sks of material mis&lt;span class="_ _2"/&gt;statem&lt;span class="_ _2"/&gt;ent of the &lt;span class="ws6c"&gt;fi&lt;span class="_ _2"/&gt;nancial &lt;/span&gt;&lt;/span&gt;statem&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ents&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ws14b"&gt;, whether du&lt;span class="_ _2"/&gt;e to fraud or err&lt;span class="_ _2"/&gt;or, design a&lt;span class="_ _2"/&gt;nd perform audit&lt;span class="_ _2"/&gt; &lt;/span&gt;procedures&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; responsiv&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;e to those risks&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;, and obtain audit ev&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;idence that is suff&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;icient and appropriate t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;o provide a basis for our opi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;nion. The risk of not detec&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ting a material m&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;isstatement result&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ing from fraud is higher than for one resul&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ting from error,&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; as fraud may involve col&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;lusion, forgery, i&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ntentional omi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ssions, m&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;isrepresentations&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;, or the override of&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; internal c&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ontrol.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt;â¢ &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls22 wseb"&gt;Obt&lt;span class="_ _2"/&gt;ain an understanding of&lt;span class="_ _2"/&gt; internal cont&lt;span class="_ _2"/&gt;rol relevant to the audit i&lt;span class="_ _2"/&gt;n &lt;/span&gt;order to des&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ign audit proc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;edures&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; that&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;span class="_ _25"&gt; &lt;/span&gt;&lt;/span&gt;are appropri&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ate in the circum&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;stances, but&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; not for the purpose of ex&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;pressing an opi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;nion on the effec&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;tiveness of the Groupâs&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; and the Parent c&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ompanyâs int&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ernal control.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt;â¢ &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls22 wsfc"&gt;E&lt;span class="_ _2"/&gt;valuate the appr&lt;span class="_ _2"/&gt;opriatenes&lt;span class="_ _2"/&gt;s of acc&lt;span class="_ _2"/&gt;ounting polic&lt;span class="_ _2"/&gt;ies used and t&lt;span class="_ _2"/&gt;he &lt;/span&gt;reasonabl&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;eness of account&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ing estim&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ates and related di&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;sclosures made by Managem&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ent.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt;â¢ &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls22 wsf7"&gt;Conc&lt;span class="_ _2"/&gt;lude on the ap&lt;span class="_ _2"/&gt;propriaten&lt;span class="_ _2"/&gt;ess of M&lt;span class="_ _2"/&gt;anagementâs us&lt;span class="_ _2"/&gt;e of the going &lt;/span&gt;concern bas&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;is of accounting and bas&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ed on the audit evi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;dence obtained, wh&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ether a mat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;erial uncert&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ainty ex&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ists related t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;o events or con&lt;span xmlns="http://www.w3.org/1999/xhtml" class="wsfc"&gt;diti&lt;span class="_ _2"/&gt;ons that may cast signifi&lt;span class="_ _2"/&gt;cant doubt on the Groupâs and the &lt;/span&gt;Parent com&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;panyâs abil&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ity to continue as a going c&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;oncern. If we conclude t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;hat a material&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; uncertaint&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;y exists,&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; we are required to dr&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;aw attenti&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;on in our audito&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;râs report&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; to the relate&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;d disclos&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ures in the financi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;al statem&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ents&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt;or, i&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;f such disclos&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ures are inadequ&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ate, to m&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;odify our opinion.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; Our conc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;lusions ar&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;e based on the au&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;dit evi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;dence obtained up to t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;he date of our auditorâs&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; report. However,&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; future events or conditi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ons may cause the Group or the Parent&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; company&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;span class="_ _2"/&gt;&lt;/span&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="wsf7"&gt;to ceas&lt;span class="_ _2"/&gt;e &lt;/span&gt;to conti&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;nue as a going conc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ern.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt;â¢ &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls22 ws164"&gt;E&lt;span class="_ _2"/&gt;valuate the ov&lt;span class="_ _2"/&gt;erall presentat&lt;span class="_ _2"/&gt;ion, struct&lt;span class="_ _2"/&gt;ure and content of the &lt;/span&gt;financi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;al statem&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ents, including t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;he disclosures, and whet&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;her the financi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;al statem&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ents&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;span class="_ _1a"/&gt;&lt;span class="ls22 wsfa"&gt;repres&lt;span class="_ _2"/&gt;ent the underly&lt;span class="_ _2"/&gt;ing trans&lt;span class="_ _2"/&gt;actions&lt;span class="_ _2"/&gt; and events &lt;/span&gt;&lt;/span&gt;in a manner that&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; achieves f&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;air p&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ws6c"&gt;resentati&lt;span class="_ _2"/&gt;on.&lt;span class="ls0 ws0"&gt; &lt;/span&gt;&lt;/span&gt;â¢ &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls22 wseb"&gt;Obt&lt;span class="_ _2"/&gt;ain suff&lt;span class="_ _2"/&gt;icient appropri&lt;span class="_ _2"/&gt;ate audit&lt;span class="_ _2"/&gt; evidence reg&lt;span class="_ _2"/&gt;arding the f&lt;span class="_ _2"/&gt;inancial&lt;span class="_ _2"/&gt; &lt;/span&gt;informat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ion of the entities or bus&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;iness activit&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ies within the Group to express&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; an opinion on th&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;e &lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt;c&lt;/span&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ws6c"&gt;onsolidat&lt;span class="_ _2"/&gt;ed &lt;span class="ls0 ws0"&gt;f&lt;/span&gt;inancial &lt;span class="ls0 ws0"&gt;s&lt;/span&gt;&lt;/span&gt;t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;atements.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; We are responsibl&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;e for the direct&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ion, supervisi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;on and performance of t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;he g&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls22 ws3e"&gt;roup audit. We remai&lt;span class="_ _2"/&gt;n solely res&lt;span class="_ _2"/&gt;ponsible for our audit&lt;span class="_ _2"/&gt; opinion.&lt;span class="_ _2"/&gt;&lt;/span&gt;  We communi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;cate with t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;hose charged with gov&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ernance regar&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ding, among other mat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ters, the pl&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;anned scope and timing of t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;he audit and signif&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;icant audit&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; findings, i&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ncluding any s&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ignific&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ant defici&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;encies in internal c&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ontrol that we ident&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ify duri&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ng our audit.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt; We also provi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;de those charged wit&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;h governance with a s&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;tatement t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;hat we have compl&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ied with relev&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ant et&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;hical requirement&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;s regardin&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;g independenc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;e, and to comm&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;unicate wit&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;h them all relat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ionships and&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; other matt&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ers that may&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; reasonably be thought&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; to bear on our independenc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;e, and where appl&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;icable,&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; related safeguards&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt; From the mat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ters communicat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ed with those charged wit&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;h governance, we determin&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;e those matt&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ers that were of&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; most si&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;gnificanc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;e in the audit of the fi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;nancial st&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;atements&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;span class="_ _18"/&gt;&lt;/span&gt;of the current &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;period and are&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; therefore t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;he key audit&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; matters. We des&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;cribe these mat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ters in our audit&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;orâs report unless l&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;aw or regulation prec&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ludes public&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; disclos&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ure about the matter or when, in ext&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;remely rare ci&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;rcumstances&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;, we determine t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;hat a matter should not be comm&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;unicated in our report becaus&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;e the adverse consequenc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;es of doing so wo&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;uld reasonabl&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;y be expect&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ed to outweig&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;h the public&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; interest benef&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;its of suc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;h communicati&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;on.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt;</arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
   <arr:AuditorsReportOnXbrlTagging contextRef="ctx-2" id="pp-value526" xml:lang="en">As part of our audit&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; of the financial&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; statement&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;s we performed procedures&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; to express&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; an opinion &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;on whether the An&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;nual Rep&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls2e ws193"&gt;ort of H. &lt;/span&gt;Lundbeck A&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;/S for the f&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;inancial y&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ear 1 January t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;o 31 December 2020&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; with the f&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ile name HLUN&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt;-&lt;/span&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ws6c"&gt;2020&lt;span class="ls0 ws0"&gt;-&lt;/span&gt;12&lt;span class="ls0 ws0"&gt;-&lt;/span&gt;&lt;/span&gt;31.zip is&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; prepared, in all mat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;erial respect&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;s, in complianc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;e with the Commis&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;sion Delegated Regul&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ation (EU) 2019/815 on t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;he European Si&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ngle Electronic&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;span class="_"&gt; &lt;/span&gt;&lt;span class="ls67 ws194"&gt;Form&lt;span class="_ _2"/&gt;at (ESEF &lt;/span&gt;&lt;/span&gt;Regulation&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;) which includes&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; requirement&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;s related to the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="fsb ls22 wsf2"&gt;prepar&lt;span class="_ _2"/&gt;ation of &lt;/span&gt;the annual repo&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;rt in XHTM&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;L format and iXBRL ta&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;gging of the&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; consoli&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;dated financi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;al statem&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ents. &lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt; Management is&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; responsibl&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;e for preparing an Ann&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ual Report t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;hat complies&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; with the ESE&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;F Regulation. Thi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;s responsibi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;lity incl&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;udes: &lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt; â¢ &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls22 ws3e"&gt;T&lt;span class="_ _2"/&gt;he preparing of the annu&lt;span class="_ _2"/&gt;al report i&lt;span class="_ _2"/&gt;n XHTML format; &lt;/span&gt; â¢ &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls22 wseb"&gt;T&lt;span class="_ _2"/&gt;he selecti&lt;span class="_ _2"/&gt;on and applicat&lt;span class="_ _2"/&gt;ion of approp&lt;span class="_ _2"/&gt;riate i&lt;span class="_ _2"/&gt;XBRL tags, inc&lt;span class="_ _2"/&gt;luding &lt;/span&gt;extens&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ions to the ESEF taxonomy and the anchori&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ng thereof to elements&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; in the taxonom&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;y, for all financi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;al information req&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;uired to be tagged using j&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;udgment where nece&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ssary&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;; &lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt;â¢ &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls22 wsf8"&gt;E&lt;span class="_ _2"/&gt;nsuring cons&lt;span class="_ _2"/&gt;istency between iXBRL t&lt;span class="_ _2"/&gt;agged data and the &lt;/span&gt;consoli&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;dated financi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;al statements pres&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ented in human&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt;-&lt;/span&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ws6c"&gt;readable &lt;/span&gt;format;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt;â¢ &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls22 wsed"&gt;F&lt;span class="_ _2"/&gt;or such internal&lt;span class="_ _2"/&gt; control as Management determ&lt;span class="_ _2"/&gt;ines neces&lt;span class="_ _2"/&gt;sary to &lt;/span&gt;enable the pre&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;paration of&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; an annual repo&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;rt that i&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;s compliant&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; with the ESEF Regulati&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;on. &lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt;  Hellerup,&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; 4 February 2021&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt; Pricewaterh&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ouseCoopers&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt;Stats&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;autoriseret&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; Revisions&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;partnerselsk&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ab&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt;CVR No 3377 1231&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt;    Our responsibi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;lity is to obt&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ain reasonable assurance on whet&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;her the annual repo&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;rt is prepar&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ed, in all m&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;aterial respec&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ts, in c&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ompliance wi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;th the ESE&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;F Regulation based on the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;evidence we hav&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;e obtained, and to issue a report&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; that includes our opi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;nion. The nature,&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; timing and ext&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ent of procedur&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;es selec&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ted depend on the audit&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;orâs judgm&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ent, incl&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;uding the assess&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ment of the risks of materi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;al departures from&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; the requirements&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; set out in the ESEF Regulat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ion, whether due to fraud or error. The procedures&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; include: &lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt; â¢ &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls22 ws6c"&gt;T&lt;span class="_ _2"/&gt;est&lt;span class="ws3e"&gt;ing whether t&lt;span class="_ _2"/&gt;he annual report&lt;span class="_ _2"/&gt; is prepared in XHTM&lt;span class="_ _2"/&gt;L format; &lt;/span&gt;&lt;/span&gt; â¢ &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls22 ws6f"&gt;Obt&lt;span class="_ _2"/&gt;aining an understandi&lt;span class="_ _2"/&gt;ng of the companyâs&lt;span class="_ _2"/&gt; iXBRL tagging proc&lt;span class="_ _2"/&gt;ess &lt;/span&gt;and of internal c&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ontrol over t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;he tagging proc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ess; &lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt;â¢ &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls22 wsfa"&gt;E&lt;span class="_ _2"/&gt;valuating t&lt;span class="_ _2"/&gt;he completeness of the iXBRL tagging of&lt;span class="_ _2"/&gt; the consolidat&lt;span class="_ _2"/&gt;ed &lt;/span&gt;financi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;al statement&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;s; &lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt;â¢ &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls22 ws17e"&gt;E&lt;span class="_ _2"/&gt;valuating t&lt;span class="_ _2"/&gt;he appropriatenes&lt;span class="_ _2"/&gt;s of the companyâs us&lt;span class="_ _2"/&gt;e of iXBRL &lt;/span&gt;elements&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; selected from t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;he ESEF taxonomy and the c&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;reation of extens&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ion elements where no s&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;uitable el&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ement in the E&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;SEF tax&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;onomy has been identi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;fied;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt;â¢ &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls22 ws3e"&gt;E&lt;span class="_ _2"/&gt;valuating t&lt;span class="_ _2"/&gt;he use of anchoring of&lt;/span&gt; &lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls22 ws3e"&gt;extension el&lt;span class="_ _2"/&gt;ements to elements in &lt;/span&gt;the ESE&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;F taxonomy; and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt;â¢ &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls22 wsfe"&gt;Rec&lt;span class="_ _2"/&gt;onciling t&lt;span class="_ _2"/&gt;he iXBRL tagged da&lt;span class="_ _2"/&gt;ta with the audi&lt;span class="_ _2"/&gt;ted consoli&lt;span class="_ _2"/&gt;dated &lt;/span&gt;financi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;al statem&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;ents. &lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt; In our opinion, t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;he annual report o&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;f H. Lundbeck&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; A/S for the financial year 1 January&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt; to 31 December 2020 with t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;he file name HLUN&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt;-&lt;/span&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ws6c"&gt;2020&lt;span class="ls0 ws0"&gt;-&lt;/span&gt;&lt;/span&gt;12&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt;-&lt;/span&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="wsf3"&gt;31.zip is prepar&lt;span class="_ _2"/&gt;ed, in all mat&lt;span class="_ _2"/&gt;erial respect&lt;span class="_ _2"/&gt;s, in compl&lt;span class="_ _2"/&gt;iance with the &lt;/span&gt;ESEF Regulati&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/&gt;on. &lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt; &lt;/span&gt;</arr:AuditorsReportOnXbrlTagging>
   <gsd:InformationOnTypeOfSubmittedReport contextRef="ctx-2" xml:lang="en">Annual report</gsd:InformationOnTypeOfSubmittedReport>
   <cmn:TypeOfAuditorAssistance contextRef="ctx-2" xml:lang="en">Auditor's report on audited financial statements</cmn:TypeOfAuditorAssistance>
   <gsd:ToolForPreparingTheXBRLInstanceDocument contextRef="ctx-2" xml:lang="en">ParsePort XBRL Converter</gsd:ToolForPreparingTheXBRLInstanceDocument>
   <gsd:ReportingPeriodStartDate contextRef="ctx-2" xml:lang="en">2020-01-01</gsd:ReportingPeriodStartDate>
   <gsd:ReportingPeriodEndDate contextRef="ctx-2" xml:lang="en">2020-12-31</gsd:ReportingPeriodEndDate>
   <gsd:PrecedingReportingPeriodStartDate contextRef="ctx-2" xml:lang="en">2019-01-01</gsd:PrecedingReportingPeriodStartDate>
   <gsd:PredingReportingPeriodEndDate contextRef="ctx-2" xml:lang="en">2019-12-31</gsd:PredingReportingPeriodEndDate>
   <gsd:LegalEntityIdentifierOfReportingEntity contextRef="ctx-2" xml:lang="en">5493006R4KC2OI5D3470</gsd:LegalEntityIdentifierOfReportingEntity>
   <gsd:NameOfReportingEntity contextRef="ctx-2" xml:lang="en">H. Lundbeck A/S</gsd:NameOfReportingEntity>
   <fsa:ClassOfReportingEntity contextRef="ctx-2" xml:lang="en">Reporting class D</fsa:ClassOfReportingEntity>
   <gsd:IdentificationNumberCvrOfReportingEntity contextRef="ctx-2" xml:lang="en">56759913</gsd:IdentificationNumberCvrOfReportingEntity>
   <gsd:AddressOfReportingEntityStreetName contextRef="ctx-2" xml:lang="en">Ottiliavej</gsd:AddressOfReportingEntityStreetName>
   <gsd:AddressOfReportingEntityStreetBuildingIdentifier contextRef="ctx-2" xml:lang="en">9</gsd:AddressOfReportingEntityStreetBuildingIdentifier>
   <gsd:AddressOfReportingEntityPostCodeIdentifier contextRef="ctx-2" xml:lang="en">2500</gsd:AddressOfReportingEntityPostCodeIdentifier>
   <gsd:AddressOfReportingEntityDistrictName contextRef="ctx-2" xml:lang="en">Valby</gsd:AddressOfReportingEntityDistrictName>
   <gsd:AddressOfReportingEntityCountry contextRef="ctx-2" xml:lang="en">Denmark</gsd:AddressOfReportingEntityCountry>
   <gsd:AddressOfReportingEntityCountryIdentificationCode contextRef="ctx-2" xml:lang="en">DK</gsd:AddressOfReportingEntityCountryIdentificationCode>
   <gsd:HomepageOfReportingEntity contextRef="ctx-2" xml:lang="en">www.lundbeck.com</gsd:HomepageOfReportingEntity>
   <mrv:LinkToCorporateGovernanceReport contextRef="ctx-2" xml:lang="en">https://www.lundbeck.com/upload/global/files/pdf/corporate_governance/2020/corporate_governance_report.pdf</mrv:LinkToCorporateGovernanceReport>
   <mrv:LinkToStatementOfCorporateSocialResponsibility contextRef="ctx-2" xml:lang="en">https://www.lundbeck.com/global/sustainability</mrv:LinkToStatementOfCorporateSocialResponsibility>
   <mrv:LinkToStatementOfDiversityPolicies contextRef="ctx-2" xml:lang="en">https://www.lundbeck.com/global/sustainability</mrv:LinkToStatementOfDiversityPolicies>
   <mrv:LinkToStatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender contextRef="ctx-2" xml:lang="en">https://www.lundbeck.com/global/sustainability</mrv:LinkToStatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender>
   <fsa:AverageNumberOfEmployees contextRef="ctx-2" decimals="0" unitRef="pure">5717</fsa:AverageNumberOfEmployees>
   <fsa:AverageNumberOfEmployees contextRef="ctx-19" decimals="0" unitRef="pure">5475</fsa:AverageNumberOfEmployees>
   <fsa:AverageNumberOfEmployees contextRef="ctx-1" decimals="0" unitRef="pure">1738</fsa:AverageNumberOfEmployees>
   <fsa:AverageNumberOfEmployees contextRef="ctx-20" decimals="0" unitRef="pure">1734</fsa:AverageNumberOfEmployees>
   <cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-3" xml:lang="en">Deborah Dunsire</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
   <cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-3" xml:lang="en">President and CEO</cmn:TitleOfMemberOfExecutiveBoard>
   <cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-4" xml:lang="en">Lars Bang</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
   <cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-4" xml:lang="en">Executive Vice President, Product Development &amp;amp; Supply</cmn:TitleOfMemberOfExecutiveBoard>
   <cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-5" xml:lang="en">Anders GÃ¶tzsche</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
   <cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-5" xml:lang="en">Executive Vice President, CFO</cmn:TitleOfMemberOfExecutiveBoard>
   <cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-6" xml:lang="en">Per Johan Luthman</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
   <cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-6" xml:lang="en">Executive Vice President, Research &amp;amp; Development</cmn:TitleOfMemberOfExecutiveBoard>
   <cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-7" xml:lang="en">Jacob Tolstrup</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
   <cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-7" xml:lang="en">Executive Vice President, Commercial Operations</cmn:TitleOfMemberOfExecutiveBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-8" xml:lang="en">Lars SÃ¸ren Rasmussen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-8" xml:lang="en">Chairman of the Board</cmn:TitleOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-9" xml:lang="en">Lene Skole-SÃ¸rensen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-9" xml:lang="en">Deputy Chairmand of the Board</cmn:TitleOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-10" xml:lang="en">Henrik Andersen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-11" xml:lang="en">Jeffrey Berkowitz</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-12" xml:lang="en">Lars Erik Holmqvist</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-13" xml:lang="en">Jeremy Max Levin</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-14" xml:lang="en">Rikke Kruse Andersen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-14" xml:lang="en">Employee representative</cmn:TitleOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-15" xml:lang="en">Henrik Sindal Jensen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-15" xml:lang="en">Employee representative</cmn:TitleOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-16" xml:lang="en">Lucovic Tranholm Otterbein</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-16" xml:lang="en">Employee representative</cmn:TitleOfMemberOfSupervisoryBoard>
   <gsd:LegalEntityIdentifierOfSubmittingEnterprise contextRef="ctx-2" xml:lang="en">5493006R4KC2OI5D3470</gsd:LegalEntityIdentifierOfSubmittingEnterprise>
   <gsd:IdentificationNumberCvrOfSubmittingEnterprise contextRef="ctx-2" xml:lang="en">56759913</gsd:IdentificationNumberCvrOfSubmittingEnterprise>
   <gsd:NameOfSubmittingEnterprise contextRef="ctx-2" xml:lang="en">H. Lundbeck A/S</gsd:NameOfSubmittingEnterprise>
   <gsd:AddressOfSubmittingEnterpriseStreetAndNumber contextRef="ctx-2" xml:lang="en">Ottiliavej 9</gsd:AddressOfSubmittingEnterpriseStreetAndNumber>
   <gsd:AddressOfSubmittingEnterprisePostcodeAndTown contextRef="ctx-2" xml:lang="en">2500 Valby</gsd:AddressOfSubmittingEnterprisePostcodeAndTown>
   <arr:TypeOfModifiedOpinionOnAuditedFinancialStatements contextRef="ctx-2" xml:lang="en">Opinion</arr:TypeOfModifiedOpinionOnAuditedFinancialStatements>
   <arr:TypeOfBasisForModifiedOpinionOnAuditedFinancialStatements contextRef="ctx-2" xml:lang="en">Basis for Opinion</arr:TypeOfBasisForModifiedOpinionOnAuditedFinancialStatements>
   <arr:SignatureOfAuditorsPlace contextRef="ctx-2" xml:lang="en">Hellerup</arr:SignatureOfAuditorsPlace>
   <arr:SignatureOfAuditorsDate contextRef="ctx-2" xml:lang="en">2021-02-04</arr:SignatureOfAuditorsDate>
   <cmn:NameAndSurnameOfAuditor contextRef="ctx-17" xml:lang="en">Lars Baungaard</cmn:NameAndSurnameOfAuditor>
   <cmn:DescriptionOfAuditor contextRef="ctx-17" xml:lang="en">State Authorized Public Accountant</cmn:DescriptionOfAuditor>
   <cmn:IdentificationNumberOfAuditor contextRef="ctx-17" xml:lang="en">mne23331</cmn:IdentificationNumberOfAuditor>
   <cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx-17" xml:lang="en">33771231</cmn:IdentificationNumberCvrOfAuditFirm>
   <cmn:NameOfAuditFirm contextRef="ctx-17" xml:lang="en">PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
   <gsd:AddressOfAuditorStreetName contextRef="ctx-17" xml:lang="en">Strandvejen</gsd:AddressOfAuditorStreetName>
   <gsd:AddressOfAuditorStreetBuildingIdentifier contextRef="ctx-17" xml:lang="en">44</gsd:AddressOfAuditorStreetBuildingIdentifier>
   <gsd:AddressOfAuditorPostCodeIdentifier contextRef="ctx-17" xml:lang="en">2900</gsd:AddressOfAuditorPostCodeIdentifier>
   <gsd:AddressOfAuditorDistrictName contextRef="ctx-17" xml:lang="en">Hellerup</gsd:AddressOfAuditorDistrictName>
   <cmn:NameAndSurnameOfAuditor contextRef="ctx-18" xml:lang="en">Torben Jensen</cmn:NameAndSurnameOfAuditor>
   <cmn:DescriptionOfAuditor contextRef="ctx-18" xml:lang="en">State Authorized Public Accountant</cmn:DescriptionOfAuditor>
   <cmn:IdentificationNumberOfAuditor contextRef="ctx-18" xml:lang="en">mne18651</cmn:IdentificationNumberOfAuditor>
   <cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx-18" xml:lang="en">33771231</cmn:IdentificationNumberCvrOfAuditFirm>
   <cmn:NameOfAuditFirm contextRef="ctx-18" xml:lang="en">PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
   <gsd:AddressOfAuditorStreetName contextRef="ctx-18" xml:lang="en">Strandvejen</gsd:AddressOfAuditorStreetName>
   <gsd:AddressOfAuditorStreetBuildingIdentifier contextRef="ctx-18" xml:lang="en">44</gsd:AddressOfAuditorStreetBuildingIdentifier>
   <gsd:AddressOfAuditorPostCodeIdentifier contextRef="ctx-18" xml:lang="en">2900</gsd:AddressOfAuditorPostCodeIdentifier>
   <gsd:AddressOfAuditorDistrictName contextRef="ctx-18" xml:lang="en">Hellerup</gsd:AddressOfAuditorDistrictName>
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