Assets
| Type | Time | Amount | Unit |
|---|---|---|---|
| ifrs-full:Assets | 2025-12-31 | 52054000000 | dkk |
| ifrs-full:Assets | 2024-12-31 | 57660000000 | dkk |
Revenue
| Type | Start date | End date | Amount | Unit |
|---|---|---|---|---|
| ifrs-full:Revenue | 2025-01-01 | 2025-12-31 | 24630000000 | dkk |
| ifrs-full:Revenue | 2024-01-01 | 2024-12-31 | 22004000000 | dkk |
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<mrv:SustainabilityReport contextRef="ctx-1" id="f1__s8__7__6-1" xml:lang="en">1The ecosystem of our business* Patients are an integral part of Lundbeckâs full value chain ecosystem and fun-damental to our patient-centric approach. Their lived experiences and ability to identify unmet medical needs enable us to drive focused innovation across our business. While patients are the end-users of our pharmaceutical products, Lundbeckâs customers are healthcare professionals (HCPs), including specialists, and au-thorities, e.g., regulatory bodies, and public and private healthcare providers. Our customers play an important role across our value chain, where HCPs are the point of contact with patients, and the authorities regulate our access to the market. Leveraging our key partnerships across the value chain, including R&D, com-mercial, and other types of partnerships, e.g., civil society and NGOs, enables Lundbeck to drive our business, meet patient needs, increase awareness, and ensure societal impact. To pursue our goals and serve people living with brain disorders and society at large, Lundbeck relies on approximately 5,300 highly qualified and specialized employees. Furthermore, suppliers are key to providing the fundamental in-puts to produce Lundbeckâs high-quality products, e.g., energy and raw materi-als, research organizations conducting clinical studies and establishing evi-dence for new drug candidates, and contract manufacturers producing medi-cines. Lundbeckâs main output is our impact on patients, people, and society, provid-ing value-based treatment options for healthcare systems and improving health outcomes for patients. We reinvest around 20% of our revenue into R&D, develop jobs and skills for our employees, and create profitability to our shareholders while also contributing tax to the societies we are part of. Markets Lundbeckâs products are registered in more than 80 countries, and 2we have employees in more than 20 countries. Our largest markets are the U.S., China, Spain, Canada, Italy, France, Australia, Brazil, 1South Korea, and the United Kingdom.* 3*Total revenue24,630 DKKm 1,2 Abilify LAI franchise*®Abilify Maintena (aripiprazole once monthly) has been mar-keted since 2013 as a monthly intramuscular injection indi-cated for the treatment of schizophrenia and bipolar I disor-der in adults. ®Abilify Asimtufii (aripiprazole every two months) was launched as an intramuscular injection every two months in the U.S. in 2023. In 2024, the European Commission ap-®proved Abilify Maintena 960 mg. The product is launched either alone or in collaboration with Otsuka Pharmaceutical. ®/Trintellix®1Brintellix* (vortioxetine) Indicated for the treatment of major depressive disorder ®/Trintellix®(MDD), Lundbeck markets Brintellix in Europe and International Operations. Takeda is our co-promotion partner in Japan. Launched in the first markets in 2014, it is now available in approximately 60 countries. ®/Rxulti®1Rexulti* (brexpiprazole) Indicated as adjunctive therapy for the treatment of adults with MDD and as a treatment for adults with schizophrenia, it was launched in the U.S. in 2015 in collaboration with Otsuka Pharmaceutical, and subsequently in several other countries. In 2023, it was further approved for the treatment of agitation associated with dementia due to Alzheimerâs dis-ease. ®1Vyepti* (eptinezumab) Indicated for the preventive treatment of migraine in adults, ®Lundbeck markets Vyepti across all three regions: the U.S., Europe, and International Operations. Launched in the U.S. at the beginning of 2020, it is now available in 33 countries worldwide. ®/Lexapro®1Cipralex* (escitalopram) Indicated for the treatment of depression, it was first launched in 2002 and is now available in close to 100 coun-tries around the world. 1Other pharmaceuticals* ®Northera (symptomatic neurogenic orthostatic hypoten-® (epilepsy), Sabril®sion (nOH)), Onfi (refractory complex par-®tial seizures (rCPS) and infantile spasms (IS)), Ebixa (demen-® (Parkinsonâs disease), Xenazine®tia), Azilect (chorea), ® (depression), Cipramil®Deanxit (depression and anxiety), ®and Cisordinol (psychosis) are among the largest of our other mature brands. Governance framework 2Board of DirectorsIn 2025, Lundbeckâs Board of Directors consisted of 11members: seven elected annually by the General Meeting and four by employees for a four-year term in 2022. Of the seven elected by the General Meeting, four (57%) are independent, while the remaining three are not considered independent due to their close re-lationship with Lundbeckfonden. The members of the Board of Directors elected by the General Meeting in-clude two (29%) female and five (71%) male, and the employee elected members include two (50%) female and two (50%) male. By 30 June 2026, Lundbeck is committed to achieving balanced gender distribution among the members of the Board of Directors, meas-ured individually for those elected by the General Meeting and those elected by employees*. The targets are set in accordance with the Gender Balance Act. A description of the members of the Board of Direc-tors and their competencies and experiences can be found on pages 41-42*. 3Lundbeckâs governance structure* Governing bodies Key responsibilities Shareholders and ⢠Right to vote and present suggestions at the General Meeting. Annual General â¢Adopt and amend the companyâs Articles of associa-Meetingtion. (Articles of association) â¢Approve the Annual Report. ⢠Elect members of the Board of Directors. Board of ⢠Approve the corporate strategies and budgets. Directors â¢Set goals and evaluate Executive Leadership Team (Articles of association) performance. â¢Ensure adequate risk management and internal control systems. â¢Oversee sustainability matters. ⢠Review and assess capital needs and structure. Audit Provide advice on external auditors, internal compliance, Committee business ethics, material liability issues, risk manage-(Charter) ment, internal controls, double materiality assessment, and sustainability matters, along with accounting treat-ment, financial and sustainability reporting, tax, treasury, and insurance coverage. Scientific Provide advice on the R&D strategy, notably innovation, Committee risk balance of the pipeline, review of the R&D budget, (Charter) review of the scientific and technical aspects of the pipe-line, along with assessing business development deals. Remuneration Provide advice on remuneration and nomination of Exec-& Nomination utive Leadership Team, specifically remuneration policy and reporting, recruitment, and appointment to the CommitteeBoard of Directors and Executive Leadership Team. (Terms of reference) Executive ⢠Day-to-day management of the company. Leadership Team â¢Develop and implement strategies and policies. â¢Manage and address sustainability matters. â¢Report to the Board of Directors and its committees. 4Board of Directors* Gender balance 29%71% Female Male Board of Directors* Independence 43%57% Independent Not independent Executive Leadership Team* Gender balance 38%63% Female Male Executive Leadership Team Lundbeckâs Executive Leadership Team consists of eight members, led by Charl van Zyl, President & CEO. Currently, three out of the eight members of the Exec-utive Leadership Team are women, equaling a female representation of 38%. Lundbeckâs Executive Leader-ship Team has the overall responsibility for the corporate and sustainability strategies and presents any significant decisions to the Board of Directors for approval, including decisions related to the manage-ment of Lundbeckâs material impacts, risks, and oppor-1tunities*. The Executive Leadership Team is sup-ported by several committees, ensuring a strategic en-2terprise mindset. Executive leadership sustainability incentives10% of the Executive Leadership Teamâs short-term in-centive (STI) program is linked to sustainability, with payouts contingent on performance against ESG ob-jectives related to the Sustainability Strategy targets. For 2025, these objectives include progress on reduc-ing scope 3 GHG emissions related to business travel, the implementation of an Equity-based Tiered Pricing framework, Code of Ethics completion rate, gender balance in upper management, and inclusion survey 1scores, each contributing 2%, respectively*. 3Remuneration policy and reportLundbeckâs Remuneration policy outlines the frame-work for defining the remuneration of Lundbeckâs Board of Directors and Executive Leadership Team*, detailed in the annual 2025 Remuneration Report (link), aligning with Lundbeckâs corporate strategy, Sus-tainability Strategy (page 54), long-term interests, and sustainability goals. This report is subject to an advi-sory vote at the Annual General Meeting after approvalby the Board of Directors and published on our web-site. Experience and competences3,* Dorothea Wenzel has an extensive track record in leadership across the healthcare sector including a long executive career at Merck KGaA. With strong competences in finance, transformation, and M&A, she strengthens Lundbeck's strategic directiontowards financial growth and sustainabil-ity performance. Experience and competences3,*From her current position as CEO, pre-vious position as CFO as well as board memberships, Lene Skole-Sørensen has extensive experience in heading listed companies. With a strong back-ground in finance, strategy, business development, ESG, and M&A, Lene en-sures long-term value creation at Lundbeck. Experience and competences3,*Lars Erik Holmqvist has held manage-ment positions in multiple pharma andmed-tech companies. With this exten-sive experience he brings robust com-petences in management, finance, sales, and marketing within life sciencecompanies to Lundbeck. Experience and competences3,* Jeffrey Berkowitz brings extensive experi-ence across the global healthcare ecosys-tem, with deep expertise spanning bio-pharmaceuticals, market access, generics,retail and specialty pharmacy, drug distri-bution, and payer and insurer dynamics. Experience and competences3,*With extensive experience in clinical de-velopment and strategic leadership in the pharmaceutical industry, Santiago Arroyoâs competences enhance Lundbeck's focus on innovative healthcare solutions and patient-centric approaches. Experience and competences3,*As a professional board member with more than 30 years of experience in the global pharmaceutical and life sci-ence industries, Lars Green has exten-sive expertise in global leadership, fi-nancial management, corporate gov-ernance, ESG, and interaction with in-vestors and the financial markets. Experience and competences3,* With more than 20 years of experience working at Novo Nordisk in various po-sitions in the commercial area, Jakob Riis contributes to strategic decision-making and governance, as well as pharmaceutical value chain manage-ment, ESG performance management, and market communication. Experience and competences2,*With extensive experience in commercial in-ternational management within the pharma-ceutical industry, Charl van Zyl drives Lundbeck's commitment to patients, people, and planet. Experience and competences2,*With extensive HR leadership experience from international pharmaceutical companies, Dianne Hol enhances company performance, shaping Lundbeckâs culture through both our international People Strategy and Sustainabil-ity Strategy. Experience and competences2,*With more than 20 years of financial leader-ship experience in the pharmaceutical and biotech industries, Joerg Hornstein oversees Lundbeckâs financial strategy and ensures its financial performance, governance, and trans-parency. Experience and competences2, *With 35 years of experience in pharmaceuti-cal R&D, Per Johan Luthman is leading Lundbeck's R&D in its commitment to iden-tify and develop transformative treatments as well as supporting product life cycle management. Experiences and competences2, *With a long tenure at Lundbeck since 1988, holding various roles in R&D, Corporate Planning and as Head of Commercial Opera-tions, Lars Bang ensures innovative product development, robust supply chain manage-ment and compliant Health, Safety and Envi-ronment operations. Experiences and competences2, *With extensive experience in strategic com-mercial leadership from the life science and pharmaceutical sectors globally, Maria Alfai-ate enhances Lundbeck's global marketing efforts and corporate strategy, leading the integration of sustainability into the business strategy. Experience and competences2,*With extensive experience in corporate and commercial leadership roles in the pharma-ceutical sector, including 19 years at Novo Nordisk, Michala Fischer-Hansen has a strong track record in driving business per-formance across various geographies. Addi-tionally, she has competencies in ESG from different sectors. Experience and competences2,*With extensive experience in corporate and commercial leadership roles at both the global and U.S. levels in small, medium, and large pharma companies, Thomas Gibbsâ competences drive business performance in the U.S. market. Experience and competences2,*Tine Ãstergaard Hansen brings extensive ex-perience in global communications, sustaina-bility, and public affairs. She drives integratedinternal and external corporate communica-tions and media engagement, and leads pub-lic affairs and stakeholder engagement, inte-grating ESG perspectives to strengthen Lundbeckâs voice on brain health. The corporate risk register details Lundbeckâs risk ex-posure, categorized into: ⢠Research and development 1⢠Market strategy* 1⢠Supply, quality, and product safety* ⢠IT security 1⢠Legal compliance* ⢠Financial 2Link to double materiality assessment (DMA)Lundbeckâs ERM and DMA, as required under the Cor-porate Sustainability Reporting Directive (CSRD), are in-terlinked and focused on identifying, assessing, and managing risks and opportunities that affect both fi-nancial performance and sustainability. The ERM pro-cess identifies, assesses, and monitors risks across our six exposure categories. This is complemented by the DMA process, which provides a deeper evaluation of ESG topics by assessing both how sustainability factors may pose financial risks to Lundbeck (i.e., financial ma-teriality) and how Lundbeckâs operations and value chain activities may impact people and the environ-ment (i.e., impact materiality). Our material impacts, risks, and opportunities (IROs) are monitored through the annual DMA review (pages 56-61), which integratesstakeholdersâ perspectives into our existing govern-ance structures and frameworks. Lundbeckâs governing bodies receive annual updates on sustainability reporting to support effective over-sight and decision-making. Sustainability governance is anchored with the Board of Directors and cascades through the Audit Committee and the Executive Lead-ership Team, as outlined in âLundbeckâs governance structureâ overview on page 39. A cross-functional working group supports this structure by ensuring regulatory compliance, monitoring impacts, risks, and opportunities, and tracking progress on Sustainability Strategy and targets. To strengthen access to sustaina-bility expertise, sessions with internal subject matter experts are included in the annual meeting schedules of the Board of Directors, Audit Committee, and Execu-tive Leadership Team. This enables our governing bod-ies to oversee key sustainability topics, including mate-rial impacts, risks, and opportunities*. 31ESG link* Market strategy Price pressure, new legislation, reimbursement regula-tions, healthcare reforms, or other regulatory measures in key markets. Disruption of production or supply or unpredictable de-Supply, quality, and mand and stock-out. product safety Legal Non-compliance with laws, industry standards, regulations, compliance and our Code of Ethics. Exposure to legal claims or investi-gations. SustainabilityStatement 52 General disclosures 64 Environment 83 Social 113 Governance 120 List of appendices Guide to the Sustainability Statement Lundbeckâs integrated Annual Report is prepared in accord-ance with the Corporate Sustainability Reporting Directive (CSRD) and the European Sustainability Reporting Standards (ESRS). The Sustainability Statement is part of the Management Re-view and comprises four key reporting areas: ⢠General information (ESRS 2) ⢠Environmental information (ESRS E1, E2, and E5) ⢠Social information (ESRS S1, S2, and S4) ⢠Governance information (ESRS G1) The sustainability topics and related disclosure requirements (DRs) addressed in these sections are identified based on Lundbeckâs double materiality assessment (DMA), specified on pages 56-61. As summarized in the table âList of ESRS disclosure require-ments covered in the Sustainability Statementâ (pages 121-122) and in compliance with technical requirements, our CSRD disclosures are included within the Sustainability Statement, in the appendices, and in other sections of the Management Review, by exercising the option of incorporation by refer-ence. The disclosures placed outside of the Sustainability Statement are clearly identified with a footnote, referring to the applicable disclosure requirement of the ESRS regula-tion. In addition, an asterisk (*) is added after each subsec-tion to indicate which text is covered by the independent au-ditor's limited assurance report. General disclosures 53 Basis for preparation 54 Sustainability at Lundbeck 56 Double materiality assessment 62 Sustainability due diligence Basis for preparation Lundbeckâs Sustainability Statement is prepared in accordance with the Corporate Sustainability Reporting Di-rective (CSRD) and the European Sustainability Reporting Standards (ESRS). Despite the Omnibus and Quick Fix regulations, Lundbeck preserves the same scope of reporting as in 2024. The Sustainability Statement was ap-proved by the Board of Directors and authorized for issue on 4 February 2026. The metrics disclosed in the Sustainability Statement include consolidated data from the parent company, H. Lundbeck A/S, and its subsidiaries. The Sustainability Statement is consolidated following the Groupâs account-ing policies disclosed in its consolidated Financial Statements, unless otherwise specified in the accounting poli-cies within each topical ESRS disclosure. Lundbeck has defined its operational control in accordance with the ESRS, encompassing the parent company and its subsidiaries. There are no other joint ventures, associates, and assets where Lundbeck has identified operational control. In the event of acquisitions or divestments, the Sustain-ability Statement follows the same principles as the Financial Statements. In addition to complying with the Danish Financial Statements Act (sections 99a, 99d, 107d and 107f) and the EU Taxonomy Regulation (article 8), Lundbeck reports under various sustainability frameworks, including the United Nations Global Compact (UNGC), the Car-bon Disclosure Project (CDP), the UN Sustainable Development Goals (SDGs), and the UK Modern Slavery Act. Materiality conclusions and entity-specific metrics All material information presented in this report is identified based on the outcome of the 2025 double materiality assessment (DMA), covering own operations as well as the upstream and downstream value chain. In 2025, Lundbeck assessed the impact of the shift to a partner-led model in 27 countries and the discontinuation of oper-ations in Pakistan (page 90), as well as the planned divestment of a non-core production site in Italy (LuPi), on the identification of IROs. The review confirmed that these changes do not materially affect our DMA methodologies and conclusions (pages 56-61). The following metrics are considered and reported as entity specific metrics: Pa-tients reached, Donated treatment in LMICâs, Patient access (Time to Access Indicator and Access to Coverage), Compliance Hotline reports, Code of Ethics e-learning, Due diligence screenings, and Number of audits. Changes in accounting policies and comparative figures The metrics âPatients reachedâ, âGender pay gapâ and âCEO ratioâ, âInternal and external auditsâ, âEnergy consumptionâ, âscope 1â, âscope 3, category 1â, and âBiogenic emissionsâ have been updated and restated in their preparation. Pa-tients reached is now presented as number of patients reached rather than as patient years and is presented as mature products, strategic products and total, which has led us to restate the 2024 figure, where we previously re-ported only mature products (page 106). For the remuneration metrics, we included more elements of remunera-tion in the calculation, such as sales incentives, long- and short-term incentives. The remuneration metrics have not been restated, since it has not been possible to collect data on the variable remuneration in previous periods (page 94). Internal and external audit figures have changed due to the reclassification of Animal Welfare Audits from Patient & Product Safety to Business Ethics. Accordingly, the 2024 figures for both categories have been re-stated (page 118). Energy consumption related to the fleet has been included in the reporting, prompting a revi-sion of the accounting policy and a restatement of all figures impacted by fuel consumption (page 71). Scope 1 emissions have been restated, as has scope 3 (category 1) due to improved data and updated emission factors from suppliers. Biogenic emissions have been restated due to a change in emission factors. Lastly, we are includ-ing a footnote for full scope 3 (category 1) and full scope 3 (category 4), whereas previous periods only included a sub-amount due to Lundbeckâs alignment with SBTi. This also impacts the total scope 3 and includes the appropri-ate restatement. This is presented in addition to the numbers following the SBTi methodology, in a footnote to the table (page 67). In December 2025, the Board of Directors approved a plan to divest LuPi. As a result, we dis-close the share of relevant metrics attributable to LuPi, where material (i.e. above 10%) and where possible based on data availability. The full impact on the metrics will be assessed and reported in 2026. Key estimates and assumptions In preparing the Sustainability Statement, Management has made estimates and judgments that affect the appli-cation of the accounting policies and the reported sustainability metrics. The actual results may differ from these estimates. Management believes that the following estimates, assumptions and judgments are significant: Value chain Accounting policy Key estimates, assumptions and judgements Page estimation Scope 3 GHG emis-Estimating of emissions where supplier data is unavailable is based on emission factors for fi-sions: Cat.1: Pur-nancial expenditures and purchased products. Lundbeck includes value chain estimations from Yes 70 chased goods and indirect sources in the accounting of gross indirect (scope 3) GHG emissions, as specified in the services accounting policy. Lundbeck is continuously working to enhance the quality of value chain data. Estimating the number of patients potentially exposed to a specific Lundbeck drug or treatment Patients reached Yes 107 over a one-year period, as specified in the accounting policy. Estimating the number of patients potentially reached through Lundbeckâs medicine donation Donated treatment Yes 107 program over a one-year period, as specified in the accounting policy. Time to Access The Time to Access Indicator is calculated using benchmarks, and proxies for benchmarks. No 107 Indicator Energy consumption from fleet is based on actual fuel consumption for the sites where this is Energy possible. An additional uplift is utilized for any missing data based on an FTE count and dis-Yes 71 consumption tance. Diffuse emissions are estimated using a mass balance approach, which compares NMVOC-emissions the solvent input in production processes with all identified solvent outputs, based on prior No 75 yearsâ proportional distribution between measured chimney emissions and diffuse emissions. Sustainability at Lundbeck Lundbeck emphasizes sustainability as a key element in the way we run our business and strive towards a better future. Lundbeckâs Sustainability Strategy aims to mitigate our most significant sustainability risks, ad-verse impacts, and enhance our positive impacts to so-ciety. The Sustainability Strategy encompasses four pillars: ⢠Access to health ⢠Business ethics ⢠Climate change & circularity ⢠People & communities These strategic priorities reflect Lundbeckâs commit-ment to integrating sustainable practices throughout our operations, driving short-term actions and long-term goals. Each pillar of the Sustainability Strategy is supported by annual targets designed to help us achieve our long-term aspirations. We place high valueon the United Nationsâ Sustainability Development Goals (SDGs) in shaping our strategy. We have identi-fied seven SDGs which are applicable to our business, and since 2020 we have used them to guide our ac-tions towards addressing the main challenges within each pillar of our Sustainability Strategy. Access to brain health Health is an integral and cross-cutting part of sustaina-ble development, as represented by SDG 3 (Good Health and Wellbeing for All). Upholding all four pillars of Lundbeckâs Sustainability Strategy is fundamental for achieving our core commitment to sustainability, ensuring access to healthcare for those who need our treatments. By upholding ethical business practices, caring for our environment and communities, and maintaining a fair, engaging, and inclusive workplace, we believe that expansion of our therapeutic reach within neuroscience is possible. Improving access to brain health also provides the op-portunity to make our medical innovations accessible to more patients who need them. This will enhance health outcomes, improve patient quality of life, and improve the productivity of individuals living with neu-rological and psychiatric conditions. We have long-term aspirations to make innovative treatment available through R&D, promote equitable access, enhance cultural acceptability, and provide quality and efficacious medical products. Our aspirations for access to brain health are informedby our key stakeholders â patients, healthcare providers, partners including civil society and NGOs, suppliers including researchers and scientists, share-holders, and employees â each of whom contribute to-wards driving our agenda and provide unique knowledge on how to improve good health and well-being for all. In 2025, our treatments reached more than 27 million 1people, and even more patients are reached in collab-oration with our commercial partners. Lundbeckâs Ac-cess to health frontier relates to the lack of parity for mental health and neurology within countries rather than between countries, with current operations lim-ited in those which are low- or middle-income. Resilience of our business model Overall, Lundbeckâs strategy and business model are resilient regarding our capacity to address our mate-rial impacts and risks and to take advantage of our ma-terial opportunities. This is most strongly demon-strated in relation to climate change, as the manage-ment of our impact is mature, with solid targets and reduction levers to mitigate the effects of climate change. Regular evaluations of the resilience of our operations and supply chains in relation to climate-re-lated risks are carried out and actioned. For our other impacts, risks, and opportunities, Lundbeck has historically addressed these through dedicated departments and processes. As science bet-ter informs us about what transitions are needed to-wards improved sustainability practices, we will contin-uously develop our approach and understanding of the resilience of our business. Sustainability Strategy update In 2025, Lundbeck started a process to update our Sustainability Strategy to further strengthen and prioritize our management of impacts, risks, and opportunities as an inte-grated part of our new business strategy, as well as future requirements and principles of due diligence and responsible conduct. To create a foundation for the update, a peer benchmark and several strategic interviews and workshops were hosted. The updated Sustaina-bility Strategy will be signed off in the first half of 2026 and will be communicated in our An-nual Report 2026. 1 Estimated number of patients is 27.8 million, based on 2025 sales data for Lundbeck products, including strategic products. For further information, please refer to reporting and accounting policies on page 107. The number is larger than previously reported due to a shift from reporting the patient reached in years to the number of patients. 1Lundbeckâs sustainability priorities and correlation with DMAMateriality aspects How is this topic related to Lundbeckâs business model and strategy? What topics does Lundbeck hold responsibility for managing actual and potential impacts on people and the environment based 2 on the DMA? What are the financial risks oropportunities for our business based on the DMA?How are the Sustainable Development Goals (SDGs) linked to this topic? Access to health S4 Lundbeckâs business model is to re-search, develop, produce, and market medicines for psychiatric and neuro-logical diseases. Our long-term successdepends on health parity, reduced stigma, and cultural acceptance of brain diseases. Pressure on healthcare systems could lead to reforms poten-tially impacting Lundbeckâs business. + Innovation in treatment + + Patient voice - - Inequality in access to health - - Product safety and quality - - Responsible and ethical marketing - - Risk of pricing, reimbursement, and access - - Risk of failure of pharmacovigilance - - Risk of promotional misconduct - - - - 3) Good Health and Well-being Business ethics G1 When Lundbeck maintains ethical business practices and respects rules and regulationswe protect patients, uphold stakeholder in-tegrity, and minimize the risk of financial re-percussions. Ethical conduct to avoid poten-tial negative impacts throughout our value chain is vital for our license to operate, especially in relationships with healthcare profes-sionals, patients, and other stakeholders. - Business ethics - Responsible sourcing - Animal welfare - Business ethics and Code of Ethics breach 16) Peace, Justice, and Strong Institutions Climate change E1 E2 E5 & circularity Lundbeckâs business model impacts the environ-ment negatively through greenhouse gas emis-sions from energy use, transportation, and supply chain activities, as well as waste generation con-tributing to climate change and potential pollution.If we minimize our impact on the environment throughout the entire value chain, we mitigate the risk of restrictions or disruptions to our productionand supply to the benefit of our patients. - GHG emissions leading to climate change - Air pollution - Soil pollution - PFAS soil pollution - Water pollution from pharmaceutical residues - Waste and resource use - Damage to facilities from wild weather events - Increasing raw material costs 12) Responsible Consumption and Production 13) Climate Action People & S1 S2 communities Our business model relies on attracting and re-taining a skilled and diverse workforce. When Lundbeck is successful in maintaining a safe, in-clusive culture, free of harassment and discrimi-nation, it helps us remain a preferred employer and attract the best and most dedicated scien-tists and other staff, enabling us to develop in-novative treatments for patients. For value chain workers, we depend on reliable and reputable partners who share our ethical standards. - Inclusion, diversity, and equity (ID&E) - Health and safety, mental well-being - Human rights and health and safety through-out the value chain - Inability to attract and retain employees 5) Gender Equality 8) Decent Work and Economic Growth 10) Reduced Inequalities 1 For further details on the double materiality assessment (DMA), see pages 56-61. 2 (+) Potential/actual positive impact/financial opportunity. (-) Potential/actual negative impact/financial risk. Double materiality assessment Every year, Lundbeck conducts a double materiality as-sessment (DMA) to identify, assess, and monitor our material impacts on people and the environment (im-pact materiality), as well as key business risks and op-portunities arising from sustainability topics (financial materiality). In 2025, the following sustainability topics are con-firmed to be material for reporting in relation to our business model, operations, and business relation-ships across the value chain: E1 Climate change E2 Pollution E5 Resource use and circular economy S1 Own workforce S2 Workers in the value chain S4 Consumers and end-users G1 Business conduct Within these topics, Lundbeck identified 37 sustainabil-ity sub-topics to be evaluated for materiality. These sub-topics were assessed as material (i.e., impact, fi-nancial, or both) or not material for reporting, as illustrated within the matrix on this page. Each sub-topic is linked to specific impacts, risks, and opportuni-ties (IROs), and those IROs deemed material (listed and described on pages 57-59) form the basis for Lundbeckâs topical disclosures. Additional details on our DMA methodology, materiality thresholds, and ba-sis for preparation are provided on page 60-61 and 53. Although IROs related to Water and Marine Resources (ESRS E3), Biodiversity and Ecosystems (ESRS E4), and Affected Communities (ESRS S3) fell under our materi-ality thresholds, Lundbeck recognizes its responsibility to continue monitoring and managing these topics through our existing governance processes, policies, and actions. Our work on water and biodiversity is de-scribed on our website through our position papers, as well as disclosed as part of our Carbon Disclosure Project (CDP) reporting. In addition, Lundbeckâs efforts to identify, prevent, and monitor its impact on affected communities are informed by our sustainability due dil-igence, including site audits and engagement with stakeholders residing close to our production sites in Denmark, Italy, and France. Impact material Material from both perspectives 3 4 5 6 7 8 18 19 2 17 20 29 21 23 24 25 34 35 36 30 31 32 33 Not material Financially material 9 10 11 12 13 14 15 1 16 22 26 27 28 37 Environment E1 Climate Change 1 - Climate change adaptation 2 - Climate change mitigation 3 - Energy E2 Pollution 4 - Pollution of air 5 - Pollution of water 6 - Pollution of soil 7 - Substances of concern 8 - Substances of very high concern 9 - Pollution of living organisms 10 - Microplastics E3 Water and Marine Resources 11 - Water 12 - Marine resources E4 Biodiversity and Ecosystems 13 - Direct impact drivers of biodiversity loss 14 - Impacts on the state of species 15 - Impacts on the extent & condition of ecosystems 16 - Impacts & dependencies on ecosystem services E5 Resource Use and Circular Economy 17 - Resource inflows, including resource use 18 - Resource outflows related to products & services 19 - Waste Social S1 Own Workforce 20 - Equal treatment and opportunities for all 21 - Working conditions 22 - Other work-related rights S2 Workers in the Value Chain 23 - Equal treatment and opportunities for all 24 - Working conditions 25 - Other work-related rights S3 Affected Communities 26 - Communitiesâ economic, social, and cultural rights 27 - Communitiesâ civil and political rights 28 - Rights of indigenous people S4 Consumers and End-users 29 - Information- related impacts 30 - Personal safety of consumers 31 - Social inclusion of consumers Governance G1 Business Conduct 32 - Corporate culture 33 - Corruption and bribery 34 - Protection of whistleblowers 35 - Animal welfare 36 - Management of relationships with suppliers 37 - Political engagement and lobbying activities 1 Impacts, risks, and opportunities (1 of 3)2Business model & value chainIRO name IRO type Description Time horizonS M L Upstream Own operations Downstream E1 Climate change Greenhouse gas Lundbeckâs business model entails the development, production, distribution, and marketing of medicines. These activities Purchased goods and Lundbeckâs sites, pur-Actual negative emissions leading have a greenhouse gas emissions footprint, which contributes to climate change. Until we reach our Paris-aligned, net-zero services, and chased electricity and Distribution impact to climate change SBTi targets, Lundbeck has an actual negative impact on the environment. business travel heat, and company cars Damage to facili-Scientific evidence supports that climate change is making extreme weather events more likely and severe. Such events can Suppliers of raw materials Physical ties from wild cause physical damage to Lundbeck's facilities and those of our suppliers. This may lead to higher costs associated with re-and contract manufactur-Lundbeckâs sites Distribution financial risk weather events storing impacted facilities and implementing preventive measures. ers E2 Pollution Actual negative As a producer of primarily chemical pharmaceutical products, which typically require the use of organic solvents, Lundbeckâs Lundbeckâs production Air pollution - - impact manufacturing processes and operations impact air quality through the release of air pollutants into the environment. sites Water pollution Lundbeckâs medicines contribute to the presence of pharmaceutical residues in the environment. The release of pharmaceu-Patientsâ excretion of phar-Actual negative Lundbeckâs production from pharmaceuti-tical residues by patients can lead to the contamination of water bodies and ecosystems, potentially impacting wildlife and - maceutical residues after impact sites cal residues human health. using Lundbeck medicines Lundbeckâs manufacturing facilities and suppliers use and produce chemicals and active pharmaceutical ingredients. Inci-Potential negative Chemical waste manage-Lundbeckâs production Soil pollution dental spillages or leaks may lead to soil quality degradation, potentially impacting terrestrial ecosystems and the broader - impact ment by suppliers sites environment. Fire foam containing PFAS (per- and polyfluoroalkyl substances) was used until 2011 at one of Lundbeckâs production sites in Actual negative Lundbeckâs production PFAS soil pollution Denmark, in compliance with applicable law and following guidance from authorities at the time. In 2022, with growing con-- - impact site cern about the environmental harm of PFAS, Lundbeck investigated and confirmed PFAS pollution at its LumsÃ¥s site. E5 Resource use and circular economy Circular principles have only been introduced to a limited extent regarding Lundbeckâs resource inflows and outflows, with Packaging waste after Suppliers of raw materi-Resources used and Waste and Actual negative focus currently on reuse and recycling initiatives for hazardous and non-hazardous materials used at production sites. product use by patients als, waste management waste from Lundbeckâs resource use impact Limited circularity impacts the environment through the extraction of virgin raw materials and the production of non-recy-and waste management fa-services production sites clable waste, pollution, and carbon emissions. cilities Increasing raw Lundbeck faces a long-term risk of limited availability of certain chemical raw materials due to the regulatory phase-out of Lundbeckâs production Financial risk Suppliers of raw materials - material costs unsustainable materials and potential increases in raw material costs. sites and procurement 1 This table presents Lundbeckâs impacts, risks, and opportunities (IROs), along with details on whether they are deemed to be actual or potential, positive or negative, over the short-, mid-, or long-term, and where in the value chain they arise. 2 S = short-term (<12 months), M= mid-term (between 1 and 5 years). L = long-term (> 5 years). 3 These columns present an overview of which level of Lundbeckâs value chain our material impacts, risks, and opportunities identified through the DMA are primarily concentrated. 1 Impacts, risks, and opportunities (2 of 3)2Business model & value chainIRO name IRO type Description Time horizonS M L Upstream Own operations Downstream S1 Own workforce Lundbeck's workforce may encounter various work-related accidents, including exposure to hazardous chemicals, road accidents, Health and safety, Systemic, potential and ergonomic-related illnesses, respectively affecting production workers, lab staff, sales representatives, and office-based employ-- Own workforce - mental well-being negative impact ees. Additionally, prioritizing employee wellbeing and effectively managing work-related stress is essential for supporting mental health. Inclusion, Systemic, potential A lack of an inclusive, diverse, and equitable work environment, may impact employeesâ development opportunities and affect their diversity, and - Own workforce - negative impact well-being. equity, (ID&E) Inability to Failure to attract and retain employees with the right skills due to talent competition and limited focus on inclusion, diversity, and attract and retain Financial risk - Own workforce - equity (ID&E) may impact our ability to deliver on strategic priorities and sustain innovation. This presents a material financial risk. employees S2 Workers in the value chain Human rights & Systemic, potential Lundbeck works with suppliers in over 90 countries, including some countries and supplier categories that have a systemic high risk Suppliers & distribution - Suppliers & distribution health and safety negative impact of disrespect for human rights and inadequate health and safety measures for their workers. S4 Consumers and end-users Innovation in Potential positive Neurological and psychiatric conditions severely impact patients, families, and society. Neuroscience innovation is essential for R&D, production, and - Patients treatment impact breakthrough solutions, enhancing health outcomes, and improving patientsâ quality of life. commercial operations Potential positive Integrating the patientâs perspectives into R&D and drug development can lead to treatments that address unmet needs, increase Patient voice - R&D and clinical trials Patients impact quality of life, and create more personalized medicines. Inequality in Systemic, potential Inequality in access to health is a systemic problem among and within countries. Individuals living in areas affected by war and civil Commercial operations & Distribution and - access to health negative impact unrest are at especially high risk. supply chain department healthcare systems Risk of pricing, Due to the global political pressure on pharmaceutical companies, potential new healthcare reforms could affect prices, reimburse-All markets in which reimbursement Financial risk ment, access, and increase gross-to-net costs. This risk is connected to the potential negative impact that Lundbeckâs pricing could - Healthcare systems Lundbeck operates and access have on adequate access to health. R&D, production, quality, Product safety and Systemic, potential Any disruptions in Lundbeckâs processes to manage product safety and quality could lead to patients taking unsuitable medication - and pharmacovigilance Patients quality negative impact or forgoing beneficial treatments. All patients are dependent on accurate information to ensure safe use of medicines. functions Risk of failure of Pharmacovigilance is essential for monitoring the safety and effectiveness of our pharmaceutical products throughout their lifecycle. Pharmacovigilance pharmacovigi-Financial risk Any disruptions in this system can lead to delayed identification of adverse events, regulatory non-compliance, reputational damage, - - functions lance and financial losses. This risk is connected to the potential negative impact of product safety and quality. Without responsible and ethical marketing practices, patients and healthcare professionals could be vulnerable to receiving mislead-Responsible and Systemic, potential Commercial operations Customers and healthcare ing or unsafe information. This could lead to misuse or distrust of medicines, affect patientsâ economic and physical welfare, and - ethical marketing negative impact and marketing professionals distort healthcare priorities. Risk of promo-Promotional activities not aligned with the approved product label or directed at inappropriate audiences may result in regulatory Legal, commercial opera-Customers and healthcare 4 Financial risk - tional misconductreview, financial penalties, complaints, and reputational impact. tions, and marketing professionals 1 This table presents Lundbeckâs impacts, risks, and opportunities (IROs), along with details on whether they are deemed to be actual or potential, positive or negative, over the short-, mid-, or long-term, and where in the value chain they arise. 2 S = short-term (<12 months), M= mid-term (between 1 and 5 years). L = long-term (> 5 years). 3 These columns present an overview of which level of Lundbeckâs value chain our material impacts, risks, and opportunities identified through the DMA are primarily concentrated. 4 New IRO compared to FY 2024. 1 Impacts, risks, and opportunities (3 of 3)2 Business model & value chainIRO name IRO type Description Time horizonS M L Upstream Own operations Downstream G1 Business conduct Commercial operations Distribution, customers, Anti-corruption and Potential negative Failure to prevent corruption and bribery can, in the worst cases, lead to improper prescriptions for patients and distrust in 4Suppliers and marketing in and healthcare profession-anti-briberyimpact the overall healthcare system. particular als Commercial operations Distribution, customers, Protection of Potential negative Any potential failures in the protection of whistleblowers could result in them facing retaliation, adverse impacts, or litiga-Suppliers and marketing in and healthcare profession-4 whistleblowersimpact tion. particular als Interactions with healthcare professionals (HCPs) and public officials pose corruption and bribery risks, potentially resulting Partners, third parties act-Commercial operations Breach of our Code Financial risk in fines, disgorgement, debarment, contract breaches, or reputational harm. Additionally, potential breaches of competition ing on Lundbeckâs and marketing in - of Ethics laws can lead to substantial fines and reputational damage. behalf particular Inadequate responsible sourcing practices can contribute to negative impacts on people and the environment in Lundbeckâs Suppliers, third parties Corporate functions at Responsible Potential negative value chain and across Lundbeckâs categories of goods purchased globally. The most significant potential impact is related acting on Lundbeckâs Lundbeck headquarters - sourcing impact to parties who act on Lundbeckâs behalf and can negatively impact patientsâ rights and access to treatment. behalf and subsidiaries As part of the development of new treatments, Lundbeck is required to conduct research involving live animals before use Contract research organi-Actual negative Animal welfare in humans. Neglecting proper care to minimize adverse impacts that animals may experience during pharmaceutical re-zations conducting trials R&D - impact search can affect their welfare. on behalf of Lundbeck 1 This table presents Lundbeckâs impacts, risks, and opportunities (IROs), along with details on whether they are deemed to be actual or potential, positive or negative, over the short-, mid-, or long-term, and where in the value chain they arise. 2 S = short-term (<12 months), M= mid-term (between 1 and 5 years). L = long-term (> 5 years). 3 These columns present an overview of which level of Lundbeckâs value chain our material impacts, risks, and opportunities identified through the DMA are primarily concentrated. 4 IRO was disaggregated from âBusiness ethicsâ into âAnti-corruption and anti-briberyâ and âProtection of whistleblowersâ DMA methodology DMA key assumptions Scope and value chain Lundbeckâs DMA reflects the value chain perspective through the assessment of impacts, risks, and opportunities (IROs) arising from own operations, suppliers in the upstream value chain, as well as customers, patients, and communities in the downstream value chain (Lundbeckâs value chain, on page 14). Sustainability due diligence and stakeholder engagement The perspective of our affected stakeholders and readers of the Sustainability Statement is incorporated into the assessment through the knowledge of our internal subject matter experts. These experts span across the organi-zation and are responsible for engaging with affected external stakeholders as part of their daily functions. In ad-dition, their role encompasses gathering and understanding the latest scientific evidence and research from proxy stakeholders such as environmental or social organizations, as well as capturing relevant industry trends and developments within their sustainability areas. The DMA is informed by its Sustainability due diligence processes (page 62) and the Enterprise Risk Management framework (page 45). In addition, existing communication channels with external stakeholders enhance the inclu-sion of value chain perspectives into our assessment of IROs. DMA step-by-step process Lundbeckâs DMA process remains unchanged compared to 2024. This process is based on a deep understanding of our business model, value chain, and business relationships, and it consists of the following five steps: 1) Identify key stakeholders and create a long list of sustainability matters and related IROs Lundbeck annually revisits its understanding of its business model and value chain. This entails the mapping of internal stakeholders and key external stakeholders in the upstream and downstream value chain. To develop the list of relevant sustainability matters assessed in our DMA process, we consider several internal and external sources, including the sustainability matters contained within ESRS 2 Application Requirement 16, industry-specific ESG benchmarks (i.e., SASB and MSCI), as well as internal analyses. The final list of sustainability matters is validated by internal subject matter experts, who are responsible for identifying any related impacts, risks, and opportunities, evaluated from an impact and financial materiality perspective. 2) Impact materiality assessment Lundbeck evaluates any actual or potential, positive or negative impacts on people or the environment over the short-, mid-, and long-term. Our internal subject matter experts assess the impacts related to their sustainability area of expertise through a combination of workshops, research, analyses, and engagements with external con-sultants, and integrate stakeholder views gained from their daily work. Impact methodology Our impact scoring methodology is developed in accordance with ESRS 1. The scores range from one to five, where one corresponds to the lowest impact. Any actual impacts are assessed based on their severity, while po-tential impacts are based on severity and likelihood of occurrence. In line with ESRS 2, severity is given higher weight over likelihood for potential human rights impacts. Severity is assessed based on the intensity of the im-pact (i.e., scale) and its outreach (i.e., scope) for positive impacts, whereas negative impacts are assessed based on scale, scope, and the ability to remediate the adverse effect (i.e., irremediable character). Sustainability matters are deemed material for reporting whenever a related impact scores greater than or equal to four out of five. As an internal control procedure, any sustainability matter scoring three out of five is further investigated and validated. The conclusions from the impact assessment are consolidated and inform the financial materiality assessment to reflect relevant connections and dependencies. 3) Financial materiality assessment The financial materiality assessment takes an outside-in perspective, focusing on risks and opportunities which could affect our financial position, performance, or cash flows over the short-, mid-, and long-term. Lundbeckâs financial and ESG reporting experts provide guidance to the internal subject matters experts to iden-tify and assess sustainability-related risks and opportunities. Moreover, through the periodic review of the Enter-prise Risk Management (ERM) register (see top risks on page 46) and the inclusion of relevant DMA risks therein, Lundbeck ensures consistency across our risk management processes. Financial assessment methodology Lundbeckâs financial materiality methodology is designed in accordance with ESRS 1 (section 3.5). Our financial scoring ranges from one to five, where one corresponds to the lowest effect. The first step in our financial materi-ality assessment is the evaluation of external factors which can give rise to a risk or opportunity. These can include any adverse or positive external events such as upcoming regulations or changes in customer demand. After identifying a risk or opportunity related to a sustainability matter, Lundbeck assesses its financial magnitude and related likelihood of occurrence. The former is assessed in terms of EBIT impact (DKKm) (ranging from one to five), consistent with Lundbeckâs ERM, and considers financial effects on Lundbeckâs financial position, financial performance, cash flows, access to finance, or cost of capital over the short-, mid-, or long-term. The latter is as-sessed in terms of frequency of occurrence. Sustainability matters are deemed material from a financial perspective whenever a risk or opportunity scores above one in financial magnitude. This threshold is defined based on the financial materiality amount used in Lundbeckâs Financial Statements. 4) Consolidation The impact and financial materiality results are consolidated to obtain an overview of Lundbeckâs impacts, risks, and opportunities. The materiality conclusions are mapped against the long list of sustainability matters identified in step one to identify the material topics for reporting. Any sustainability matter is deemed material for reporting whenever it is material from an impact materiality perspective, a financial materiality perspective, or both. 5) Stakeholder and management validation Continuous stakeholder engagement is key to ensuring the accuracy, completeness, and relevance of our DMA results. Accordingly, additional resources are dedicated to checking the materiality conclusions, including ad-hoc research, benchmark analyses, as well as follow-up discussions among ESG subject matter experts. The validated results are presented to the leadership team for final endorsement, as the culmination of close en-gagement and discussions throughout the DMA process. At Lundbeck, all key decisions related to the DMA ap-proach and results are periodically approved by the Executive Leadership Team, the Audit Committee, and the Board of Directors, as further described in the governance framework section (see page 39). Deep-dive into topical DMA approaches Environment Lundbeckâs environmental subject matter experts consider business activities across the value chain. This is done by screening locations where impacts, risks, or opportunities are most concentrated or likely to arise. A systematic approach for assessing environmental impacts is implemented using scoring keys based on topic-specific thresh-olds derived from relevant tools, frameworks, and regulations. The use of tools and external resources ensures a consistent and data-driven screening approach. These tools and resources include the âWorld Resources Institute Aqueduct Water Risk Atlasâ tool and the âWater Impact Indexâ by CDP to assess water-related impacts (i.e., ESRS E3), and the âWWF Risk Filter Suiteâ tool to assess biodiversity-related impacts, dependencies, and physical and systemic risks (i.e., ESRS E4). External frameworks and environ-mental regulatory requirements are used to guide the assessment, such as the âEU Waste Hierarchyâ and the âEU Critical Raw Materials listâ for resource-use and circular economy (i.e., ESRS E5), as well as local legal pollution lim-its at production sites (i.e., ESRS E2). In line with the DMA results, no substantial impact was identified in relation to water, affected communities, eco-system services, or biodiversity-sensitive areas. Lundbeck closely monitors any impact on water, affected commu-nities, and biodiversity and cooperates with authorities where applicable. For climate change, a climate risk as-sessment and scenario analysis are detailed on page 72. Social To identify any impacts, risks, and opportunities related to employees, communities, and patients, our social sub-ject matter experts conduct desktop analyses, informed by people data, policies, corporate social responsibility (CSR) databases, literature, and regulations. The potential impacts on people from Lundbeckâs activities, business relationships, and products are assessed for all workers in own operations (i.e., ESRS S1) and across the value chain (i.e., ESRS S2), affected communities (i.e., ESRS S3), as well as consumers and end-users (i.e., ESRS S4). Governance Lundbeckâs corporate subject matter experts assess business conduct matters (i.e., ESRS G1) through desktop analyses, guided by our Code of Ethics, existing policies and channels for handling concerns, as well as applicable regulations. Due to their global scope, business conduct issues were assessed across Lundbeckâs value chain, with a focus on high-risk locations, business activities, and interactions. Sustainability due diligence How our key stakeholders inform Lundbeckâs strategy and business model Key stakeholders Engagement approach and purpose Outcome from engagement ⢠Patient feedback sessions. ⢠Patient perspectives included in R&D, trial designs, and evaluation Patients ⢠âLet the patient speakâ events to gather insights for innovation and awareness. strategies. ⢠Surveys and collections of patient experience data. ⢠Improved treatments. ⢠Education for healthcare professionals. ⢠Improved patient outcomes. Healthcare ⢠Compliance with global procedures, laws, and industry regulations. ⢠Operational excellence and compliance with regulations. professionals ⢠Documentation of the value of our medicines. ⢠Commercial partnerships with other companies to develop and market medicines, ⢠Increased access to treatment. e.g., contract research organizations conducting research studies and ⢠Promotion of equitable accessibility. Partners establishing evidence for new drug candidates. ⢠Climate considerations integrated into clinical trials. ⢠Engagements to improve health equity, including long-term partnerships with global organizations such as NGOs, academia, and patient advocacy groups. ⢠Ongoing communication via roadshows, meetings, and conferences. ⢠Improved alignment of strategy with shareholdersâ views and feed-Investors and ⢠Webcasting of general meetings and access to reports. back. shareholders ⢠General Meeting. ⢠Regular surveys (i.e., the Our Voice survey). ⢠Action plans for improvement. ⢠Dialogues on well-being. ⢠Implementation of new processes. ⢠Dialogues on personal development. ⢠Addressing concerns raised about potential breach of the Code of Employees ⢠Work councils. Ethics. ⢠Employee-elected board members. ⢠Compliance Hotline. ⢠Ombudsmen. ⢠On-site supplier audits and assessments. ⢠Action plans with corrective actions for suppliers and third parties. Workers in the ⢠Compliance Hotline. ⢠Addressing concerns raised about potential labor or human rights value chain impacts. 1 An overview of the core elements of our due diligence processes can be found in appendix âStatement on Due Diligenceâ (page 128) . 1Lundbeckâs sustainability due diligence processesAs a global pharmaceutical company, Lundbeck oper-ates in highly monitored and regulated environments. This entails compliance with pharmaceutical regula-tions, which mandate certain due diligence procedures, including how to manage the potential negative im-pacts on patients, people, and the environment. These processes encompass the Health, Safety, and Environ-ment Management System, the Product Quality Man-agement, and the Product and Patient Safety pro-cesses, as well as numerous other âGood Practiceâ (GxP) processes. Engagement to understand the interests and views of key stakeholders is part of many of these processes, which we use to inform our strategy and business model. While multiple operational due diligence processes are embedded in the work of key business functions, as specified in our topical ESRS disclosures, Lundbeck has identified the actions needed to advance other aspects of sustainability due diligence in the coming years, in-cluding a more strategic and centralized way of work-ing, in preparation for compliance with the Corporate Sustainability Due Diligence Directive (CSDDD). Upholding ethics and sustainability The Code of Ethics is our overarching framework for managing sustainability matters. In parallel, the HSE policy and management system underpin our ap-proach to environmental and health & safety matters. Code of Ethics In 2025, Lundbeck redefined its approach to ethical culture and business practices by transforming the Code of Conduct into our new Code of Ethics (link). This shift reflects our commitment to embedding the core behavioral principles of our Focused Innovator Strategy (page 12) â curiosity, adaptability, and ac-countability â as the foundation for ethical, sustaina-ble, and compliant decision-making in our daily work. The new code will apply to all new and current external partners. The Code of Ethics expresses who we are, how we con-duct business, and how we wish to be perceived by ex-ternal stakeholders and includes dedicated guidance to ensure that ethics remain at the core of our deci-sion-making when navigating complex situations. In addition to strict adherence to applicable laws and reg-ulations, the revised Code moves beyond compliance and embraces a broader cultural perspective, reinforc-ing the role of managers as active supporters of ethi-cal behavior. The new Code opens with a signed message from the CEO who, together with the Executive Leadership Team (ELT), sets the tone from the top by recognizing that integrity, transparency, and accountability are the foundation of long-term impact. An annual Code of Ethics e-learning training is provided to all employees and relevant consultants. The members of the Board of Directors receive training during onboarding and are offered refresher sessions. The CEO signs the Code of Ethics, approved by the Board, and together, they are responsible for its implementation. Members of Lundbeckâs governing bodies are selected based on their qualifications and competencies, including their expertise in business conduct matters (page 39). Our Code of Ethics is accessible both internally and ex-ternally, and is applicable globally to all Lundbeck em-ployees and external partners. HSE policy Building on the principles outlined in our Code of Eth-ics, Lundbeck is committed to acting responsibly by fostering collaboration, protecting the environment, and ensuring a safe and healthy workplace where em-ployees can perform at their best. This commitment is anchored in our Health, Safety, and Environment (HSE) policy (link), supported by our position papers on Environmental Footprint (link), Cli-mate Change (link), Water (link), Biodiversity (link), and Health and Safety (link). Together, these documents form the foundation for our HSE Strategy, which guides our efforts to create a responsible organization,in alignment with our Code of Ethics (link). The HSE policy promotes compliance with regulations, prevention of work-related ill health and accidents, chemical safety, circular economy principles, and mini-mization of emissions and waste. The policy applies across Lundbeckâs operations and is set and approved by Lundbeckâs HSE Council and Executive Leadership Team. Suppliers and collaboration partners are also expected to adhere to these principles and actively contribute to protecting the environment and to providing healthy and safe working conditions. HSE management system At our four production sites, the HSE policy is opera-tionalized through Lundbeckâs HSE management sys-tem, a framework for managing our environmental im-pacts and promoting a safe and healthy workplace. This system is certified according to the internationally recognized standards ISO 14001 and ISO 45001. Any environmental or health and safety data collected fromaffiliates, beyond our production sites, is not covered by the ISO certification, as detailed in our accounting policies (page 87). Lundbeckâs HSE management system is informed by scientific knowledge, sustainability due diligence pro-cesses, and expectations from relevant external stake-holders, such as the EU, national authorities, custom-ers, investors, and industry associations. All production sites conduct local stakeholder analyses to incorporate the views and interests of relevant stakeholders. Inter-nal site-audits, external audits, and inspections from authorities ensure that stakeholder expectations are considered in the development of the system. The HSE policy, HSE management system and posi-tions underpin our approach to climate change mitiga-tion, adaptation and energy (page 65), pollution (page 73), resource use and circular economy (page 77), as well as health, safety, and mental well-being (page 84). Cross references to topical standards Sustainability area Code of Ethics HSE policy and management system Page E1 â Climate change 65-72 E2 â Pollution 73-76 E5 â Resource use & circular economy 77-81 S1 â Own workers 84-95 S2 â Workers in the value chain 96-97 S4 â Consumers and end-users 98-112 G1 â Business conduct 114-119 Environment 65 E1 73 E2 77 E5 82 Reporting according to the EU Taxonomy Environment Highlights 47% Decrease in scope 1 & 2 GHG emissions com-pared to 2019 8% Increase in scope 3 GHG emissions compared to 2019 62% Recovery of selected organic solvents used in chemical production 70% Recycling rate for general waste at all sites glob-ally Climate change Climate change mitigation, adaptation, and energy Lundbeck is committed to achieving climate neutrality by minimizing its en-vironmental footprint and reducing emissions across the value chain. 1 2 Time frameValue chainIROs linked to climate change IRO typeS M L U O D Greenhouse gas emissions leading to climate change AN Damage to facilities from wild weather events R Impacts, risks, and opportunities (IROs) Our GHG emissions arise from fuel combustion and company vehicles (scope 1), purchased electricity and heat (scope 2), as well as indirect emissions such as purchased goods and services, business travel, and distribution (scope 3). Lundbeckâs scope 3 GHG emis-sions account for most of our climate footprint, while scope 1 and 2 represent a smaller share. Scientific evi-dence shows that climate change is increasing the fre-quency and severity of extreme weather events, which could impact both Lundbeckâs operations and those of our suppliers. This may result in higher costs related to preventive actions to safeguard high-risk facilities. Policies Our HSE policy and related position documents (page 63) address climate by: ⢠Aiming to reduce scope 1, 2, and 3 GHG emissions. ⢠Implementing our Transition Plan towards net zero (link), across our value chain. ⢠Increasing the use of renewable energy, especially through power purchase agreements. ⢠Applying energy-efficient technology, particularly in chemical and pharmaceutical production. ⢠Mitigating climate-related risks and adapting our business to climate change. Key actions Lundbeck is committed to making the necessary emissions reductions across its operation and the value chain to mitigate the negative impact of climate change and to achieve climate neutrality by 2050. Launched in 2023, our Transition Plan outlines Lundbeckâs GHG emission reduction targets (page 67), approved by the Science-Based Targets initiative (SBTi)and compatible with limiting global warming to 1.5â, and guides investment decisions to support the achievement of our Sustainability Strategy. Decarbonization levers Lundbeck has identified five main decarbonization levers to achieve climate neutrality: Energy in own operations Sustainable sourcing Optimization and circularity Greening logistics Cleaner travel Policy to Health, Safety, and Environment manage IROs policy Key contents ⢠Climate action ⢠Environmental protection Scope Global operations Accountability ⢠Executive Leadership Team ⢠Climate Steering Committee Availability www.lundbeck.com Related Position on Climate, position on documents Environmental Footprint, and Code of Ethics Each decarbonization lever is described within our Transition Plan (link), including the actions that Lundbeck plans to take to achieve a 90% emissions re-duction by 2050, with the remaining 10% to be neu-tralized through certified carbon removals. These re-movals will not be counted as emission reductions to-wards Lundbeckâs climate targets and will be recorded separately in the carbon inventory to avoid double counting. 1 R = financial risk; AN = actual negative impact. 2 Short-term: < 1-year, medium term: 1-5 years; long-term: >5 years. 3 U = upstream, O = own operations, D = downstream. Transition Plan milestones and 2025 development GHG reductions from 2019 baseline Progress Expected reductions Share (%) of 1Progress on decarbonization lever FY25 2025 2030 2035 2040 2050Decarbonization lever2Total GHG in FY254,5 Energy in own operationsLundbeck did not achieve its 2025 milestone to reduce emissions by 41% compared to the 2019 baseline. Since 2006, Lundbeck has minimized energy con-X sumption by optimizing its procedures and modernizing its equipment. In Denmark, this has included using 100% renewable electricity, as well as progressively (scope 1 & 2, excluding fleet) switching from fossil to renewable fuels. In 2025, Lundbeck purchased guarantees of origin to ensure 100% use of renewable electricity at all European sites, 6% including sales subsidiaries. Gradually, all sites worldwide are expected to be supplied by renewable energy sources, thus reducing scope 1 and 2 GHG emis--33% -41% -69% -82% -95% -99%sions by 99% in 2050 compared to 2019. Optimization & circularity Our 2025 milestone has been exceeded by achieving a 10% emission reduction compared to the 2019 baseline. Lundbeck procures raw materials and compo-â Purchased goods & services nents from around the world for use in production. Following circular and green chemistry principles, we act to reduce and recycle raw material consumption, optimize yield, and transition to less hazardous chemicals. During the year, Lundbeck continued the installation of the new recycling unit at our LumsÃ¥s site, (scope 3, category 1a) 10% expected to increase our solvent recycling percentage (page 78), and we initiated the development of an eco-design guideline with the aim of improving integration of environmental considerations throughout the value chain. Development of two life cycle assessment screenings will be part of this work. Through -10% 0% -8% -22% -22% -75%these initiatives, our scope 3 GHG emissions from purchase of raw materials to production are expected to be reduced by 75% by 2050. Sustainable sourcing Lundbeck did not achieve its 2025 milestone to reduce emissions by 22% compared to the 2019 baseline. Scope 3 GHG emissions from purchased goods and X Purchased goods & services services (i.e. clinical trials, consultancies and marketing) are the largest contributors to Lundbeckâs carbon footprint. Through contractual commitments to use (scope 3, category 1a & b) renewable electricity in operations or to establish science-based targets, Lundbeck encourages suppliers to reduce their emissions and report emission data 66% annually. This is intended to promote reductions in scope 3 GHG emissions, improve the accuracy of GHG calculations and strengthen our reporting processes. With 51 of Lundbeckâs top suppliers signing renewable energy agreements, we estimate that with full supplier commitment to renewable energy or science-24% -22% -39% -39% -56% -66%based targets over the coming years, indirect emissions will be reduced by 66% in 2050. Greening logistics Lundbeck achieved a reduction of 31% in 2025, exceeding its milestone to reduce emissions by 11% compared to the 2019 baseline. Lundbeck works to reduce â Upstream transportation scope 3 GHG emissions from the upstream transportation of goods and services and the downstream distribution of products. This is mainly achieved by 5% and distribution (scope 3, transitioning from airborne to seaborne transportation. In 2025 we also chose less carbon-intensive options where suppliers shift to greener transportation category 4) solutions powered by sustainable fuels. Through these commitments, Lundbeck expects to reach a reduction of at least 36% by 2050. -31% -11% -26% -28% -33% -36%Cleaner travel Lundbeck achieved a reduction of 39% in 2025, exceeding its 2025 milestone to reduce emissions by 7% compared to the 2019 baseline. In fact, current perfor-â mance indicates that Lundbeck has even surpassed the 2040 milestone of a 27% reduction. Emissions reductions related to Lundbeckâs car fleet (scope 1) and Business travel (scope 3) business travel (scope 3) are targeted by gradually transitioning to more energy efficient cars, introducing new company car policies - including electrical 13% vehicles (EVs) and by developing travel policies that support greener travel. In 2025, Lundbeck launched a travel policy and a new travel management platform Transition of fleet to that are expected to minimize travel, encourage employees to stay connected through digital solutions, and improve the quality of travel-related data. In our -39% -7% -13% -16% -27% -75%electric vehicles (scope 1) US sales affiliates, which operate the majority of Lundbeckâs fleet, approximately 50% of vehicles have been converted from fossil fueled cars to hybrids. Reduction in GHG (%) Remaining GHG (%) Emissions exceeding 2019 baseline Achieved X Not achieved 1 The measurement of reduction is based on the full CO2 emissions mentioned in the footnote on page 67 for the decarbonization levers âOptimization and Circularityâ, âSustainable Sourcingâ, and âCleaner Travelâ. 2 The GHG categories are being addressed under the different levers and thus there is a degree of double counting, between âOptimization and Circularityâ and âSustainable Sourcingâ. 3 To achieve net zero by 2050, Lundbeck continuously evaluates additional initiatives to further advance progress under our Transition Plan. In addition to this, residual emissions will be neutralized through carbon removals. 4 In 2025 scope 1 covers 87% of combined scope 1 and 2 and scope 2 covers 13%. 5 In 2025, the share of renewable electricityacross Lunbeck's four production sites in Valby and LumsÃ¥s (Denmark), Padova (Italy), and Valbonne (France), as well as in Krakow (Poland), La Jolla, Deerfield, Seattle (U.S.) and the sales affiliates in the respective countries amounted to 94%. Performance on metrics and targets Base Annual % Gross scopes 1, 2, 3 and total GHG emis-2029 1 20251 Unit year 2024% 2030 2050 target/ sions (SBTi) 2019 Base year 3 Scope 1 GHG emissionsGross scope 1 GHG emissions tCO2e 29,175 21,853 20,345 (7) Percentage of scope 1 GHG emissions % - - - from regulated emission trading schemes Scope 2 GHG emissions Gross scope 2 GHG emissions (location-tCO2e 15,151 11,525 9,807 (15) based) Gross scope 2 GHG emissions (market-tCO2e 14,818 7,088 2,918 (59) based) Scope 1 and 2 GHG emissions Total scope 1 & 2 GHG emissions (loca-tCO2e 44,326 33,378 30,152 (10) tion-based) Total scope 1 & 2 GHG emissions (mar-tCO2e 43,993 28,941 23,263 (20) 25,516 23,668 4,399 4.2 ket-based) Significant scope 3 GHG emissions 1,3Cat.1: Purchased goods and servicestCO2e 85,533 105,543 103,635 (2) Cat. 4: Upstream transportation and distri-tCO2e 10,542 7,103 6,356 (11) bution Cat. 6: Business travel tCO2e 16,582 14,560 11,370 (22) Total gross indirect (scope 3) GHG emis-1tCO2e 112,657 127,206 121,361 (5) 84,493 81,676 11,266 2.5 sionsTotal GHG emissions 1Total GHG emissions (location-based)tCO2e 156,983 160,584 151,513 (6) 2Total GHG emissions (market-based)tCO2e 156,650 156,147 144,624 (7) Emissions outside of scopes Biogenic emissions tCO2e 2,818 3,226 3,104 (4) GHG intensity based on net revenue Unit 2025 2024 Total GHG emissions (location-based) per net revenue tCO2e/DKKm 6.3 7.4 Total GHG emissions (market-based) per net revenue tCO2e/DKKm 6.0 7.2 Climate targets Pillar 2025 sustainability target Status Reduce carbon emissions in line with our Net-Zero SBTi-approved targets: 2Climate ⢠Reduce scope 1 and 2 CO2e emissions by 42% in 2029 compared to 2019.Ahead ⢠Reduce scope 3 CO2e emissions by 25% in 2029 compared to 2019. Not on track change ⢠Reduce scope 1, 2 and 3 emissions by 90% in 2050. Not on track Read more about our performance on targets below. A full list of our Sustainability targets can be found on page 36-37. Performance on GHG emissions In 2025, Lundbeck achieved a 20% reduction in scope 1 and scope 2 greenhouse gas (GHG) emissions (market-based) compared to 2024. Scope 1 GHG emissions decreased by 7%, primarily driven by an increased share of electric and hybrid vehicles in Lundbeckâs company car fleet (Cleaner Travel, page 66). This demonstrates signifi-cant progress under the âCleaner Travelâ decarbonization lever and the achievement of our 2025 milestone. Scope 2 GHG emissions (market-based) decreased by 59%, mainly reflecting continued decarbonization of electricity grids as well as the purchase of Guarantees of Origin electricity certificates (Energy in Own Operations, page 66). These actions supported the âEnergy in Own Operationsâ decarbonization lever, which was reduced by 33% in 2025 compared to the 2019 baseline, 8 percentage points below the milestone for the period. Overall, Lundbeck is ahead of trajectory on our SBTi-approved target of a 42% reduction in scope 1 and 2 by 2029, compared to the 2019 baseline with a reduction of 47% in 2025. Scope 3 GHG emissions decreased by 5% overall in 2025, with reductions observed across all reported sub-cate-gories. Emissions from Purchased goods and services decreased by 2%, despite increased activity levels. This re-duction was primarily driven by Lundbeckâs supplier engagement strategy, including increased availability of pri-mary supplier data and a greater focus on more sustainable sourcing practices. The decrease was also influenced 1 The reported figures in the table align with the target boundary for SBTi. Due to this we exclude 12% of scope 3, category 1 and 22% for scope 3, category 4 in 2025 and 14% and 21% respectively in 2024. Therefore, we report the total number, where a larger part is estimated in this footnote. Scope 3, category 1 is 122,104 tCO2e in 2024, and 117,940 tCO2e in 2025. Similarly, we also report the total number for scope 3, category 4. Scope 3, category 4 is 9,023 tCO2e for 2024 and 8,151 tCO2e in 2025. This means that the total gross indirect (scope 3) is then 145,687 tCO2e for 2024 and 137,460 tCO2e for 2025, the total GHG emissions (location-based) is 179,072 tCO2e for 2024 and 167,612 tCO2e for 2025, while the total GHG emissions (market-based) is 174,635 tCO2e for 2024 and 160,723 tCO2e for 2025. 2 For the combined scope 1 and 2 target, scope 1 accounts for 87% and scope 2 for 13%. 3 Scope 1 emissions have been restated from 20,409 tCO2e in 2024, as has scope 3, category 1 from 112,491 tCO2e in 2024 due to improved data and updated emission factors from suppliers. Biogenic emissions have been restated, from 2,233 tCO2e in 2019 and from 2,831 tCO2e in 2024 due to change in emission factor. by normalized market effects, such as marked decarbonization, inflation, and exchange rate movements. Emissions from Upstream transportation and distribution decreased by 11%, mainly due to the procurement of 1,330 tCOâe of certified sustainable fuels across both air and sea freight. Emissions from business travel de-creased by 22%, reflecting the implementation of Lundbeckâs updated travel policy introduced in 2024, combined with updates to emission factors provided by DEFRA. This performance reflects faster-than-expected progress across the decarbonization levers âGreening Logisticsâ and the achievement of our 2025 milestone. Despite the overall reduction in scope 3 GHG emissions, Lundbeckâs current performance shows progress to-wards the target but indicates that the company is not yet on track to meet its SBTi-approved target of a 25% re-duction in scope 3 GHG emissions by 2029, compared to the baseline year. This performance reflects slower-than-planned progress across the decarbonization levers âOptimization & Circularityâ, and âSustainable Sourcing (page 66), which accounts for 10% and 66% of GHG emissions, respectively. With reference to the plan to divest LuPi, we recognize that the business accounts for 16.6% of scope 1 GHG emissions in 2025. For scope 2 location-based, LuPi accounts for 22% in 2025, and as our market-based emissions are covered by certificates, a split here is irrelevant. Accounting policies Scope 1 GHG emissions Direct scope 1 GHG emissions include greenhouse gas (GHG) emissions related to the consumption of gas, oil, and refrigerants used in production (e.g., emissions associated with fuel combustion in boilers, furnaces, and vehi-cles). All consumed energy is monitored by building-specific meter readings or invoices and estimation (1%) where pri-mary data is unavailable. The quantity of consumed energy sources is multiplied by relevant emission factors pro-vided by the UK Department for Environment, Food & Rural Affairs (DEFRA 2023). Emissions data from Lundbeckâs owned or controlled vehicle fleet is provided directly by the associated leasing company or calculated based on consumed fuel multiplied by relevant emission factors. Primary data from 69% (2024: 73%) of the company cars is used to extrapolate emissions from Lundbeckâs full fleet activity. Scope 2 GHG emissions Scope 2 GHG emissions include all indirect emissions related to the generation of acquired and consumed elec-tricity and district heating. All consumed energy is monitored by building-specific meter readings, invoices, or esti-mations (9%) where primary data is unavailable. Scope 2 GHG location-based The emissions are reported as location-based and are derived from consumed energy multiplied by relevant loca-tion-based emission factors provided by DEFRA 2024. Scope 2 GHG market-based The emissions are reported primarily as market-based emissions, where consumed scope 2 energy is multiplied by market-specific emission factors provided directly by the energy supplier. Where market-specific emissions are unavailable, the best available location-based emission factors provided by DEFRA 2024 are used for the reporting in line with the GHG Protocol hierarchy. Lundbeck purchases bundled guarantees of origin (GOO) derived from our PPA agreement that covers 100% of the electricity consumption in Denmark (two sites), all EU affiliates and a share of electricity consumption at our French site (Valbonne). For the remaining electricity consumption in Val-bonne and the entire electricity consumption at our Italian site (Padova) unbundled GOO's are purchased. Bun-dled GOO's cover 52% of the entire electricity consumption. At two of Lundbeck's sites (Krakow and La Jolla) and for China, unbundled certificates are bought by the landlord of the facility. The unbundled certificates constitute 18% of the total energy consumption in scope 2. Scope 3 GHG emissions Scope 3 includes and accounts for other indirect emissions within Lundbeckâs value chain that are not accounted for elsewhere. Lundbeck has identified three significant categories out of the 15 defined by the GHG Protocol for scope 3 GHG emissions. The significant categories are: Category 1: âPurchased Goods and Servicesâ, Category 4: âUpstream Transportation and Distributionâ, and Category 6: âBusiness Travelâ. The reported scope 3 GHG emis-sions align with Lundbeckâs SBTi target boundary, as Lundbeck were already committed and aligned to SBTi be-fore the CSRD requirements were implemented into law. The remaining categories are individually assessed to be immaterial for Lundbeck based on the 2019 baseline, in alignment with the SBTi commitment and alignment. Scope 3 GHG Category 1: Purchased Goods and Services Purchased Goods and Services include CO2e emissions related to all expenditures from external suppliers, ex-cluding those from i.e., tax and VAT. In 2019, Lundbeck established the SBTi target boundary, which excludes approximately 12% of the CO2e emis-sions in this category. CO2e emissions related to purchased services are calculated based on financial expendi-tures in USD, multiplied by relevant spend-based emission factors provided by the U.S. Environmentally- Extended Input-Output Models (USEEIO) database. CO2e emissions related to purchased products are estimated based on acquired quantities, multiplied by appropriate activity-based emission factors from the Ecoinvent data-base. Currently, 34% (2024: 38%) of the data in this category is based on suppliersâ emission data reported di-rectly to Lundbeck or from their CDP disclosures or sustainability reports. Accounting policies Scope 3 GHG emissions Category 4: Upstream Transportation and Distribution Upstream Transportation and Distribution include CO2e emissions related to all purchased (non-owned) transport and distribution services. This encompasses inbound logistics (from tier 1 suppliers), transport between Lundbeck sites in Valby (Denmark) and LumsÃ¥s (Denmark), and outbound logistics. In 2019, Lundbeck established the SBTi target boundary, which excludes the sub-section âSuppliers to Lundbeckâ, accounting for approximately 11% of the CO2e emissions in this category. The calculation is purely based on the difference between the âProductionâ vs. âMarketâ emissions in the EcoInvent emission factors. A selection of Lundbeckâs key logistic suppliers, provides specific emissions data for their activities related to Lundbeck whereas 43% (2024: 48%) of the data is based on primary data. The supplier specific emission data in-clude purchase of sustainable fuel certificates. Where this data is unavailable, emissions are calculated based on financial spending in USD, multiplied by relevant spend-based emission factors supplied by the USEEIO database. This primarily applies to locally procured logistics services. All emissions related to this category are converted and calculated as well-to-wheel greenhouse gas emissions. Scope 3 GHG emissions Category 6: Business Travel Business Travel includes CO2e emissions from the transportation of employees across the entire group for busi-ness-related travel activities. This encompasses emissions released due to employees traveling by air, road, rail, and sea, as well as emissions associated with hotel stays. The CO2e emissions from business-related travel activi-ties are calculated based on the distance traveled and the number of hotel stays, multiplied by relevant emissions factors provided by DEFRA 2024. Data is collected from the Travel Management Companies (TMC) and directly from subsidiaries when the data is not covered by the TMC. In instances where TMC systems provide CO2e calcu-lations (in line with DEFRA), those are to be used directly. Currently, 73% (2024: 81%) of the business travel emissions are provided by TMC and subsidiaries, and the re-maining 27% (2024: 19%) are extrapolated. Biogenic emissions Biogenic COâe emissions resulting from the combustion or biodegradation of biomass are disclosed separately from the scope of GHG emissions. These emissions originate from the use of bio-oil and company cars at Lundbeck. The data is collected from company car usage and energy consumption, then multiplied by emission factors provided by DEFRA 2025. Total GHG emissions Total GHG emissions, expressed in tonnes of CO2 equivalent (tCO2e), are calculated as the sum of scope 1, scope 2, and scope 3 GHG emissions. GHG intensity GHG intensity is reported as tCO2e/annual revenue by product in DKK million. The annual revenue is disclosed as part of the note 2.1 Revenue in the consolidated Financial Statements. Basis for setting climate targets Lundbeckâs targets have been verified and approved by SBTi and follow an absolute contraction method, in line with the SBTi guidance. A sectoral decarbonization pathway for the pharmaceutical industry is not followed, as there is not yet one defined by SBTi. Furthermore, the targets cover seven greenhouse gases included in the Kyoto Protocol (carbon dioxide [CO2], methane [CH4], nitrous oxide [N2O], hydrofluorocarbons [HFCs], perfluoro-carbons [PFCs], sulfur hexafluoride [SF6], and nitrogen trifluoride [NF3]). Lundbeck conducts an annual review of our carbon footprint model to improve the validity and quality of the carbon calculations, which are used for tracking progress towards targets. This enables the incorporation of rel-evant updates in emissions calculations, emission factors, supplier data, and baseline recalculation. According to the SBTi guidelines, all targets are set against the baseline year 2019, as the financial year preceding the period in which the targets were developed. To ensure alignment of our Transition Plan with Lundbeckâs overall business strategy, the status of the targets and actions is reported to the Climate Steering Committee three times a year and quarterly to the Executive Leadership Team. Energy consumption and mix Unit 20252024Fuel consumption from coal and coal products MWh - - 1Fuel consumption from crude oil and petroleum productsMWh 49,998 49,731 Fuel consumption from natural gas MWh 19,497 19,217 Fuel consumption from other fossil sources MWh 17,534 18,075 Consumption of purchased or acquired electricity, heat, steam, and 1MWh 7,825 9,411 cooling from fossil sources1Total fossil energy consumptionMWh 94,854 96,434 1Share of fossil sources in total energy consumption% 59 60 Consumption from nuclear sources MWh 2,398 6,628 Share of consumption from nuclear sources in total energy con-1% 2 4 sumptionFuel consumption for renewable sources, including biomass (also comprising industrial and municipal waste of biologic origin, biogas, MWh 9,776 10,419 renewable hydrogen, etc.) Consumption of purchased or acquired electricity, heat, steam, and MWh 53,076 48,043 cooling from renewable sources Consumption of self-generated non-fuel renewable energy MWh 376 433 Total renewable energy consumption MWh 63,228 58,895 1Share of renewable sources in total energy consumption% 39 36 1Total energy consumptionMWh 160,480 161.957 Energy intensity based on net revenue Unit 2025 2024 Total energy consumption from activities in high climate impact sec-MWh/DKKm 6.7 7.5 tors per net revenue from activities in high climate impact sectors Performance on energy consumption Lundbeckâs total energy consumption remained broadly stable in 2025 compared to 2024, with a slight overall decrease at the corporate level. Energy figures for both years include the full-year impact of fleet energy consumption, with 2024 figures restated using the same assumptions and conversion methodology applied in 2025 to ensure consistency. The stable year-on-year performance reflects a combination of site-specific increases and decreases across the portfolio. Reductions in energy consumption were achieved at several sites through efficiency improvements, maintenance-related shutdowns, and optimized operation of HVAC and production systems, notably at the Valbonne manufacturing site, where electricity consumption decreased following targeted energy efficiency projects. These reductions were largely offset by localized increases driven by operational activity, maintenance needs, and weather-related demand at other sites, resulting in an overall stable energy consumption profile in line with expectations. With reference to the plan to divest LuPi, we recognize that the business accounts for 15% of energy consumption in 2025. Accounting policies Energy consumption Energy consumption for Lundbeckâs own operations is measured as the consumption of electricity, heat, and fuels based on building- or site-specific meter readings, supplier invoices, and site reports on fuels. Where primary consumption data is unavailable, energy consumption is estimated using defined methodologies, representing approximately 9% of total energy consumption. Energy consumption from fleet fuels, including gasoline, diesel, and electricity, is included in the energy consumption mix. Renewable energy consumption is measured based on electricity procured through power purchase agreements, renewable energy certificates, and supplier-provided information. The share of renewable sources in total energy consumption is calculated based on the percentage of total renewable energy consumption relative to total energy consumption. Energy intensity Lundbeckâs energy consumption and revenue, from the consolidated Financial Statements note 2.1 Reve-nue are derived from activities in high climate-impact sectors. Lundbeck is engaged in the research, devel-opment, production, and sale of pharmaceuticals for the treatment of psychiatric and neurological disor-ders, classified under NACE code C21. The energy intensity is reported as MWh/annual revenue by prod-uct in DKK million. 1 Comparative figures for âFuel consumption from crude oil and petroleum productsâ (499), âConsumption of purchased or acquired electricity, heat, steam, and cooling from fossil sourceâ (8,941), âTotal fossil energy consumptionâ (46,732), âShare of fossil sources in total energy consumptionâ (42%), âShare of consumption from nuclear sources in total energy consumptionâ (6%), âShare of renewable sources in total energy consumptionâ (52%) and âTotal energy consumptionâ (112,225), have been restated to reflect Lundbeckâs updated accounting policies regarding energy consumption from fleet, as we have include more than 30% additional estimated data. Figures presented in parentheses are the previously reported 2024 figures. Process to identify and assess impacts, risks, and opportunities from climate change At Lundbeck, several internal processes enable the identification of actual and potential climate-related impacts, risks, and opportunities. This includes the as-sessment of emissions in own operations and across the value chain, our climate scenario analysis, the an-nual business interruptions analysis (BIA) report for identifying physical climate-related risks (climate change adaptation), and continuous internal evalua-tion and identification of opportunities by subject mat-ter experts. This set of actions is integrated within our enterprise risk management and double materiality as-sessment process, with no associated specific targets. Scenario analysis A scenario analysis is performed for two climate sce-narios to identify transition and physical risks. The sce-narios take into consideration a diverse range of fac-tors such as carbon pricing, fuel availability, policy reg-ulation, technology, reputation, production and supply chain disruptions, physical damage to assets, as well aschanges in product demand. The analysis is based on guidance from the Task Force on Climate-Related Fi-nancial Disclosures (TCFD) and the Carbon Disclosure Project (CDP). The time horizons of the scenario analy-sis for both physical and transition risks span 1-10 years, thereby including short- (<12 months), mid- (>1 to 5 years), and long-term (>5 to 10 years). By covering both a net-zero (i.e., NZE 2050) and âbusiness as usualâ (i.e., representative concentration pathway (RCP8.5) scenarios, plausible risks and uncertainties are covered). The time horizons align with Lundbeckâs cli-mate targets and the financial planning horizon, and support the climate-related assumptions made in the Financial Statements. Resilience analysis A resilience analysis was conducted in 2025 based on the scenario analysis. The scope of the resilience analy-sis includes Lundbeckâs own operations and value chain and uses time horizons aligned with both the scenario analysis and the climate targets. Our critical assumptions include carbon pricing, fuel availability, policy regulation, technology, reputation, production and supply chain disruptions, physical damage to as-sets, and changes in demand for our products. While there is currently limited data on the upper tiers of the value chain, potentially leading to reduced representa-tion of related physical and transition risks, our under-standing of the upstream value chain is aimed to be in-creased over time. Lundbeck uses the results of the re-silience analysis to integrate milestones into the Tran-sition Plan, adapt strategy, and plan mitigating actions. Transition risks The International Energy Agencyâs Net Zero Emissions by 2050 Scenario (NZE 2050) shows a pathway to achieving net-zero by 2050 and limiting global temper-ature rise to 1.5°C. The NZE 2050 is used to identify cli-mate-related transition events along Lundbeckâs own operations and value chain, and how these could re-sult in transition risks and opportunities. Transition events are identified based on reputational, financial, market, or regulatory risks and opportunities at both company and asset level. The identification of transition risks is also supported by Lundbeckâs quar-terly process to identify emerging legislation and social and reputational trends. Assets and business activities are assessed based on their exposure to the identified transition events, tak-ing into consideration likelihood, magnitude, and dura-tion. Specific assets or business activities that are in-compatible with a climate-neutral economy or need significant efforts to transition have not been identi-fied. Under the NZE scenario, carbon pricing will be strate-gically important, fossil fuel use will decrease signifi-cantly, and renewable energy deployment will rapidly increase. Therefore, actions and related milestones to adapt to these transition risks have been included in the Transition Plan according to three relevant drivers â increased use of renewable energy, conversion to electric boilers or biofuels, and gradual conversion to electric vehicles. Physical risks The âbusiness-as-usualâ RCP8.5 climate scenario, which is a high-emission scenario predicting an average 4°C rise in temperature, is used by Lundbeck to identify cli-mate-related hazards and related physical risks. Lundbeckâs assets and business activities are screened according to their exposure to such risks, with physical risk scenarios assessed according to location, expo-sure to climate-related risks, and the likelihood, magni-tude, and duration of the climate hazards. The identifi-cation of physical risks is also supported by the annu-ally updated BIA report, which identifies business inter-ruption risks and mitigation approaches over time ho-rizons aligned with the DMA process. According to the RCP8.5 climate scenario, there is an increased risk of extreme weather, including wildfires and flooding. Therefore, Lundbeck has planned mitigation actions, including securing assets and dual warehouse solu-tions in an area determined to be at high risk. ⢠Lundbeck is not excluded from the EU Paris-aligned Benchmarks. As of 2025, we have not conducted a qualitative assessment of the po-tential locked-in GHG emissions, nor has Lundbeck pursued plans for EU Taxonomy alignment (page 82), subject to further investi-gation in the future. Pollution Pollution to air, water, and soil Lundbeck is committed to preventing pollution and complying with regula-tions by using advanced technologies to reduce environmental impacts. 1 2 Time frameValue chainIROs linked to pollution IRO typeS M L U O D Air pollution AN Water pollution from pharmaceutical residues AN Soil pollution PN PFAS pollution AN Impacts, risks, and opportunities (IROs) As a manufacturer of pharmaceutical products involv-ing the use of organic solvents, Lundbeck recognizes that its operation can impact air quality through the re-lease of air pollutants into the environment. Addition-ally, pharmaceutical residues in the environment re-main a recognized industry-wide challenge. After use by patients, the release of such residues can lead to the contamination of water bodies and ecosystems, potentially impacting biodiversity and human health. Furthermore, our manufacturing and supplier sites routinely involve chemical processes, which carry a risk of accidental spills or leaks that may negatively impact soil quality and ecosystems. Day-to-day activities can sometimes lead to unforeseen circumstances. At our LumsÃ¥s site, PFAS-containing fire foam was used in compliance with regulations until 2011. In 2022, amid growing concern over PFAS, Lundbeck initiated an en-vironmental review that confirmed contamination at the site. Our mapping and remediation priorities for this contamination case are detailed on page 74. Policies Our HSE policy (page 63) and related position docu-ments address pollution control and environmental management by: ⢠Committing to environmental protection. ⢠Ensuring legal compliance with regulations. ⢠Prioritizing substitution of hazardous substances. ⢠Implementing appropriate preventive and mitigat-ing actions through the HSE management system. This approach aligns with SDG 12 (Responsible Con-sumption and Production). The HSE policy broadly co-vers the pollutants and substances relevant to Lundbeckâs own operations and does not apply the value chain. Our expectation for suppliers and other business partners to follow environmental principles is expressed through the Code of Ethics (page 63). Key actions Lundbeck takes a proactive and structured approach to preventing environmental incidents. Our HSE man-agement system (page 63) ensures that robust pro-cesses are in place to limit impacts on people and the environment. This includes emergency plans outlining potential risks, preventive and mitigative actions, and Policy to Health, Safety, and Environment manage IROs policy Key contents ⢠Pollution control ⢠Environmental management Scope Global operations Accountability ⢠Executive Leadership Team ⢠HSE Council Availability www.lundbeck.com Related Position on Environmental Foot-documents print and Code of Ethics regular preparedness testing. In case of an incident, the system supports timely reporting, investigation, and recurrence prevention. 1 PN = potential negative impact, AN = actual negative impact. 2 Short-term: < 1-year, medium term: 1-5 years; long-term: >5 years. 3 U = upstream, O = own operations, D = downstream. Pollution-related actions Description Linked IROs Tracking effectiveness Advanced air Organic solvents play a key role in Lundbeckâs manufacturing of medicinal products. Once used, these solvents lead to emissions of non-methane vola-- Air pollu-Lundbeck continuously monitors emissions to air and pollution con-tile organic compounds (NMVOC) into the air. Managing these emissions, both internally and in collaboration with external partners, is central to tion water to ensure they stay well below the legal limits set trol measures Lundbeckâs air pollution control efforts, particularly as some solvents are classified as substances of concern. Across our production sites, we implement by environmental permits in the countries where we continuous monitoring, prevention, and control of NMVOC emissions. Our chemical manufacturing sites in LumsÃ¥s and Padova, where solvent use is have production sites. Although legal requirements al-higher, are equipped with Regenerative Thermal Oxidizers (RTOs) â the best available technology â for efficient NMVOC removal. Installed in 2020 and low for a certain level of emissions to air and water, 2004 respectively, these systems have led to reductions in emissions throughout 2025. At our Valby site, we use an ethanol scrubber in our pharmaceu-Lundbeck works to prevent and minimize these emis-tical tablet production to mitigate NMVOC. sions as much as possible, by implementing the proce-dures set out by the HSE management system. See Minimizing Lundbeck acknowledges stakeholdersâ concerns about pharmaceutical residues in the environment. Our HSE management system addresses pollution - Water page 75-76 for details on our emissions of non-me-pharmaceutical prevention at our production sites by minimizing spills, complying with environmental permits, and applying appropriate cleaning technologies. pollution thane volatile organic compounds (NMVOC) and sub-residues in the Lundbeck conducts environmental risk assessments of new medicinal products and designs processes to reduce their environmental impact. In the from stances of concern and high concern. environment value chain, guidance on proper disposal of unused medicines is included in product safety leaflets. Furthermore, at our Valby site, we use an activated pharma-carbon filter in our production wastewater stream to reduce API contaminants before they are led to the public effluent treatment facility. In line with ceutical res-EFPIAâs Eco-Pharmaco-Stewardship Initiative, Lundbeck aims to balance healthcare needs with environmental responsibility. Additionally, we continue idues advancing our understanding of API-related impacts while supporting regulatory efforts such as the EUâs 2025 Urban Wastewater Treatment Directive. Soil monitoring Lundbeck has procedures in place to prevent soil pollution from manufacturing processes, with LumsÃ¥s and Padova identified as high-risk sites due to - Soil pollution Any level of soil contamination is prohibited and con-and incident extensive chemical handling and unpaved areas at the LumsÃ¥s site. LumsÃ¥s follows comprehensive incident reporting procedures, including training on sidered an environmental incident under applicable prevention incident identification and cooperation with authorities. Any soil contamination incidents are addressed through emergency plans in collaboration with law. Through our HSE management system (page 63), environmental authorities and by activating preventive measures and root cause analyses. At lower-risk sites (i.e. Valby and Valbonne), placement of Lundbeck works to prevent environmental incidents absorbent materials and tank inspections help manage spillage risks. Outside the scope of our HSE management system, we promote soil pollution and, in the event of an accident, monitors such inci-prevention and compliance with applicable law and environmental standards in the value chain, particularly at chemical suppliers, through contractual dents to ensure compliance with local environmental adherence to our Code of Ethics and related policies (page 115), and by conducting due diligence on high-risk suppliers, including on-site HSE audits. permits and adherence to ISO 14001 standards. See page 75 for details on environmental incidents. PFAS pollution Lundbeck continued addressing PFAS pollution at our LumsÃ¥s site in 2025, resulting from the use of PFAS-containing firefighting foam until 2011. The - PFAS Lundbeck tracks progress on PFAS-pollution through pollution investigation and firefighting foam was used in accordance with applicable law and recommendations from firefighting authorities at the time. The contamination, stem-continuous engagement with the Danish Environmental mitigation ming from testing and drainage of the foam, is managed in accordance with regulatory requirements and Lundbeckâs HSE, compliance and sustainabil-Protection Agency (EPA) and local stakeholders. ity-related policies. In collaboration with the Danish Environmental Protection Agency (EPA), Lundbeck has conducted investigations identifying two contamination hotspots and is continuing remediation efforts as agreed with the EPA, including further sampling and risk assessments. The construc-tion of a water treatment plant to clean the contaminated water has been completed and is now in operation. Local stakeholders have been engaged through meetings and inquiries. Lundbeck has received the renewed approval to discharge surface water to the ocean. 1 European Pollutant Release and Transfer Register (E-PRTR) regulation. Performance on metrics and targets Pollution of air, water, and soil Unit 2025 2024 Non-methane volatile organic compounds (NMVOC) Tonne 88 94 Environmental Incidents Unit 2025 2024 Environmental incidents No. 7 4 Environmental incidents with impact on the environment No. - - Environmental near miss No. 27 38 In 2025, Lundbeck has set no specific targets related to pollution, beyond strict compliance with legal require-ments. The effectiveness of our actions is detailed on page 74. Performance on pollution of air, water, and soil Lundbeck reports on the annual emissions of substances that exceed the thresholds set by the European Pollu-tant Release and Transfer Register (E-PRTR) regulations. In 2025, non-methane volatile organic compounds (NMVOCs) at Lundbeckâs production site in Padova exceeded the threshold, however, we have managed to reduce the pollution of these compared to 2024 by 7%. This reflects the inclusion of diffuse emissions in the reported data for the first time, as required by E-PRTR standards in alignment with the ESRS framework. In Padova, chimney emissions are monitored annually through six external measurements of Total Organic Carbon (TOC) concentra-tion and flow. The average TOC mass flow is calculated and multiplied by RTO operating hours to determine total TOC emissions, which are converted into Volatile Organic Compounds (VOC) using a solvent-specific conversion factor that varies annually. Diffuse emissions occur when volatile organic compounds are released into the atmos-phere from non-point sources, such as piping systems, during the production process. These emissions are esti-mated annually using a mass balance approach. With reference to the plan to divest LuPi, we recognize that the business accounts for 13% of volume (production) and 11% recovered volume. Performance on environmental incidents In 2025, Lundbeck recorded seven environmental incidents, compared to four in 2024. None of the seven inci-dents had consequences for the environment due to the limited overall impact (based on scope, scale, and spread). Over the same period, the number of environmental near misses decreased from 38 to 27. No clear trend was seen among the incidents as spill occurred to air, water, and land. In addition, no environmental incidents with an impact on the environment were reported in 2025. Mitigating actions are set for all incidents to prevent reoccurrence. This reflects the effective implementation of Lundbeckâs HSE policy and HSE management system (page 63). Accounting policies Pollution of air, water, and soil The reporting of polluting substances encompasses the annual usage in tonnes where it exceeds the thresholds defined by the European Pollutant Release and Transfer Register (E-PRTR) regulation. The re-porting scope includes all Lundbeck entities; however, the reported figures specifically represent produc-tion sites where the limits have been surpassed. In 2025, the substance exceeding E-PRTR limits is non-methane volatile organic compounds (NMVOCs) at the Padova site. NMVOCs are organic chemicals, excluding methane, that readily vaporize. NMVOCs have an insignificant global warming potential and are not included in Lundbeck's scope 1 greenhouse gas emis-sions. At the Padova site, NMVOC emissions are categorized into two sources: direct emissions from the chimney and diffuse emissions. Diffuse emissions are estimated using a mass balance approach, which compares the solvent input in production processes with all identified solvent outputs. Approximately 1% of emissions are directly measured at the chimney, while the remaining 99% are esti-mated based on prior yearsâ proportional distribution between measured chimney emissions and diffuse emissions. Environmental incidents Environmental incidents are recorded in the HSE data system, and the number of environmental incidents refers to an unintended release to the environment. An environmental incident refers to an event where a substance is released into the environment, resulting in environmental impacts. These incidents are assessed using an internal risk assessment methodology to determine their severity and potential consequences. Additionally, they may be reported to regulatory au-thorities (depending on local terms). An environmental near miss is the number of events involving contained spills that did not result in a re-lease into the environment but had the potential to escalate into an environmental incident. 2025 2024 Substances Substances Substances Substances Substances of concern and substances of very high Unit of of very high of of very high concern concern concern concern concern Total amount of substances of concern that are generated or used during production or that are Tonne 1,540 17 1,858 35 procured by main hazard class Human health hazard (hazard class code H3xx) Tonne 483 17 502 35 Environmental hazard (hazard class code H4xx) Tonne 318 - 328 - Human health & Environmental hazard (hazard Tonne 739 - 1,028 - class code H3xx & H4xx) Total amount of substances leaving facilities as Tonne 95 2 118 2 emissions, as products, or as part of products Amount of substances leaving facilities as emis-Tonne 76 2 91 2 sions by main hazard class Human health hazard (hazard class code H3xx) Tonne 24 2 24 2 Environmental hazard (hazard class code H4xx) Tonne 16 - 16 - Human health & Environmental hazard (hazard Tonne 36 - 51 - class code H3xx & H4xx) Amount of substances leaving facilities as product, Tonne 19 - 27 - or part of product by main hazard class Human health hazard (hazard class code H3xx) Tonne 9 - 15 - Environmental hazard (hazard class code H4xx) Tonne - - - - Human health & Environmental hazard (hazard Tonne 10 - 12 - class code H3xx & H4xx) Performance on substances of concern and very high concern Results for 2025 show a clear improvement compared to 2024, with a visible decrease in the total volumes of sub-stances of concern used and leaving facilities. The reduction was mainly driven by lower volumes of substances classified with combined human health and environmental hazards, while other hazard classes remained relatively stable year-on-year. The use of substances of very high concern decreased compared to 2024, whereas the amount of such substances leaving facilities remained unchanged at a low level. Manufacturing activity and sourc-ing patterns were stable throughout the year, and observed variations are considered to be within the range that can be expected from normal production planning and seasonal procurement fluctuations. Accounting policies Substances of Concern and Substances of Very High Concern Substances of Concern (SoCs) at Lundbeck are defined based on the criteria outlined in the annex to the Commission Delegated Regulation (EU) supplementing Directive 2013/34/EU. A substance qualifies as an SoC if it meets any of the following criteria: (1) it is identified under Article 57 and Article 59(1) of Regulation (EC) No 1907/2006. (2) it falls within specified hazard classes, including carcinogenicity, reproductive toxicity, endo-crine disruption, or persistent and toxic properties. (3) it negatively impacts the reuse and recycling of materi-als, as outlined in relevant ecodesign requirements. Substances of Very High Concern (SVHCs) are those that meet the Article 57 criteria of REACH and are identi-fied under Article 59(1). SVHCs include carcinogenic, mutagenic, or toxic substances (CMRs) classified as cate-gory 1A or 1B, persistent bioaccumulative and toxic (PBT) substances, very persistent and very bioaccumula-tive (vPvB) substances, endocrine disruptors, or other substances of equivalent concern. The scope of reporting includes all Lundbeck entities; however, the use of SoCs and SVHCs is specific to the production and R&D sites. The SoCs and SVHCs used in Lundbeck's production processes are collected from the internal chemical register, and the amounts of SoCs and SVHCs are gathered from the quantities of pur-chased substances recorded in SAP. The SoCs and SVHCs used in production processes leave the companyâs facilities either as emissions or as part of products. The amount of SoCs and SVHCs that leave as emissions is estimated based on the assump-tion that the majority of hazardous substances exit as hazardous liquid waste, which is treated by external partners using advanced filtration technologies. Consequently, a 95% reduction factor is applied to the quan-tities purchased (i.e., used in production processes) to estimate the amount of SoCs and SVHCs leaving Lundbeck facilities as emissions. The amount of SoCs and SVHCs that leave as products or as part of products is estimated using an input-output approach, which assumes that the quantity purchased equals the quantity exiting as part of products. Resource use and circular economyWaste and resource use Lundbeck applies resource efficiency and circular economy principles to re-duce materials, avoid hazardous substances, and minimize impact. 1 2 Time frameValue chainIROs linked to resource use and circular economy IRO typeS M L U O D Waste and resource use AN Increasing raw material costs R Impacts, risks, and opportunities (IROs) Continued reliance on raw materials contributes to re-source use, waste generation, and emissions across the value chain. Furthermore, evolving circularity regu-lations and market trends may lead to the phase-out of certain critical raw materials for Lundbeckâs manu-facturing processes, potentially impacting their future availability and cost. Policies Our HSE policy (page 63) and related position docu-ments commit to circularity by: ⢠Upholding circular principles and minimizing con-sumption, emissions, and waste. ⢠Reusing resources including recovery and recycling selected organic solvents in API production. ⢠Applying environmental standards to packaging and suppliers. Although there are no dedicated policies specifically covering the transition away from virgin resources, sustainable sourcing, or the use of renewable re-sources, Lundbeck has established clear milestones to-wards the use of renewable resources both in own op-erations and in the value chain, as described in our Cli-mate Transition Plan (page 66). Key actions By combining continuous production techniques with recycling principles, Lundbeck aims to create a circular manufacturing model, integrating different manufac-turing processes and recycling materials. This ap-proach aligns with SDG 12 (Responsible Consumption and Production) and is part of Lundbeckâs Sustainabil-ity Strategy. Our 2030 aspirations include transitioning from the traditional linear âtake-make-disposeâ manu-facturing model to a more circular and regenerative one that limits material use, waste, and CO2 emissions. Lundbeck has several ongoing initiatives to reduce waste, reuse resources, and recycle materials, though a dedicated action plan towards circularity has yet to be developed. As the vast majority of waste from Lundbeckâs production sites is in the form of chemical waste, Lundbeck has dedicated most of its circularity-related efforts to recovering and recycling chemicals and organic solvents at its chemical production sites in LumsÃ¥s and Padova. At the production sites in Valby and Valbonne, most waste is classified as non-hazard-ous waste from packaging materials. As such, Lundbeck has implemented various initiatives to reuse and recycle these materials across its production sites. Policy to Health, Safety, and Environment manage IROs policy Key contents ⢠Uphold circular principles ⢠Minimize consumption, emis-sions, and waste Scope Global operations Accountability ⢠Executive Leadership Team ⢠Climate Steering Committee Availability www.lundbeck.com Related Position on Environmental Foot-documents print, Climate, and Water, and Code of Ethics 1 R = financial risk; AN = actual negative impact. 2 Short-term: < 1-year, medium term: 1-5 years; long-term: >5 years. 3 U = upstream, O = own operations, D = downstream. Reuse and recycling actions Description Linked IROs Tracking effectiveness Recovery and recycling of Our R&D and manufacturing activities are primarily based on chemical synthesis, which requires substan-- Waste and Lundbeck monitors the effectiveness of its reuse chemicals and organic tial amounts of organic solvents and energy. Lundbeck continuously evaluates and applies green chemistry resource use and recycling initiatives by tracking progress solvents principles and the best available technologies when designing processes, installing technical utilities, and - Increasing raw material against two targets: operating facilities. Efforts to increase the recycling of chemicals and organic solvents are ongoing at costs ⢠General waste recycling Lundbeckâs chemical sites. In late 2024, Lundbeck started establishing a new solvent recovery unit at the ⢠Chemical recycling LumsÃ¥s site, expanding the recovery process to include three additional solvents. The project will be com-3pleted in 2026, with the recovery unit expected to enable the additional recovery of over 600 m of solvent These targets are part of our Sustainability Strategy annually. At the Padova site, recoverable solvents are sent to a third party for recycling, while at both sites, (page 54) and provide a benchmark for assessing non-reusable solvents are used for energy recovery. progress, ensuring that initiatives at different pro-duction sites contribute consistently to reducing overall waste volumes and increasing recovery Recycling of palladium Palladium, listed in the EUâs list of critical raw materials, is used by Lundbeck as a catalyst in the manufac-- Waste and rates. By tracking both hazardous and non-hazard-turing process for some active pharmaceutical ingredients (APIs). The recycling of palladium plays a signifi-resource use ous waste streams, Lundbeck can evaluate the effi-cant role in reducing CO2 emissions, limits the use of this rare earth metal as virgin material, and minimizes - Increasing raw material ciency of recycling chemicals and solvents at waste. The palladium used in one of Lundbeckâs major processes is continuously recovered and recycled. costs LumsÃ¥s and Padova, while also measuring im-Our chemical sites send used palladium to a thirdâparty recycler, who processes it and returns the recov-provements in packaging waste reuse and recy-ered palladium to Lundbeck. In 2025, secondary reuse or recycled components, including palladium, ac-cling at Valby and Valbonne. This systematic moni-counted for 26% of the total resource inflow, compared to 32% in 2024. This corresponds to a reduction of toring allows us not only to demonstrate compli-31%. The decrease primarily reflects a reduced level of recovered solvent utilization at the LumsÃ¥s facility ance with regulatory requirements, but also to relative to 2024. identify areas for improvement and prioritize future circularity initiatives in line with our 2030 aspira-Non-hazardous waste In addition to local recycling initiatives implemented throughout our own operations, Lundbeck continues - Waste and tions. reduction and recycling to pursue broader efforts to minimize production-related waste in 2025. These efforts include a range of resource use initiatives targeted initiatives, such as replacing single-use plastic trays for ampoules with durable, reusable alterna-- Increasing raw material tives, and promoting the internal reuse of wooden pallets across production sites. Furthermore, where fea-costs sible, Lundbeck has eliminated the use of plastic covers for production clothing, thereby reducing unneces-sary plastic consumption. These actions reflect Lundbeckâs commitment to operational sustainability and the integration of circular economy principles into daily manufacturing practices. Performance on metrics and targets Resource inflows Unit 2025 2024 Overall weight of products, technical and biological materials Tonne 13,552 15,938 Percentage of biological materials sustainably sourced % - - Absolute weight of secondary reused or recycled components Tonne 3,537 5,160 Percentage of secondary reuse or recycled components % 26 32 2025 2024Non- Unit Hazardous Total Hazardous Non-hazardous Total Resource outflow hazardous Total waste generated 9,543 2,134 11,677 8,062 1,536 9,600 Diverted from disposal Preparation for reuse Tonne 0.01 242 242 0.01 153 153 Recycling Tonne 50 895 945 51 789 840 Other recovery operations Tonne 1,024 346 1,370 1,057 62 1,119 Total waste diverted from disposal Tonne 1,074 1,483 2,557 1,108 1,004 2,112 Directed to disposal Incineration Tonne 7,894 493 8,387 6,121 381 6,502 Landfill Tonne 0.24 157 157 0.21 151 151 Other disposal operations Tonne 575 0.67 576 833 - 833 Total directed to disposal Tonne 8,469 651 9,120 6,954 532 7,486 Non-recycled waste Total non-recycled waste Tonne 8,469 651 9,120 6,954 532 7,486 Percentage % 89 31 - 86 35 Resource outflows Unit 2025 2024 Absolute weight of recyclable content in product and packaging Tonne 1,345 1,427 Rate of recyclable content in product and packaging % 10 9 Recovery solvents Unit 2025 2024 Recovery of organic solvents in production % 62 62 Resource use & circular economy targets Pillars 2025 sustainability target Status Not achieved ⢠Recycle 63% of organic solvents used in chemical production. Circularity ⢠Recycle 70% of general waste at all sites globally. Achieved Read more about our performance on targets below. A full list of our Sustainability targets can be found on page 36-37. Performance on resource inflows Chemical recycling achieved a rate of 62% due to the product mix manufactured. A shift in the production mix during the fourth quarter resulted in a lower overall recovery percentage, leading Lundbeck to fall below the tar-get of 63% for 2025. The use of secondary reused or recycled components is largely driven by the recovery and recycling of solvents at the production sites. At the LumsÃ¥s site, solvents are treated on-site using advanced recy-cling units, while at the Padova site, treatment is managed by external suppliers. Total weight and share of resource inflow related to products, technical and biological materials, as well as the weight and share of secondary reused or recycled components used in Lundbeckâs production activities, reflect our efforts to reduce overall material consumption and increase the use of components with a lower environmen-tal footprint. Lundbeck has biological materials, which consist of lactose, cellulose etc. used in bulk production as inactive carriers of the active pharmaceutical ingredient (API). It is assumed that these materials are defined as biological materials as they are used as bulk components and serve as carriers for the active ingredients. Lundbeck continues to assess whether certification schemes are applicable to these biological materials. As a re-sult, 0% is currently reported. The overall material inflow weight is decreasing by 15% compared to the same period last year (2024: 15,938 tonnes). The decrease is mainly a result of normal production activity fluctuations together with a slight decrease in the use of recovered solvents of -31% (2024: 5,160 tonnes). Performance on waste and resource outflows Lundbeck achieved the 70% recycling target. Valbonne contributed the most to this improvement (+5%), primarily due to updating the handling of construction waste from incineration in H1 to 82% recycling in H2, as corrected by the waste recipient and adding new waste data for food waste and household-like waste from administrative areas. Lundbeck reports on both hazardous and non-hazardous waste, focusing on waste directed and diverted from disposal, including materials sent for recovery and recycling. In 2025, the total waste generated increased for both hazardous and non-hazardous waste, with the most significant rise in non-hazardous waste (+51%). The in-crease in non-hazardous waste is primarily due to the inclusion of more construction waste from Valby and Val-bonne compared to 2024. Most of the construction waste at Valby site comes from the ongoing construction of a new building (approx.460 tonnes). At Valbonne, the increase is due to a combination of additional construction waste and the inclusion of canteen food waste and household like waste. Hazardous waste increased by 19%, mainly due to higher quantities at LumsÃ¥s in January and March. The increase in hazardous waste appears to be linked to changes in waste stream handling. Significant shifts in fraction distri-bution from mid-2024 to mid-2025 may have resulted in some streams not being directed to the correct tanks. To address this, we are focusing on production areas to ensure proper routing of waste streams. Data shows a de-crease in COD wastewater volumes while hazardous waste volumes have risen, supporting this assumption. With reference to the plan to divest LuPi, we recognize that the business accounts for 18% of hazardous waste in 2025. Accounting policies Resource inflows Resource inflow encompasses all Lundbeck entities and includes all purchased goods from external suppliers that fall within the GHG scope 3 boundaries for Category 1: Purchased Goods and Services. It also includes solvents from internal recovery and palladium from third-party recycling. The materials used are assumed to be equivalent to those purchased, as they are acquired for planned production. These materials include both pharmaceutical products and packaging. The absolute weight of secondary reused or recycled components includes solvents recovered internally at the LumsÃ¥s site and the recycled palladium content in 'Palladium (DBA)â.' Internally recovered solvents at the LumsÃ¥s site are measured as the total volume of organic solvents regenerated on-site using recycling units. These volumesare converted from liters to kilograms using a standardized conversion factor. Waste Waste is categorized into two main types of hazardous waste and non-hazardous waste. The hazardous waste stream includes organic, and inorganic chemical substances, as well as medicinal waste, while the non-hazardous waste stream consists of paper, plastic, cardboard, metal, glass, food and biological raw materials, pallets, and elec-tronic waste..Waste data is collected from the production sites located in Valby, LumsÃ¥s, Padova, and Valbonne. The collected waste data is based on supplier data, weight recipes and estimations (2%) where primary data is una-vailable. For the remaining entities, data is derived from estimations (3%) based on the weight of office waste per FTE at the Valby site in the prior reporting year. Recycling covers paper, plastic, cardboard, metal, glass, food, and biological raw materials. Other recovery opera-tions cover primary hazardous waste from Padova, as well as waste from construction. Incineration covers primary hazardous waste from the chemical production sites. Resource outflows The scope of reporting includes all Lundbeck entities. The absolute weight of recyclable content in products and packaging includes all purchased materials for secondary and tertiary packaging from external suppliers, as de-fined within the GHG scope 3 boundaries for Category 1: Purchased Goods and Services. This recyclable content includes cartons, leaflets, and shipment boxes, all of which are components of secondary and tertiary packaging. Repairability is not applicable, as pharmaceutical products are classified as hazardous waste and are incinerated at the end of their life cycle. The durability of Lundbeckâs products is influenced by factors such as the longevity of active pharmaceutical ingredients (APIs), type of packaging, and specific market requirements. Recycling of selected organic solvents in chemical production (target) Recycling of selected organic solvents in chemical production applies to solvents utilized at Lundbeckâs chemical production sites in LumsÃ¥s and Padova. Recycling is measured as the total volume of selected organic solvents that have the potential to be recycled. Solvents include newly purchased, recycled, and scrapped solvents, with vol-umes converted from liters to kilograms using a standardized conversion factor. At LumsÃ¥s, solvents are treated on-site using recycling units, while at Padova, treatment is managed by external suppliers. Social 84 S1 96 S2 98 S4 Social Highlights 58/42 Gender balance (%) in upper management (male/female) in H. Lundbeck A/S 8.2 Inclusion score in the annual employee satisfaction survey 27.8 million estimated patients reached 77% Access Coverage 61% Time to Access Indicator Own workforce Health, safety, and well-being Lundbeck prioritizes the health, safety, and well-being of employees as a foundation for a resilient and ethical organization. We work actively to reduce risks, foster a strong safety culture, and support both physical health and mental well-being. 1 2 Time frameValue chainIROs linked to health, safety, and well-being IRO typeS M L U O D Health and safety PN Mental well-being PN Impacts, risks, and opportunities (IROs) Our workforce may be exposed to both physical and psychological risks affecting their health, safety, and mental well-being. Physical impacts may arise from ex-posure to hazardous chemicals, road safety hazards, and ergonomic strain. At the same time, psychological impacts influencing employees' well-being can arise from prolonged periods of excessive workload, unclear roles and responsibilities, and limited flexibility. Policies The HSE policy, HSE management system, and Code of Ethics (page 63), along with our Health and Safety posi-tion (link) and Well-being commitment (link), promote the health and safety of all Lundbeckâs employees, ad-dressing key topics such as: ⢠Compliance with legislation and internal guidelines. ⢠Prevention of accidents and ill health. ⢠Promoting the substitution of hazardous chemicals. ⢠Promotion of psychological safety. Our HSE policy, HSE Strategy, and Code of Ethics refer to the internationally recognized UN Guiding Principles on Business and Human Rights standard. In addition, our Well-being commitment outlines our global well-being efforts to help employees grow, thrive, and per-form at their best, across four key pillars: physical, mental, social, and financial well-being. As part of its commitment to well-being, Lundbeck has been recognized with the âMigraine-Friendly Work-placeâ certification, awarded by the European Migraine & Headache Alliance. Additionally, manager guidelines are available on our intranet to help identify and imple-ment the best possible solutions for employees suffer-ing from migraines to thrive and fulfill their job respon-sibilities. Key actions Lundbeck takes action to support the physical health and mental well-being of employees, focusing on ad-dressing, preventing, and monitoring adverse impacts. Policy to Health, Safety and Environment policy Well-being commitment manage IROs Key contents Prevention of work-related accidents and Prioritization of well-being through supportive, inclu-ill health sive, and psychologically safe working environments Scope Global operations Global operations Accountability ⢠Executive Leadership Team EVP, People, Culture & Sustainability ⢠HSE Council Availability www.lundbeck.com Lundbeckâs intranet âBrainWebâ Related Health and safety Position and Code of Ethics, ID&E policy, and Neurodiverse work-documents Code of Ethics place commitment 1 PN = potential negative impact. 2 Short-term: < 1-year, medium term: 1-5 years, long-term: >5 years. 3 U = upstream, O = own operations, D = downstream. People-focused actions Description Linked IROs Tracking effectiveness Proactive measures Based on the types of accidents observed in previous years, Lundbeck launched the global âTake - Health and safetyLundbeck monitors the frequency, number, and severity of accidents and ill health to develop action plans and implement necessary changes. The effec-to reduce and Careâ campaign in 2025, founded on three core principles: be active, be social, and be mindful. - Mental well-beingprevent accidents Each month, specific topics designed to improve physical health and mental well-being are com-tiveness of the âTake Careâ campaign is tracked through our sustainability tar-and ill health municated through Lundbeckâs intranet and Viva Engage. âTake Careâ is designed to inspire em-get on the number of accidents (page 86). In addition, Lundbeck monitors annual performance against our ill health metric (page 86). ployees and managers globally to prioritize both their own and their colleaguesâ health and well-being, to foster a work environment where everyone feels energized, focused, and able to thrive, whilst also reducing the risk of accidents. As part of its ways of working, Lundbeck mitigates health and safety risks through systematic analysis of health and safety data, evaluation of work-ing conditions, and risk assessments. Digital tool In 2025, Lundbeck advanced its efforts to prevent injuries and discomfort related to sedentary - Health and safetyLundbeck encourages employees to use the wellbeing platform through to promote work by launching a global digital tool, accessible to all employees. The platform features over - Mental well-beingvarious communication channels, such as the âTake Careâ campaign and Lundbeckâs intranet. Usage of the platform and downloads of informational well-being 250 short videos, offering guided power workouts, stretches, breathing exercises, and brain chal-lenges to support physical and mental well-being. Content is designed for use during virtual materials are regularly monitored to tailor communication efforts and at-meetings, social interaction among colleagues, or individual on-demand access. tract even more users. - Mental well-beingAnchoring With the 2025 rollout of the revised performance management process and the enterprise lead-Employee well-being and psychological safety are primarily assessed psychological ership training for all people leaders (see page 13), Lundbeck reinforces its commitment to fos-through our global engagement survey, where employees rate well-being safety and tering an environment of psychological safety and building an engaged organization through and engagement-related questions on a 0-10 scale. Tracking the evolution promoting constructive dialogue and ongoing feedback. These efforts are complemented by tools within our of these questions enables Lundbeck to identify trends and enhance ongoing feedback people processes and wellbeing support, such as local stress prevention programs aimed at cre-awareness of available support and tools. While no formal well-being tar-ating a workplace where all employees feel empowered, valued, and able to embrace innovation. gets have been set, our inclusion target score (page 92) serves as an indi-cator of employee well-being and psychological safety. Performance on metrics and targets Health and Safety Unit 2025 2024 Percentage of own workforce covered by the Health and Safety manage-% 100 100 ment system Lost Time Injury Rate (LTIR) Incidents per million hours 1.8 3.2 Total Recordable Injury Rate (TRIR) Incidents per million hours 11.2 13.8 Number of fatalities No. - - Number of work-related accidents No. 105 130 Number of days lost due to work-related injuries and fatalities No. 441 733 Ill health cases No. - 1 Performance on health and safety Lundbeck recorded 105 work-related accidents. Accidents with absence resulted in a total of 441 lost days, pri-marily due to three traffic-related incidents and five same-level fall incidents. The Lost Time Injury Rate decreased to 1.8 compared to 3.2 in 2024, achieving our 2025 target. The positive trend in accident reduction is primarily driven by initiatives implemented at production sites. In addition, the global prevention campaign Take Care, launched in early 2025, supported increased safety aware-ness and the promotion of safer work practices across the organization by focusing on a different safety topic each month. For further information on the Take Care campaign, refer to the action table on page 85. Continuing the trend from last year, there have been no fatalities at Lundbeck. There have also been no cases of ill health, which is due to continuous focus on prevention, risk assessment and root causes analysis by managers and employees. Health and Safety targets Pillar 2025 sustainability target Status People and Reduce lost time injury rate ⤠3. Achieved communities Read more about our performance on targets below. A full list of our Sustainability targets can be found on page 36-37. Accounting policies Health and safety The percentage of employees covers all Lundbeckâs employees based on headcount. The employees are either covered by the health and safety management system certified according to ISO 45001 or by legal requirements. Lundbeckâs ISO-certified system covers research, development, and manufacturing sites in Den-mark, Italy, and France, as well as our headquarters functions. Legal requirements apply to all other Lundbeck sites. Fatalities refer to the number of employees and other workers at Lundbeck sites who lost their lives due to work-related injuries, as recorded in the HSE data system. These incidents are included in the calculation of the Lost Time Injury Rate (LTIR) and the Total Recordable Injury Rate (TRIR). The number of work-related accidents includes both work-related accidents with absence and without absence, as recorded in the HSE data system. A work-related accident is defined as a work-related event or expo-sure that occurs suddenly and results in personal physical or psychological injury. Accidents with absence are in-cluded in both the Lost Time Injury Rate (LTIR) and the Total Recordable Injury Rate (TRIR), while accidents without absence are included only in the TRIR. The Total Recordable Injury Rate (TRIR) measures the rate of all work-related injuries, which includes work-related accidents, and fatalities per million hours divided by total hours worked. The total hours worked is calculated by estimating 225 working days per year, multiplied by 7.4 hours per day, and then multiplied by the number of em-ployees, based on Danish working time standards. The number of days lost due to work-related injuries includes all days lost to work-related accidents and fatalities. This calculation covers the entire period of absence, from the first full day to the last, and is based on calendar days, including non-working days. The Lost Time Injury Rate (LTIR) is determined by the number of work-related accidents with absence and fatalities per one million working hours. The total hours worked is calculated by estimating 225 working days per year, mul-tiplied by 7.4 hours per day, and then multiplied by the number of employees, based on Danish working time standards. A work-related ill health case refers to a work-related injury that has arisen as a result of long-term harmful expo-sure caused by the work or working conditions. Lundbeck includes, at a minimum, cases outlined in the ILO List of Occupational Diseases and reports cases recognized by the authorities in the reporting period. Basis for setting health & safety targets Our HSE policy, related HSE position, and HSE management system specify our ambition towards health and safety and form the basis for the methodologies and assumptions used for setting measurable targets. The annual tar-gets are reviewed and approved by the HSE Council on an annual basis to reflect the latest data, trends, and appli-cable legislation, and progress on the target is tracked and reported quarterly to them. The HSE Council reflects the views of Lundbeckâs employees in the target-setting process, and in identifying any improvements based on historical performance. Inclusion, diversity, and equity Lundbeck is committed to fostering an inclusive culture where all employ-ees, regardless of background, identity, or location, feel respected, valued, and empowered. We believe that brain health thrives in environments with a strong sense of belonging, where everyone feels heard, safe, and in-cluded. 1 2 Time frameValue chainIROs linked to inclusion, diversity, and equity IRO typeS M L U O D Inclusion, diversity, and equity (ID&E) PN Inability to attract and retain employees R Impacts, risks, and opportunities (IROs) Recognizing the importance of inclusion, diversity, and equity (ID&E) is essential to fostering employee well-being, engagement, and innovation. As a global em-ployer, Lundbeck brings together people with multiple perspectives, cultures, and experiences. This diversity strengthens our innovation and enhances our ability toserve patients worldwide. At the same time, we acknowledge that cases of discrimination and harass-ment highlight potential adverse impacts for our em-ployees, underscoring the need for continuous en-gagement, focus, and improvement. In a competitive global market, challenges in attractingand retaining talent can also pose financial risks, rein-forcing the importance of embedding ID&E into our people processes, not only as a responsibility but also as a strategic lever to strengthen our culture and re-main an employer of choice. Policies Lundbeckâs Inclusion, Diversity, and Equity (ID&E) pol-icy (link) guides our efforts to foster a culture of inclu-sion, equity, and belonging, while embracing diverse perspectives to better serve patients and communities. Since 2009, Lundbeck has been a signatory to the UN Global Compact, supporting SDGs 5 (Gender Equality) and 10 (Reduced Inequalities). The ID&E policy reflects our commitment to building a diverse and equitable workplace that benefits both our employees and the organization, and it guides how we embed ID&E princi-ples across our culture and people processes. At Lundbeck, discrimination is not tolerated in any form. Due to its broad scope, the ID&E policy does not individually mention specific grounds for discrimina-tion, nor does it include a reference to the UN Guiding Principles on Business and Human Rights. Beyond our ID&E policy, Lundbeck has established a Neurodiversity commitment and Well-being commit-ment, emphasizing that brain health is fundamental to good health and well-being throughout life, for individ-uals with or without brain disorders. This belief under-pins our commitment to fostering a supportive and in-clusive work environment for all employees. In prac-tice, this entails adapting working conditions based on employee needs, providing training to managers to strengthen their ability to offer support, and raising awareness of brain health across the organization. As reflected in our Well-being commitment, financial well-being is an important pillar of our approach to ID&E and well-being. It is reflected in our global Re-ward Promise, which outlines our global principles around balanced pay, rewarding performance, as well as sustainable benefits. While specific benefits may vary according to local market practices and business needs, we ensure they remain inclusive and accessible to all employees. As part of our preparations for the implementation of the EU Pay Transparency Directive in 2026, Lundbeck has also reviewed and refined its annual base salary structures across Europe to pro-mote consistency and strengthen alignment with mar-ket benchmarks. Policy to Inclusion, Diversity, and Equity manage IROs (ID&E) policy Key contents Culture of belonging, accountability, encouragement of diversity of thought, and ensuring equitable op-portunities Scope Global Operations Accountability EVP, People, Culture & Sustainability Availability www.lundbeck.com and Lundbeckâs intranet âBrainWebâ Related Neurodiversity commitment, Well-documents being commitment and Reward Promise Key actions Building on our well-being key actions (page 85), Lundbeck works to advance a range of initiatives that strengthen inclusion and equal opportunities across our global workforce, with a focus on fostering belong-ing, preventing discrimination, and addressing barriers to equity (page 89). Recognizing the diverse needs of a global workforce, these initiatives are adapted to local contexts to ensure relevance and impact. 1 R = financial risk; PN = potential negative impact. 2 Short-term: < 1-year, medium term: 1-5 years, long-term: >5 years. 3 U = upstream, O = own operations, D = downstream. People-focused actions Description Linked IROs Tracking effectiveness Embedding Our people are our greatest assets, and their growth and development are essential to Lundbeckâs success. In - ID&E The effectiveness of these initiatives is assessed through various ID&E into leadership 2025, progress was made on integrating ID&E into our people processes. The launch of the Global talent man-measures, including employee engagement surveys, leadership feedback - Inability to development and agement framework establishes a foundation for robust succession planning and leadership development, attract and loops, evaluation surveys, completion rates, and impact assessment focus people processes building a diverse leadership pipeline for critical positions. In parallel, mandatory trainings on unconscious bias retain em-groups. Appropriate actions are identified based on the engagement sur-and cultural awareness continue to reinforce our commitment to inclusion and belonging. To further support vey results, ongoing employee feedback, and alignment with Lundbeckâs ployees this, the ID&E Academy on Lundbeckâs intranet continues to offer employees and managers resources to People Strategy, ensuring that our actions directly address material issues strengthen inclusion, collaboration, and psychological safety across all teams. Together, these efforts demon-raised by our workforce. Material risks related to attraction and retention strate how ID&E is woven into our people practices, shaping how we attract, develop, and retain talent across are also mitigated by embedding ID&E into various stages of the talent the organization. journey. Mitigating unconscious Since 2022, the âReducing bias initiativeâ has focused on bias-mitigating measures to ensure objective recruit-- ID&E Tracking recruitment outcomes and analyzing available data ensures con-bias in recruitment ment practices. Key actions include the use of candidate scorecards to guide structured evaluations based on tinuous refinement of processes to attract a diverse pool of talent. These - Inability to globally merits, fostering qualified discussions, and reducing bias. Open dialogue with hiring managers is conducted to attract and actions aim to contribute to enabling a diverse pipeline and an inclusive address and mitigate unconscious biases throughout the recruitment process. The implementation of the retain em-culture, contributing to the achievement of policy objectives and sustaina-Global talent acquisition model, as part of the Global talent management framework, unifies recruitment pro-bility targets (page 36), and to mitigate the risks of being unable to attract ployees cesses across all countries. This platform establishes a foundation for monitoring and tracking among candi-and retain talent. dates and new hires, enabling further insights into recruitment trends and disparities. These measures are de-signed to support an inclusive and innovative workplace. Strengthening In 2025, Lundbeck introduced a pay toolbox for managers, based on the Global rewards principles. The toolbox - ID&E Effective equitable reward processes can be measured through pay equity equitable reward enables and supports managers in making fair and consistent compensation decisions, particularly during the - Inability to reviews and engagement survey questions, such as âThe processes for de-processes annual compensation review. It includes guidance on key considerations, such as the importance of avoiding attract and termining pay in our organization seem fair and unbiasedâ. Action plans bias when setting or adjusting pay. A core feature is a matrix built to show recommendations for employeesâ retain em-are guided by the requirements of the EU Pay Transparency Directive. By merit increases, based on their current compa-ratio and performance, ensuring a fair and equitable approach ployees strengthening equitable rewards for all employees, Lundbeck also aims to to pay. For managers in EU countries, a pay transparency dashboard provides visibility on pay grades, salary po-mitigate the risks of being unable to attract and retain employees. In addi-sitioning, and market alignment, strengthening accountability in pay-related decisions. Lundbeckâs equitable tion, progress on fair and consistent compensation is assessed through reward practices and streamlined processes emphasize Lundbeckâs commitment to inclusion, diversity, and eq-indicators such as the gender pay gap and the CEO pay ratio (page 94), uity (ID&E) and financial well-being (page 88), with equity for all employees embedded across our people prac-providing transparency and accountability in how we approach equitable tices rather than treated as a standalone topic. compensation and financial well-being for our own workforce. Engaging with our own workforce At Lundbeck, we view employee engagement as closely connected to our health, safety, well-being, and ID&E efforts. When employees feel heard, safe, and re-spected, it strengthens their sense of belonging, sup-ports overall well-being, and enhances accountability while shaping health and safety practices. Fostering open dialogue within our own workforce is therefore not only a cultural priority, but also an essential part of building a healthy and inclusive work environment. Lundbeck engages with its own workforce through the annual employee engagement survey âOur Voiceâ, which informs key organizational priorities and actions,such as inclusion, well-being, health and safety, and transformation. The full survey is distributed to all em-ployees globally, except non-employee workers and employees who have recently joined or are imminently leaving Lundbeck. A shorter âPulseâ survey follows in the second half of the year to track progress and main-tain dialogue. Both the annual and pulse surveys conclude with an open-text question, giving employees the opportunity to share additional comments or concerns. Survey par-ticipation rates are tracked and shared at both the team and global levels to support transparency and continuous improvement. People managers have ac-cess to the survey results from their direct reports im-mediately after the closing of the annual survey. The overall results are presented to all employees by the Executive Vice President, People, Culture & Sustainabil-ity and published on Lundbeckâs intranet. The results contribute to the discussions held by the Executive Leadership Team when defining strategic fo-cus areas for the company. All managers are expected to host workshops and ongoing dialogue sessions withtheir teams to review the results and together agree on action points for continuous improvement. The managers are supported by global manager training programs and dedicated learning and development resources. Employees actively contribute to these ef-forts by engaging in follow-up actions and participat-ing in local planning. In addition to surveys, managers play a critical role by providing resources, fostering open communication, and empowering employees to report ethical con-cerns, risks, or hazards without hesitation. Employee engagement is further supported by other channels and formal internal processes, including work councils,trade union representatives, local People & Culture, and Employee Relations. These channels are made ac-cessible to all employees on Lundbeckâs. Generally, Lundbeck integrates employee involvement in health, safety, and environment (HSE) matters through struc-tured processes that ensure participation in decision-making, target setting, and continuous improvement. For instance, employees actively contribute to HSE risk assessments, safety inspections, and audits, playing a crucial role in identifying issues and implementing pre-ventive measures. Additionally, Lundbeck encourages and supports the establishment of employee resource groups (ERGs), voluntary employee-led groups open to all employees that engage in awareness and drive dialogue. In 2025, the number of ERGs increased. Our ERGs lead several initiatives throughout the year to raise awareness and drive meaningful conversations. Through these initia-tives, our ERGs continue to shape a workplace culture rooted in inclusivity, open dialogue, and lasting change. Impact from change in commercial model In 2025, Lundbeck transitioned to a partner-led com-mercial model in 27 countries, phasing out its own commercial presence. This change is part of Lundbeckâs transformation to focus resources on ar-eas that create the greatest value for patients and so-ciety. Lundbeck supported the 602 employees im-pacted to ensure a responsible and orderly process. In addition, Lundbeck discontinued operations in Paki-stan, impacting 22 employees. The decision reflects global investment priorities. Lundbeck has carried out impact assessments and put action plans in place to mitigate potential negative impacts on particularly vul-nerable patients and people. Remediation and channels to raise concern All employees are encouraged to raise concerns or re-port incidents through various channels, including di-rectly to their managers, Employee Relations, local People & Culture representatives, the ombudsmen, or through Lundbeckâs Compliance Hotline (link) (page 115). The hotline is a secure, third-party system availa-ble on Lundbeckâs intranet and website. Reports are assessed and, if needed, investigated to determine ap-propriate actions. Outcomes are communicated to rel-evant stakeholders, with careful attention to confiden-tiality and employee safety. Remedies and follow-up processes are tailored to each case. Additional grievance channels include trade union rep-resentatives, the European Works Council, and local works councils, all accessible via the intranet. As de-tailed in the âPrevention and detection of ethical con-cernsâ section (page 115), Lundbeck protects the ano-nymity of all individuals using these channels. The ef-fectiveness and trust in Lundbeckâs grievance mecha-nisms are assessed through the annual âOur Voiceâ sur-vey, where employees rate their confidence in raising ethical or compliance concerns. More information about remediation and channels to raise concern can be found in section G1 â Business Conduct, page 114. Performance on metrics and targets Characteristics of the undertakingâs employees All people in Lundbeck's own workforce are included in the scope of the disclosures. Employee headcount by gender Unit 2025 2024 Male Headcount 2,356 2,517 Female Headcount 2,912 3,143 Other Headcount - - Not reported Headcount - - Total employees Headcount 5,268 5,660 Employee headcount by country Unit 2025 2024 Denmark Headcount 2,167 2,052 United States Headcount 1,090 990 France Headcount 297 301 Poland Headcount 276 285 China Headcount 267 268 Other countries Headcount 1,171 1,764 Total employees Headcount 5,268 5,660 Headcount by contract type & gender 2025 2024 Contract type Unit Female Male Total Female Male Total Permanent employees Headcount 2,763 2,276 5,039 2,991 2,452 5,443 Temporary employees Headcount 149 80 229 152 65 217 Non-guaranteed hours employees Headcount 0 0 0 0 0 0 Total employees Headcount 2,912 2,356 5,268 3,143 2,517 5,660 Employee turnover Unit 2025 2024 Employee turnover ratio % 22.4 14.4 Employee turnover Headcount 1,225 796 Performance on employee characteristics and turnover As of 2025, Lundbeckâs workforce includes 2,356 male and 2,912 female employees. Headcount is distributed across several countries, highlighting Lundbeckâs global presence and local impact. In 2025, Lundbeck transitioned to a partner-led commercial model in 27 countries, affecting 602 employees. Additionally, we closed our operations in Pakistan, affecting 22 employees. Lundbeckâs employee turnover rate stands at 22.4% due to the change in the commercial model, and 13.1%, if the changes to the commercial operating model are excluded, compared to 14.4% in 2024. Overall, the number of employees has decreased from 5,660 to 5,268. Accounting policies Employee headcount, gender, age, country, and turnover Employee data is recognized based on records from the Groupâs HR system. The total number of employ-ees, including permanent and temporary employees, is expressed on a headcount basis as of year-end. The employee turnover rate is calculated as the number of permanent employees who have left the com-pany within the reporting year divided by the total average number of permanent employees during the reporting year. All numbers are given on a headcount basis. Please refer to the note 2.2 Employee costs in the consolidated Financial Statements for the most repre-sentative number in the Financial Statements. Performance on metrics and targets Gender Distribution at Top Management Unit 2025 2024Board of Directors Total number Headcount 11 11 Number of female:male for the General Assembly-elected members Headcount 2:5 2:5 Number of female:male for the employee-elected members Headcount 2:2 2:2 Share of underrepresented gender for all Board of Directors % 36 36 Share of underrepresented gender for the General Assembly-elected % 29 29 members Share of underrepresented gender for the employee-elected members % 50 50 Upper Management (Group) Unit 2025 2024 Total number Headcount 58 62 Number of female:male Headcount 24:34 26:36 Share of underrepresented gender % 41 42 Age distribution Unit 2025 2024 Under 30 years old % 10 10 30-50 years old % 55 56 Over 50 years old % 35 34 Inclusion, Diversity and Equity (ID&E) targets Pillar 2025 sustainability target Status ⢠Maintain an even gender balance in upper management at H. Lundbeck A/S, Achieved People and closest to 40% but not exceeding 49%. communities ⢠Reach an overall Inclusion score of 8.5 in the annual employee satisfaction Not achieved survey (ESS). Read more about our performance on targets below. A full list of our Sustainability targets can be found on page 36-37. Upper Management (H. Lundbeck A/S) Unit 2025 2024 Total number Headcount 43 45 Number of female:male Headcount 18:25 19:26 Share of underrepresented gender % 42 42 Performance on gender and age distribution At the end of 2025, Lundbeckâs Board of Directors comprised 11 members. Among the General Assembly-elected members, two were female, and five were male, while the employee-elected members included two females and two males. In upper management, Lundbeck had 58 members, of whom 41% were female and 59% male. While Lundbeckâs workforce spans all age groups, the majority of employees are between 30 and 50 years old (55%), reflecting a mature and experienced workforce. Employees under 30 account for 10%, while 35% are over 50. This age distribution aligns with expected workforce demographics and supports both continuity and the development of future talent. Lundbeck currently tracks progress on social sustainability targets and workforce metrics, reflecting its long-estab-lished ambition to promote gender representation and a strong sense of belonging across the organization. In alignment with the Danish Gender Balance Act, Lundbeck has adopted a sustainability target to maintain an even gender balance in upper management, closest to 40% but not exceeding 49%. The target is defined in accordance with the Danish Gender Balance Act and is assessed based on the population of upper management employed by H. Lundbeck A/S, in line with applicable legal requirements. By the end of 2025, the population of upper manage-ment employed by H. Lundbeck A/S comprised 43 members, with 42% female and 58% male, indicating that the2025 gender balance target has been met. The H. Lundbeck A/S Executive Leadership Team as registered with theDanish Business Authority, consists of four males, corresponding to 0% underrepresented gender.The target to reach an Inclusion score of 8.5 in the Employee Satisfaction Survey was not achieved in 2025; however, performance remained high with a score of 8.2, retaining Lundbeckâs position in the upper quartile and demon-strating sustained employee engagement. Lundbeck remains committed to fostering an inclusive workplace where employees feel a strong sense of belonging. For the 2026 inclusion target see page 37. Accounting policies Gender Distribution at Top Management Top management comprises the Board of Directors and upper management. Gender is categorized as female or male, and gender balance at top management level is reported as the share of the underrepresented gender within the total population. For the Board of Directors, gender balance is calculated as the share of the underrepresented gender (female) among the total number of members elected by the General Assembly and the employee-elected members. Upper management comprises the Executive Leadership Team and employees at the same level as the Execu-tive Leadership Team (e.g. the CEO and Executive Vice Presidents), as well as employees who report directly to the Executive Leadership Team and have people management responsibilities. This is aligned with the definition of the Danish Companies act. The upper management figures for H. Lundbeck are defined in accordance with the Danish Gender Balance Act and are assessed based on the population of upper management employed by H. Lundbeck A/S, in line with ap-plicable legal requirements. Age distribution The age distribution is calculated by determining the number of employees within each age group and express-ing this as a proportion of the total number of employees. All numbers are given on a headcount basis as of year-end. Basis for preparation for targets The two global targets regarding ID&E are proposed by the global ID&E office, endorsed by the Executive Lead-ership Team, and approved by Lundbeckâs Board of Directors annually. Gender Balance Target In alignment with the Danish Gender Balance Act, Lundbeck has adopted a sustainability target to maintain an even gender balance in upper management, closest to 40% but not exceeding 49%. The target is defined in ac-cordance with the Danish Gender Balance Act and is assessed based on the population of upper management employed by H. Lundbeck A/S, in line with applicable legal requirements. Inclusion target The score is calculated based on the aggregation of responses to the question on sense of belonging at the company. The score of 8.5 is based on the scoring system used by the external partner who launches the Our Voice Survey, which uses a 1-10 point scale. Performance on metrics and targets 1 Gender pay gap Unit 2025 2024Gender pay gap, unadjusted % 10.5 8.7 Gender pay gap, adjusted % 0.2 0.5 CEO pay ratio Unit 2025 2024 CEO pay ratio Times 39.6 40.7 Performance on gender pay gap and CEO pay ratio At the end of 2025, an analysis of our remuneration practices indicated an unadjusted pay gap slightly higher, and an adjusted pay gap, slightly lower in 2024. While the gap is minor, we remain committed to addressing this issue. We believe even slight disparities are unacceptable and will continue to prioritize efforts to eliminate them. This commitment reflects our dedication to fostering equity and inclusion, ensuring that all employees feel valued and fairly compensated for their contributions. Changes in our methodology for calculating the CEO pay ratio have prompted a review of our remuneration data models. We will actively refine these models to validate the current ratio, ensuring our compensation practices align with industry standards and demonstrate fairness and transparency for all stakeholders. The inclusion of variable remuneration has increased the unadjusted gender pay gap. At the same time, the CEO pay ratio has decreased, as more pay is included for the median employee compared to 2024. This makes compa-rability between 2024 and 2025 difficult. Accounting policies Gender pay gap â Unadjusted The unadjusted gender pay gap is calculated as the percentage difference in average annual compensation (in DKK) between male and female employees, relative to the average annual compensation of male employees. Annual base pay levels are used in this calculation due to limited data availability for hourly pay levels. The variable pay compo-nent consists of sales incentives as well as short- and long-term incentives for eligible employees. The pay gap in-cludes all employees who are on a permanent or temporary contract and paid directly by Lundbeck, with the excep-tion of 1) employees in the sales organization without sales incentive payment within the performance year and 2) employees hired during the performance year in countries other than the US and Denmark. Gender pay gap â Adjusted The adjusted gender pay gap is calculated using a multivariate linear regression statistical model to analyze the vari-ation in the annual compensation (DKK) between genders while holding various factors constant (employee age, -seniority, country and job level). Annual base pay levels are used in this calculation due to limited data availability for hourly pay levels. The variable pay component consists of sales incentives as well as short- and long-term incentives for eligible employees. The pay gap includes all employees, who are on a permanent or temporary contract and paid directly by Lundbeck, with the exception of 1) employees in the sales organization without sales incentive payment within the performance year and 2) employees hired during the performance year in countries other than the U.S. and Denmark. This metric is defined by Lundbeck in addition to the ESRS required âunadjusted gender pay gapâ. CEO pay ratio The CEO pay ratio is calculated by dividing the CEO's annual total remuneration, as reported in the Remuneration Report, by the total remuneration of the median employee for the Group. Remuneration includes salary, bonuses (STI and LTI), allowances, pension, and all one-time payments made during the year. The median employee is identified based on base salary, sales incentives, short- and long-term incentives (in DKK) after which this remuneration is used to calculate the CEO pay ratio. Lundbeck is committed to enhancing data qual-ity on this topic in future reporting periods. For all abovementioned metrics, the salary components are either paid or earned in the reporting year. Sales incen-tives are earned and paid, short-term incentives are paid, long-term incentives are earned, and base pay is earned and paid within the reporting period. 1 The 2024 figures have not been restated, as Lundbeck has not been able to attain the variable remuneration components from previous years. Performance on metrics and targets Incidents & Complaints Unit 2025 2024 Number of cases reported through the channels for own workforce No. 15 14 Number of complaints filed to National Contact Points for OECD Multinational Enterprises No. - - Number of discrimination cases reported No. 15 14 Number of substantiated discrimination cases No. 3 9 Amount of fines, penalties, and compensation DKKm - - Performance on incidents & complaints In 2025, 15 harassment and/or discrimination cases were reported, of which three were substantiated. The de-crease does not indicate any material issues or areas of concern but rather reflects normal year-to-year variation with no definitive underlying cause. Accounting policies Incidents & Complaints The number of cases reported through the channels for own workforce, is the total number of reports filed through the channels to raise a concern regarding harassment and/or discrimination. Cases related to discrimination include all reported and investigated cases within the reporting year. These cases could encompass discrimination based on gender, racial or ethnic origin, nationality, religion or belief, disability, age, sexual orientation, or other relevant forms of discrimination. Incidents of discrimi-nation also include incidents of harassment as a specific form of discrimination. Discrimination concerns can be raised through various channels such as directly to managers, to Employee Relations, to local Peo-ple & Culture, to the ombudsmen or through Lundbeckâs Compliance Hotline. Workers in the value chain Value chain working conditions As a global company, Lundbeck recognizes its responsibility to contribute to the safety, wellbeing, and rights of workers across its value chain. This in-cludes setting clear expectations for close business partners and suppliers to promote sustainable, safe, and respectful working conditions. 1 2 Time frameValue chainIROs linked to value chain working conditions IRO typeS M L U O D Human rights and health and safety PN Impacts, risks, and opportunities (IROs) With global operations and suppliers across the world,Lundbeckâs supply chain is exposed to potential ad-verse impacts on value chain workers in relation to their human rights and health and safety conditions, particularly among chemical suppliers in high-risk countries. Policies Our Code of Ethics (page 63) outlines the principles that guide ethical and compliant decision-making across our value chain. Building on this foundation, Lundbeck has policies and processes in place to hold suppliers accountable for responsible business con-duct. Through our Human Rights statement and Third-party obligations, partners and suppliers are required to adhere to local and internationally recognized labor rights and sustainability standards such as the UN Global Compact and the Sustainable Development Goals. In addition, external partners are contractually obliged to acknowledge and adhere to Lundbeckâs Code of Ethics and Third-party obligations, which ex-plicitly emphasize a commitment to respecting human and labor rights. Human Rights Statement Lundbeckâs commitment to respecting human and la-bor rights across our global value chain is outlined in our Human Rights Statement. Through this document, Lundbeck commits to the Universal Declaration of Human Rights (UNDHR), the International Covenant onCivil and Political Rights (ICCPR) and its second op-tional protocol, the International Covenant on Eco-nomic, Social and Cultural Rights (ICESCR), other core international human rights instruments defined by theOffice of the High Commissioner for Human Rights (OHCHR), as well as fundamental ILO conventions. Policy to Human Rights Statement Code of Ethics â External partner principles manage IROs Key contents Framework aligns with UN Guiding Princi-External partners must comply with the principles and ples, OECD Guidelines, UN Global Com-human and labor rights laws pact, and SDGs Scope Global operations and value chain Global operations and value chain Accountability General Counsel General Counsel Availability www.lundbeck.com www.lundbeck.com Related Code of Ethics, third-party obligations Code of Ethics, Human Rights statement documents 1 PN = potential negative impact. 2 short-term: < 1-year, medium term: 1-5 years; long term: >5 years. 3 U = upstream, O = own operations, D = downstream. Third-party obligations All external partners interacting with Lundbeck must adhere to the UN Global Compact principles and those outlined in our Code of Ethics. In addition, external partners must live up to Lundbeckâs Third-Party Obligations, which require compliance with applicable national and international laws relating to human and labor rights. Specifically, external partners must uphold the abolition of child labor; maintain health, safety, and environment procedures to ensure compliance with applicable laws, regulations, guidelines, and industry standards; and provide employees with the right to rest, a minimum income to meet their needs, protection against coercion and degrading treatment or discrimination, and the right to freedom of association. While the obligations do not specifically refer to hu-man trafficking, they support the principle that these practices should be eliminated. In addition, although workers in the value chain were not directly engaged when drafting these obligations, the policy is created to safeguard their best interests and is based on inter-nationally recognized frameworks such as the OECD Guidelines for Multinational Enterprises. Key actions As part of our daily operations, Lundbeck identifies ad-verse impacts in the value chain and monitors the ef-fectiveness of our Code of Ethics, policies, guidelines and due diligence procedures through the Compliance Hotline as well as Health, Safety and Environment (HSE) and human rights audits on chemical suppliers in high-risk countries and global CMOs for production. These tools support our approach to identifying and addressing stakeholder concerns and engaging value chain workers. Accordingly, no additional actions were developed or targets established in 2025, specifically related to value chain workersâ health and safety, or human rights. Processes for engaging with value chain workers The perspectives of value chain workers inform Lundbeckâs decisions, activities, and the development of policies. Internal subject matter experts gather in-sights on the perspectives from current research on working conditions in suppliers in the chemical and pharmaceutical industry, as well as the cases ad-dressed by the Compliance Hotline or encountered in the HSE supplier audits. The HSE supplier audits are undertaken based on a risk approach and cover health and safety, as well as relevant human rights topics. Since our value-chain workers in the chemicals industry are considered more likely to be vulnerable to negative impacts, Lundbeck conducts on-site audits of all chemical suppliers in high-risk countries. During these audits, workers can be interviewed, and their feedback is used to develop corrective action plans and follow-up audits. Audits are conducted prior to approving a new high-risk supplier and are a part of Lundbeckâs standard audit processes for new suppliers. The Corporate HSE department is responsible for implementing Lundbeckâs HSE policy (page 63), ensuring that on-site audits are undertaken and that ongoing monitoring is performed. Chemical suppliers in low-risk countries are screened by the Quality department. Any issues raised regarding HSE and human rights are forwarded to the Corporate HSE department for follow-up. Remediation and channels to raise concern At Lundbeck, we have established and continuously develop appropriate processes for remediation for af-fected stakeholders in instances where we recognize that our actions may have caused or contributed to ad-verse impacts. Lundbeckâs Compliance Hotline is externally available (link) and accessible to value chain workers, providing a channel for raising concerns. All reported issues are in-vestigated and addressed by the appropriate functions in accordance with defined escalation procedures. Our Global Compliance function periodically reports an anonymized summary of global reported claims of po-tential misconduct to the Audit Committee and the Global Compliance Committee. Investigation conclusions and recommendations may be shared with the Audit Committee, Global Compli-ance Committee, and/or Executive Leadership Team for endorsement or further action. While Global Com-pliance is responsible for the investigation of potential misconduct, management is responsible for securing remediation or disciplinary actions. Lundbeck also maintains a procurement and third-party intermediary due diligence system, with the aim of limiting impact on suppliers and their workforce. For more infor-mation on our approach to addressing our stakehold-ers in the value chain, see the âResponsible Sourcingâ section on page 117. Performance on metrics and targets To uphold the commitments outlined in Lundbeckâs Code of Ethics and related policies, the HSE supplier audit results are tracked, and ongoing issues are mon-itored and followed up on. In parallel, cases reported through the Compliance Hotline are addressed follow-ing a strict procedure for investigations and tracking the occurrence of reports (see page 118). As these processes are carried out as part of the nor-mal work at Lundbeckâs departments, we have not set specific sustainability targets regarding workers in the value chain. Consumers and end-users Innovation in treatment Innovation is the lifeblood of our business model and essential to our ability to deliver on the purpose of improving the lives of patients with brain dis-eases. This is our most valuable contribution to society and sustainable de-velopment. 1 2 Time frameValue chainIRO linked to innovation IRO typeS M L U O D Innovation in treatment PP Impacts, risks, and opportunities (IROs) Neurological and psychiatric conditions severely im-pact patients, families, and society. Neuroscience inno-vation is essential for breakthrough solutions, enhanc-ing health outcomes and improving patientsâ quality oflife. By advancing research and pioneering treatments,Lundbeck aims to deliver breakthroughs that improve health outcomes and enhance the quality of life for pa-tients worldwide. In 2025, our innovative treatments reached more than 27 million patients worldwide (page 106-107). Policies Lundbeck is committed to driving focused innovation and exploring new breakthrough treatments within neuroscience. This commitment is reflected in our Fo-cused Innovator Strategy (page 12), our investment in research and development (R&D), as well as our collab-orations with external partners. The Focused Innovator Strategy combines internal and external approaches to provide Lundbeck with the necessary tools to focus, scale, and accelerate its R&D pipeline, thus bringing new medicines to patients in ar-eas of greatest need. These approaches include: ⢠Focus on brain diseases: we dedicate our efforts todeveloping innovative therapies for brain diseases,an area of significant unmet medical need.⢠Patient-centricity: we prioritize the needs of pa-tients, ensuring that our research and develop-ment efforts are focused on areas where we canmake the most significant difference. Our engage-ment approach is centered on âletting the patientspeakâ (Patient Voice, page 99).⢠Scientific excellence: we are committed to conduct-ing rigorous scientific research, employing cutting-edge technologies, and collaborating with leadingresearchers in the field of neuroscience.Key actions To advance our global Focused Innovator Strategy, Lundbeck pursues a set of strategic levers to ensure that we accelerate our R&D pipeline, strengthen col-laboration across the scientific community, and deliver transformative treatments to patients in areas of greatest need: ⢠R&D Investment: significant capital allocation en-sures a robust, advancing and sustainable pipeline.⢠Strategic partnerships: collaborations with aca-demia and biotech companies expand access tonew compounds, technologies, and expertise.⢠M&A and asset in-licensing: we pursue external in-novation to complement internal capabilities, di-versify our portfolio, and accelerate delivery of newtreatments.⢠Regulatory engagement: early, proactive engage-ment with regulators ensures compliance, agility,and sustainability.Policy to Focused Innovator Strategy manage IROs Key contents ⢠Patient-centricity ⢠Scientific excellence⢠Focus on brain diseases Scope Global Operations Accountability CEO and Executive Leadership Team Availability www.lundbeck.com Related -documents 1 PP = potential positive impact. 2 short-term: < 1-year, medium term: 1-5 years; long term: >5 years. 3 U = upstream, O = own operations, D = downstream. Together, these initiatives demonstrate how scientific progress, regulatory collaboration, and societal re-sponsibility converge to advance therapies for rare dis-eases. They reinforce our dedication to innovation and align with sustainability priorities by addressing unmet medical needs, improving health equity, and contrib-uting to resilient healthcare systems. Further details on Lundbeckâs innovation work in our Science and Innovation section on page 18. Performance on metrics and targets Lundbeck actively assesses the effectiveness of innova-tion in treatment across the entire organization by measuring the impact of our product portfolio and pipeline on patient health outcomes. This approach ensures continuous progress and accountability, even in the absence of formal sustainability targets. Pro-gress in innovation is ultimately measured by the ef-fectiveness of new therapies and their ability to im-prove patient lives â an ambition that lies at the core of Lundbeckâs work. Patient voice Lundbeck is committed to advancing patient-focused research and develop-ment to improve health outcomes and drive smarter innovation. 1 2 Time frameValue chainIRO linked to patient centricity IRO typeS M L U O D Patient voice PP Impacts, risks, and opportunities (IROs) Integrating patientsâ perspectives into R&D and drug development can contribute to treatments that ad-dress unmet needs, increase quality of life, and create more personalized medicines. This approach ensures that innovation is guided by real-world challenges, en-hancing the relevance and impact of medical solutions. Lundbeck is dedicated to delivering transformative outcomes for individuals living with brain diseases. For several years, a key technique for accomplishing this goal has been to place the patient voice at the center of our work. Since 2020, Lundbeckâs R&D organization has actively worked with âpatient-focused drug devel-opmentâ principles to incorporate patient perspectives into the drug development process. In the context of clinical trials, Lundbeck has devel-oped internal guidance for incorporating patient input into the design, conduct, and feedback processes, as well as a procedure for considering the inclusion of representative populations in clinical research. Policies Lundbeckâs Patient Centricity Strategy (link) is intended to establish a focus on the patient experience through-out the value chain. This requires prioritized and con-sistent partnerships with the lived-experience commu-nity across the organization, including in market activi-ties, clinical trials, and the development of new medi-cines. The Patient Centricity Strategy sets out Lundbeckâs commitment to embedding patient centricity across the organization, thus informing and supporting local policies and company-wide initiatives. This strategy has been developed with the support of Lundbeckâs Pa-tient Insights and Global Public Affairs departments, both of whom work directly with patient communities. Policy to Patient Centricity Strategy manage IROs Key contents Patient centricity across the organi-zation Scope Market activities, clinical trials, and development of new medicines Accountability SVP of Corporate Communication & Public Affairs Availability www.lundbeck.com Related MA DEI considerations tool, embed-documents ding diversity and patient perspec-tive in trial design, trial tracker PT engagement indicator and transpar-ency portal Furthermore, the strategy has been reviewed by rele-vant external stakeholders, including patient organiza-tions active in Lundbeckâs disease areas. Lundbeckâs commitment to being patient-driven aligns with its eth-ical standards in research and business, adhering to the UNâs human rights-based approach to health. 1 PP = potential positive impact. 2 Short-term: < 1-year, medium term: 1-5 years, long-term: >5 years. 3 U = upstream, O = own operations, D = downstream. Key actions Patient-focused actions Description Linked IROs Tracking effectiveness Patient insights In 2025, Lundbeck prioritized the integration of the patient voice across clinical programs, incorporating - Patient voiceThe effectiveness of patient voice in clinical programs is moni-into trial design their insights from trial conceptualization to execution and reporting. This interactive approach ensures that tored through trial materials and patient feedback. Whenever and meaningful patient perspectives are embedded at key stages, aligning with our commitment to inclusion, diversity, and possible, participants representing varied demographic charac-outcomes equity (ID&E) and patient centricity. By incorporating the insights of individuals with lived disease experience teristics, educational backgrounds, and geographies are invited to and their carers, we work to reduce the burden of clinical trial participation while gaining a deeper under-participate in activities gathering patient experience data. This en-standing of the outcomes that hold the greatest meaning for patients. ables us to consider different perspectives when integrating the patient voice in our work. R&D rare disease In 2025, the âLet the Patient Speakâ initiative continued to inspire and raise awareness across Lundbeck, as - Patient voiceThe R&D âLet the Patient Speakâ event was streamed, enabling event individuals with lived disease experience shared invaluable insights during R&D Rare Disease Awareness tracking of post-event content, though live attendance was not Days and department seminars. Their perspectives on conditions like Dravet syndrome and Cushingâs dis-formally recorded. Both events received positive feedback, with ease fostered deeper understanding and empathy, reinforcing the importance of the patient voice in our active audience participation, although formal tracking metrics work. were not implemented. 1 Voice summit For the past 11 years, Lundbeck has hosted an annual global advocacy event, the #1VoiceSummit. This event, - Patient voiceLundbeck tracks the effectiveness of its annual #1VoiceSummit by which is the responsibility of Lundbeckâs SVP of Corporate Communication & Public Affairs, unites global and monitoring attendance by participants and advance groups. In local patient communities to share best practices, exchange ideas, collaborate, and amplify the voices of 2025, the latest #1VoiceSummit featured participants from 28 dif-those with lived experiences of neurological and psychiatric disorders. ferent patient advocacy groups from around the world in neuro-logical and psychiatric health, representing nine countries. Open office hours Throughout 2025, Lundbeck held ongoing monthly meetings with leaders from patient organizations repre-- Patient voiceEach month, Lundbeck welcomes participation from over 30 dif-senting developmental and epileptic encephalopathies to discuss updates on the global phase III Bexicaserin ferent patient advocacy groups, ensuring meaningful engage-studies. These sessions provided a platform to share progress and gather timely feedback, ensuring continu-ment through one-on-one meetings for those unable to join the ous engagement with the community throughout the program. group calls. As the initiative evolves, we are exploring new ways to assess its success and positive impact. Let the patient speak Lundbeck is committed to patient centricity, with the goal of integrating the patient voice throughout the lifecycle of products and across the organization. The patient perspective is woven into the fabric of Lundbeckâs operations through multiple initiatives, largely spearheaded by Lundbeckâs Patient Insights and Public Affairs departments, with their department leads holding operational responsibility. Such initia-tives aim to âlet the patient speakâ and include inviting patients and caregivers to share their lived experi-ences with Lundbeck employees, establishing patient advisory boards for the disease areas represented in Lundbeckâs pipeline, and actively seeking patient input in the design and operations of clinical trials. Direct en-gagement with patients and incorporating inclusion and diversity in such engagements are key compo-nents of addressing the patient voice in Lundbeckâs ac-tivities. Further, Lundbeck collects patient experience data to ensure a comprehensive and representative under-standing of the patient voice. Lundbeck is implement-ing an integrated framework to embed the patient voice within evidence generation strategies across all phases of the drug lifecycle. Patient experience data is systematically collected to ensure a comprehensive and representative understanding of patient perspec-tives. This approach enables the continuous and con-sistent integration of patient insights into decision-making processes company-wide. Performance on metrics and targets Lundbeckâs approach to patient centricity through em-bedding the patient voice in the development of medi-cines is tailored to the individual needs and opportuni-ties for specific compounds within Lundbeckâs pipeline. Further details on Lundbeckâs pipeline can be found on page 23. Access to health Lundbeck is dedicated to advancing brain health by delivering innovative treatments and working with partners worldwide to improve access for peo-ple living with psychiatric and neurological disorders. 1 2 Time frameValue chainIROs linked to access to health IRO typeS M L U O D Inequality in access to health PN Risk of pricing, reimbursement, and access R Impacts, risks, and opportunities (IROs) One of the pharmaceutical industryâs most material sustainability issues is how to support good health andwell-being for all, leaving no one behind. Brain health remains an underprioritized area, despite its huge bur-den on society, limiting the availability and affordability of treatments and affecting individualsâ access to healthcare and overall health outcomes. Lundbeck rec-ognizes its responsibility to help address these sys-temic challenges and support global access among and within countries. Furthermore, political pressures and potential healthcare reforms may influence pric-ing, reimbursement, and access, contributing to cover-age disparities and regulatory scrutiny, leading to a potential risk to future revenue in certain markets. Policies The Access to Health Strategy (link) sets out our aspira-tions for supporting policy change, raising awareness, advocacy, education, and product donations to en-hance access to health for all. It is designed in align-ment with the Sustainable Development Goal 3 (Good Health and Well-being), as well as the WHOâs four Right to Health principles (i.e., availability, accessibility, ac-ceptability, and good quality) and Guidelines for Medi-cine Donations. These frameworks emphasize the im-portance of respecting human rights and engaging with patients. In addition, the Access to Health Strategy promotes equitable brain health. In 2025, 27.8 million patients worldwide were estimated to have been treated with Lundbeckâs portfolio of medicinal products. R&D and innovation in treatment also have a pivotal role in our ambition to improve availability to brain health (page 18). This framework guides our efforts to enhance the accessibility, acceptability, and affordability of these in-novative treatments for people living with psychiatric and neurological disorders worldwide. In 2025, Lundbeck reinforced its commitment to mak-ing innovative medicines more affordable and accessi-ble by updating the Position on Pricing and Patient Ac-cess. The Position, as part of the Access to Health Strategy, is the framework by which Lundbeck devel-ops access strategies for each product, tailored to fit the requirements and needs of individual markets. In collaboration with relevant stakeholders, such as pay-ers and national healthcare bodies, these access strat-egies ultimately promote sustainable and equitable ac-cess to our medicines globally. In 2025, the position introduced new pillars to our ap-proach to access to health: ⢠Equity-Based Tiered Pricing framework ⢠Patient access metrics Equity-Based Tiered Pricing framework Implemented in 2025, the Equity-based Tiered Pricing framework outlines our approach to pricing medicines in a way that reflects both their value and the eco-nomic conditions of different markets. The framework accounts for country-specific factors such as afforda-bility, inequality, and patient access when determining the value of Lundbeckâs treatments. Lundbeck actively collaborates with healthcare provid-ers, authorities, patients, policymakers, and national healthcare systems to address pricing concerns and improve access to essential treatments. This collabora-tive approach ensures that our pricing strategies sup-port both business objectives and the needs of those directly affected by our medicines. Additionally, Lundbeck is committed to aligning with third-party standards and international healthcare reg-ulations. By doing so, we ensure our pricing practices Policy to Access to Health Strategy manage IROs Key contents Raising awareness, advocacy, educa-tion, and product donations Scope Global operations Accountability Executive Leadership Team Availability www.lundbeck.com Related Position on Pricing and Patient documents Access 1 R = financial risk; PN = potential negative impact. 2 Short-term: < 1-year, medium term: 1-5 years, long-term: >5 years. 3 U = upstream, O = own operations, D = downstream. adhere to ethical guidelines and support global efforts to enhance the affordability and accessibility of medi-cines. Patient access metrics To further guide and monitor our impact towards en-hancing access to brain health, Lundbeck established two key patient access metrics (PAMs) in 2025 to as-sess how efficiently our medicines secure patient ac-cess following market authorization: ⢠Access Coverage.⢠Time to Access Indicator.These metrics enable Lundbeck to monitor our patient access performance (page 106) and identify opportuni-ties to close access gaps and establish long-term goals. Key actions Since adopting our Access to Health Strategy in 2020, Lundbeck has continuously grown our efforts to sup-port neurological and mental health for all. In many parts of the world, neurological and psychiat-ric disorders come with a high degree of social bur-den. To advance a more inclusive world, we have in 2025 stayed committed to our work with a number of international and local advocacy groups to promote disease awareness, support the education of healthcare professionals, combat stigma, and empower people living with neurological and psychiat-ric disorders. As part of our commitment to provide neurological and mental health for all, we ensured uninterrupted availability of our treatments in 27 countries by transi-tioning to a partner-led commercial model, working closely with local partners selected for their strong re-gional expertise and track record of supporting patient access. In Pakistan, where we decided in 2025 to close our operations, we carried out a human rights impact assessment and have put an action plan in place to mitigate potential negative impact on vulnerable pa-tient groups. In 2025, Lundbeck implemented additional actions to advance access to health (further described on page 104): ⢠Mental health community-based care.⢠Partnership for migraine awareness in the work-place.⢠Product donations through IHP.⢠Partnering with the Red Cross for psychosocial sup-port in Ukraine.⢠Implementation of patient access metrics.⢠Implemented Equity-based Tiered Pricing frame-work.Access to health actions (1/2) Description Link to IROs Tracking effectiveness Mental health In 2025, we continued our long-standing partnership with Clubhouse International by sponsoring their - Inequality in Through more than 330 local clubhouses worldwide, Club-community-based care mental health awareness efforts. This yearâs project focused on World Mental Health Day, celebrated on access to health house Internationalâs model offers individuals living with 10 October. Lundbeck supported Clubhouse International in their 2025 campaign, which focused on eq-mental health disorders opportunities for social connection, uity in the workplace and society for those living with a mental health disorder. 25 clubhouses from eight employment, housing, education, as well as access to medi-countries partnered with Clubhouse International for this initiative. cal and psychiatric services, within a single supportive, com-munity-based environment. The success of this partnership is tracked through engagement and social media reports. Partnership for Since 2022, Lundbeck has continued its commitment to advancing brain health by supporting the Euro-- Inequality in Through this sponsorship, Lundbeck supports the migraine migraine awareness in pean Migraine and Headache Allianceâs Migraine Friendly Workplace (EMHA) program. This program pro-access to health advocacy community in their efforts to educate, raise aware-the workplace motes awareness and understanding of migraine by educating employers and employees in participat-ness, and improve care for people living with migraine. In ing organizations about its impact in the workplace and beyond. It provides practical resources and tools 2025, 93 organizations across different sectors were accred-to help organizations create more supportive work environments for individuals living with migraine, ited as migraine-friendly workplaces by the EMHA, including contributing to improved inclusion, employee well-being, and workplace productivity. Lundbeck. Product donations Since 2021, Lundbeck has partnered with IHP to donate products in low- and middle-income countries - Inequality in In 2025, Lundbeck manufactured 4,291 treatments that through IHP (LMIC). Through our partnership with IHP, we continue to raise awareness of mental health conditions, access to health were donated in LMICs. In the past five years of the partner-provide access to underserved communities, and offer much-needed support to those living with brain ship, Lundbeck has reached more than 23,000 patients. The disorders. The current product donation process was reviewed and a new approach developed in 2025 donations are tracked via a sustainability target, please see with a view to expanding the country and patient reach in the coming years. page 106 for more details. Partnering with the In December 2023, Lundbeck committed DKK 5 million to support Danish Red Cross Mental Health and - Inequality in Lundbeck tracks the effectiveness of its implementation of Red Cross for psychoso-Psychosocial Support (MHPSS) activities in Ukraine during 2024 and 2025. In alignment with this commit-access to health this action through annual impact reports from the Danish cial support in Ukraine ment, DKK 3.5 million was paid in 2025. This funding will enable the Ukrainian Red Cross to expand vital Red Cross, which detail activities, resource allocation, and psychosocial support for vulnerable children and adults affected by the war, including psychological first participation. Based on these evaluations, adjustments are aid, child-friendly spaces, and training for Red Cross volunteers and staff. made for the following year, such as changing workshop lo-cations, timings, and methods to better address mental health challenges. Access to health actions (2/2) Description Link to IROs Tracking effectiveness Implementation of For each product, Lundbeck develops access strategies that aim to tailor the requirements and needs of - Risk of pricing,Monitoring efficiency on our patient access efforts through patient access metrics individual markets, ensuring sustainable and equitable access to our medicines. At the same time, reimbursement andpatient access metrics (page 106) capturing breadth of ac-Lundbeck continuously engages with external relevant stakeholders to ensure equitable access to our accesscess, as well as time to access from regulatory approval to re-medicines. Both at the national and local level, the patient access teams interact and engage with deci-imbursement approval of our medicines benchmarked to in-sion-making bodies aiming to ensure equitable and sustainable access conditions to our medicines. In dustry metrics and internal targets. order to measure the access efforts from a global perspective, Lundbeck implements patient access met-rics. In 2025, Lundbeck introduced a global Equity-based Tiered Pricing (EBTP) framework. The EBTP approach - Risk of pricing,Launch of Global monitoring of prices to ensure price-setting decisions considers affordability and the macro-economic context in the country, such as ability-to-pay. The frame-reimbursementEquity-Based Tiered are in line with EBTP framework. work , the related new decision-making processes, and the monitoring are implemented with the interest of and accessPricing framework healthcare systems and payers in mind. Performance on metrics and targets Patient access Unit 2025 2024 Access Coverage % 77 72 Time to Access Indicator % 61 56 Donated treatments Unit 2025 2024Donated treatments in low-middle income countries Estimated patients 4,291 5,860 1 Patients reached Unit 2025 2024Patients reached (mature products) Estimated patients in millions 16.4 16.0 Patients reached (strategic products) Estimated patients in millions 11.4 11.5 Total patients reached Estimated patients in millions 27.8 27.5 Access to health targets Pillars 2025 sustainability target Status Access to Donate treatment for at least 3,000 patients in low- and middle-income countries Achieved health through product donation partnerships. Read more about our performance on targets below. A full list of our Sustainability targets can be found on page 36-37. Performance on Access to health Our patient access metrics help us measure and monitor how efficiently our medicines secure patient access fol-lowing market authorization, enabling patient use. A higher Access Coverage percentage means more patients have access to our medicines under public reimbursement. A higher Time to Access Indicator percentage, means more reimbursement listings have been achieved earlier or at equal time to the industry benchmarks, and thus, shorter waiting times for patients to access our medicines under public reimbursement. The development in these two metrics in the reporting year is driven by Abilify Maintena 960 mg reimbursement listing approvals in Europe through 2025. Through these new approvals, Lundbeck achieved an increase in the breadth of access to our medicines. The reimbursement listing occurred earlier than the industry average (the benchmark used for this analysis), which allows us to demonstrate an improvement in time to access for our medicines. Lundbeck has partnered with International Health Partners (IHP) for the past five years. Through this collabora-tion, Lundbeck donates medication to charitable clinics in low- and middle-income countries, ensuring realistic yet ambitious target setting. In 2025, donated treatments are estimated to reach 4,291 patients, which is 27% lower compared to 2024, but aligns with our commitment to reach our 2025 target set at 3.000 patients. The annual figures for donated treatments are influenced by several factors. Primarily, the amount of donated products de-pends on the requests received from our regular partner, International Health Partners (IHP) or from emergency requests from other partners and can vary from year to year. As our annual target increases each year, we con-tinue to expand or adjust the regions where donations are directed. While we have consistently surpassed our annual targets, the extent by which we exceed them varies each year and is driven by factors such as partner re-quests, program expansion, and evolving needs in pre-approved regions. Patients reached increased slightly. We reached 27.8 million patients in 2025. The development can be explained from an increase in mature products reaching patients, despite a slight decrease in strategic products reaching patients. 1 The 2024 figures have been restated, as presenting patients reached as number of patients provides a clearer representation of the scale of patients reached. The numbers are divided into mature and strategic products, and reported as number of patients, whereas previouslythis was reported as patient years. The scope of reporting is extended to include strategic products. The change from patient years to number results in a larger figure to be reported, collectively 7.2 million patient years reached with mature products in 2024. Accounting policies Access Coverage Access Coverage reflects the proportion of reimbursement listings achieved through negotiated public-reim-1bursed access to our medicines. It is based on the total number of reimbursement listings achieved for our medicines by the end of the reporting year, benchmarked against the total number of countries where 2Lundbeck has marketing authorization for our medicines by the end of the reporting year. Time to Access Indicator 1The Time to Access Indicator reflects the proportion of reimbursement listings achieved for our medicinesthrough negotiated public-reimbursed access earlier than or in equal time to the industry-average benchmark. It is based on the total number of reimbursement listings achieved earlier than or equal time to the industry 2benchmark, divided by the total number of reimbursement listings achieved by the end of the reporting year. The industry benchmark (IQVIA EFPIA Patients W.A.I.T.1 Indicator Survey and Time to Availability from IQVIA) measures the average number of days between market authorization and reimbursement listings for medi-cines in different countries. Each product has been benchmarked with the corresponding report based on mar-keting approval year, covering 2015-2024, which is applicable for 2024 reporting. While the benchmark period (2015-2023) provided by the IQVIA-EFPIA Patients WAIT Indicator survey reports used does not fully overlap with the analysis timeframe (2013-2025), and the benchmark for non-EU countries covers the period between 2020 and 2023, it serves as a reliable proxy for years outside the direct scope, as trends and patterns evolve gradually over time rather than abruptly throughout the years. For both Access Coverage and the Time to Access Indicator, the following applies: Given the unique structure of the U.S. healthcare system, we consider the private reimbursement system as a significant part of our efforts in securing access to our medicines in the country. For this exercise, to maintain consistency within the analysis, we have considered and covered both private and public access schemes (i.e., commercial plans, Medicare, and Medicaid). Access to health â donated treatments Donated treatment in low- and middle-income countries refers to the number of patients reached through Lundbeckâs medicine donation program. The number of patients potentially reached is estimated by dividing the total number of doses prepared for shipment by the recommended average treatment dose per patient per year, taking into consideration the circumstances of patients receiving the treatment, often in areas of conflict or disaster and thus persistent need for treatment. Patients reached Patients reached refers to the estimated number of patients potentially exposed to a specific Lundbeck drug or treatment during the reporting period (December 2024-November 2025). The calculation is based on product sales data for the reporting period, applying standardized assumptions regarding the average daily dose and treatment duration for each product. The number of patients is estimated at the product level by dividing the total sales volume (in milligrams) by the product-specific estimated average daily dose (in milli-grams) multiplied by the average treatment duration (in days). For the strategic products, the final five months of the reporting period are estimated due to the unavailability of supplier data. The estimate is de-rived by applying an average based on the first seven months of the reporting period. ⢠Average daily dose (mg): The average daily amount of active substance taken by a patient, based on theDefined Daily Dose (DDD) as defined by the World Health Organization (WHO).⢠Average treatment duration (days): The estimated average treatment duration derived from the approvedindication and expected usage pattern as described in the company core safety information (CCSI).The number for 2025 is divided into mature and strategic products and reported as the number of patients, whereas this was previously reported as patient years. The scope of reporting is extended to include strate-gic products. 1 Medicines in scope: Abilify Maintena 960 mg®/Abilify Asimtufii®, Brintellix®/Trintellix®, Rexulti®/Rxulti®, and Vyepti®. 2 Countries in scope: Australia, Austria, Belgium, Canada, China, Denmark, France, Finland, Germany, Ireland, Italy, Japan, Luxemburg, Netherlands, Norway, Portugal, Spain, South Korea, Sweden, Switzerland, United States, and United Kingdom. Recent changes in Lundbeckâs operating model in the EMSEE region (Emerging Markets and South/East Europe) resulted in a shift to a partner-led model for the commercialization of Lundbeck assets in these countries from 1 December 2025. Although these countries remained within our operational scope for the majority of 2025, their planned transfer to partners as of December 2025 led us to exclude them from the new patient access metrics to maintain reporting consistency and forward-looking relevance. The countries from this region that have been excluded from this exercise are: Bulgaria, Croatia, Czech Republic, Estonia, Greece, Hungary, Israel, Latvia, Lithuania, Poland, Romania, Slovakia, Slovenia, and Ukraine. Product safety and quality Our commitment to patient safety and quality is integrated into our opera-tions, from research and development to manufacturing and distribution. 1 2 Time frameValue chainIRO linked to product safety and quality IRO typeS M L U O D Product safety and quality PN Risk of failure of pharmacovigilance R Impacts, risks, and opportunities (IROs) Ensuring the safety and quality of our products is para-mount, as patients rely on accurate and transparent information to make informed decisions about their treatment options. Any disruptions in Lundbeckâs pro-cesses to manage product safety and quality could have significant consequences for patients and stake-holders. These may result in patients taking unsuitable medication, experiencing adverse effects that out-weigh the benefits, or forgoing beneficial treatments that could improve their health and quality of life. Policies Our commitment to product safety and quality is guided by the Pharmacovigilance System Master File (PSMF), including the related Corporate Patient Safety Manual and Guideline for Local Patient Safety in Affili-ates, and the Corporate Quality manual, respectively. All frameworks aim to ensure the protection of pa-tients who take our medicines. Product safety Lundbeckâs approach to product and patient safety is grounded in our pharmacovigilance system, as de-scribed in the Pharmacovigilance System Master File (PSMF). The PSMF outlines Lundbeckâs procedures for managing safety information, describes the global pharmacovigilance system, and provides the basis for our formalized processes covering all aspects of phar-macovigilance. These include: ⢠Monitoring productsâ benefit-risk profile and riskmanagement systems by evaluating information re-ceived from patients and healthcare professionals(HCPs).⢠Evaluating all safety reports from patients and HCPs.⢠Ensuring that a business continuity plan is in place tomaintain the ongoing operation of pharmacovigi-lance processes in the event of a significant disrup-tion to our pharmacovigilance system. The PSMF and all specified procedures comply with regulatory requirements set by the EU and health au-thorities worldwide, including Guidelines on Good Pharmacovigilance Practices modules in the EU. Product quality Lundbeckâs product quality approach is managed ac-cording to our Quality manual, which focuses on: ⢠Delivering effective products at the correct level ofsafety for psychiatric and neurological diseases.⢠Fostering a culture that prioritizes quality.⢠Ensuring employee accountability.This policy entails compliant systems designed to fulfil regulatory inspections, integrates quality from the out-set to minimize defects and complaints, and promotes ongoing improvements of good practice (GxP) pro-cesses. Lundbeck complies with all relevant local, EU, and international product quality standards to safe-guard patient interests and ensure that products are manufactured and distributed in line with GxP. Aligned with the UN Guiding Principles on Business and Hu-man Rights, Lundbeckâs Corporate Product Quality de-partment ensures that products are of the right high quality and available to meet patient needs. Policy to Pharmacovigilance System Master File Quality manual manage IROs Key contents Pharmacovigilance system and proce-Product at correct level of safety and quality and regulatory compliance dures for handling safety information Scope Global operations All personnel involved in GxP activities, particularly in manufacturing and distribution Accountability Executive Leadership Team ⢠Executive Leadership Team⢠CEO Availability Internally accessible through electronic Shared internally through awareness training document management system Related Quality policy, Corporate Patient Safety documents Manual, and Guideline for Local Patient Pharmacovigilance System Master File (PSMF) Safety in Affiliates 1 R = financial risk; PN = potential negative impact. 2 Short-term: < 1-year, medium term: 1-5 years, long-term: >5 years. 3 U = upstream, O = own operations, D = downstream. Key actions Product safety & quality actions Description Linked IROs Tracking effectiveness Global quality In 2025, all Lundbeck employees were required to complete an online interactive quality training course - Product qualityThe effectiveness of the global quality awareness training is tracked through awareness training through our learning management system. The e-learning module includes information from Lundbeckâs feedback collected in our learning management system (LMS) and monitored Corporate Quality manual, guidance for enhancing a culture of quality, and instructions for reporting de-completion rates. This helps assess whether the training meets its intended viations from regulations and approved processes, particularly for those that could impact patient safety. goals, such as reinforcing accountability and patient safety. The training sup-The training aims to strengthen accountability for Lundbeck employees working outside of GxP and rein-ports a unified quality approach across Lundbeck and aligns with the Corpo-force the critical role every employee plays in safeguarding patient safety and adhering to regulatory re-rate Quality manual and annual pharmacovigilance (PV) training. quirements. Annual quality One of Lundbeckâs key measures taken to ensure product safety and quality is the annual quality man-- Product qualityA coordinated process is in place across various GxP areas to ensure that management agement review (QMR) of the quality management system (QMS). The QMS, audited annually by Corpo-corrective and preventive actions are taken to prevent, mitigate, and avoid review (QMR) rate Product Quality (CPQ), covers our manufacturing sites in Valby, Valbonne, LumsÃ¥s, and Padova, and recurrence of non-conformities and deviations. To track reported issues and governs the manufacturing of medicinal products for commercial markets. QMR assesses the suitability ensure that products are produced at the right quality, the QMR includes an and effectiveness of the QMS and investigates key compliance parameters, including significant findings assessment of previous QMR reviews and corrective actions taken for previ-and related corrective actions from internal audits. The results of this review are presented to the Execu-ously highlighted concerns. See section âRemediating Product Safety and tive Leadership Team, and appropriate follow-up actions are taken. Quality Concernsâ on page 110. Lundbeck pharmacovigi-Lundbeck continuously maintains a comprehensive pharmacovigilance system that ensures timely identi-- Product safety Lundbeck monitors the completion rates of its âPatient safety informationâ e-lance system fication, evaluation, and communication of safety information across all products. As part of our annual learning. In addition, in line with regulatory requirements, defined internal and training procedures, Lundbeck employees complete the âPatient Safety Informationâ e-learning course on a recur-KPIs are used to ensure the effectiveness of Lundbeckâs pharmacovigilance ring basis to ensure sustained awareness across the organization. The course is designed to ensure that (PV) system. Such KPIs, within the global patient safety (GPS) organization in-all participants understand why, what, when, and how to report safety information to Lundbeck, thereby clude >98% timely submission of individual case safety reports (ICSRs) in at reinforcing the integrity of our global pharmacovigilance system and strengthening patient safety aware-least seven of 12 consecutive months, with no month falling below 95%. Ad-ness across the organization. The training is mandatory for all Lundbeck employees worldwide, regard-ditional KPIs cover aggregate safety report submission (target >98%) and less of function, and is also required for selected consultants, business partners, and vendors working on safety variation submissions (e.g., label updates) with >90% compliance in behalf of Lundbeck. Regulatory Affairs (RA). In 2025, Lundbeck met all internal evaluation thresh-olds related to Lundbeckâs pharmacovigilance system and product safety. Engaging with patients and HCPs Engagement with patients on product safety and qual-ity is highly regulated, involving the provision of safety information and management of adverse event re-ports. These reports â submitted by patients, healthcare professionals, or proxies through the phar-macovigilance system â are collected locally or at headquarters by Global Patient Safety (GPS), which manages data processing, medical evaluation, and re-porting to health authorities and business partners. In addition, Lundbeck provides safety information to end-users through patient information leaflets in medica-tion packages, outlining potential side effects in local languages. This engagement is frequent and overseen by Lundbeckâs Safety Governance, including the head of GPS, the head of GPS medical safety, and the quali-fied person for pharmacovigilance (QPPV). The latter is formally appointed by the Executive Leadership Team and registered with European health authorities. Our Corporate Product Quality (CPQ) department avoids any direct contact with patients and HCPs to prevent bias towards the use of Lundbeckâs products, while ensuring that all product quality complaints are documented, investigated, and addressed. The effec-tiveness of these engagements is assessed as part of Lundbeckâs commitment to risk minimization with health authorities. Remediating product safety and quality concerns The quality and specifications for each Lundbeck prod-uct are predefined and approved by relevant health authorities prior to manufacturing. In the event that product quality issues arise, Lundbeck engages with authorities enforcing the strict quality regulations gov-erning our quality management systems (QMS). Pa-tients, HCPs, and other stakeholders can report quality concerns through dedicated channels. All complaints about marketed products are managed via the quality management system, ensuring they are recorded, in-vestigated, evaluated, and addressed. Lundbeckâs operating pharmacovigilance system en-sures that adverse event reports and other safety in-formation related to Lundbeckâs products or develop-ment projects, received through various sources such as clinical trials, patients, caregivers, and HCPs world-wide, are handled and reported in a timely and compli-ant manner. All safety information is continuously as-sessed to evaluate product benefit-risk profiles for pa-tients and Global Patient Safety aggregates and ana-lyzes this data to inform patients, HCPs, and regulators as applicable. Internal safety committees review poten-tial safety issues and propose risk mitigation strate-gies, which are endorsed by the Safety Board. For ma-jor concerns or new information, the Safety Board may initiate label updates, product recalls, or pause devel-opment activities. Communication of product risks to patients and HCPs is highly regulated by health au-thorities and depends on potential impact; for instance, through label updates, direct HCP notices, or channels managed by authorities and web platforms. Lundbeck supports this communication by complying with relevant legislation. Our Anti-retaliation policy comes into effect for all issues reported via the Compli-ance Hotline (see page 115), including safety-related concerns. Performance on metrics and targets Lundbeckâs quality management system and pharma-covigilance system are continuously monitored and evaluated, thereby adhering to strict regulations up-held by the Quality policy and the procedures de-scribed in the Pharmacovigilance System Master File. While no formal sustainability targets are set, continu-ous monitoring of product safety profiles is ensured through ongoing safety surveillance and signal man-agement activities, utilizing information from non-clini-cal, clinical, and post-marketing sources. In addition, while internal operational KPIs are used to ensure the effectiveness of Lundbeckâs pharmacovigilance (PV) system (page 109), Lundbeck has not set specific sus-tainability targets. Through these procedures and performance monitor-ing mechanisms, Lundbeck ensures that all products are of the right quality at the right time, in accordance with applicable legislation and best practices in prod-uct quality and pharmacovigilance oversight.Responsible marketing By ensuring that our marketing efforts are accurate, transparent, and aligned with regulatory standards, we maintain trust with healthcare profes-sionals, patients, authorities, and other stakeholders. 1 2 Time frameValue chainIROs linked to responsible marketing IRO typeS M L U O D PN Responsible and ethical marketing R Risk of promotional misconduct Impacts, risks, and opportunities (IROs) Without responsible and ethical marketing practices, patients and healthcare professionals may be exposedto misleading or unbalanced information. This could lead to improper use of medicines, erosion of trust, negative impacts on patientsâ physical and financial well-being, and distortion of healthcare priorities. Up-holding regulatory standards and providing fair, accu-rate, and approved information are essential to sup-port appropriate treatment decisions and safeguard patient health. Policies The Code of Ethics addresses responsible marketing by setting clear expectations for our employees to: ⢠Comply with applicable promotional laws and regu-lations across all communication and platforms. ⢠Use accurate and approved promotional material. ⢠Promote only products with valid marketing authori-zation for approved indications. Lundbeck adheres to ethical marketing laws and aligns with the standards set by the European Federation of Pharmaceutical Industries and Associations (EFPIA) and International Federation of Pharmaceutical Manu-facturers and Associations (IFPMA) codes. Lundbeck prioritizes patient interests by focusing marketing ef-forts on healthcare professionals â except in the U.S. and New Zealand where direct-to-patient marketing is allowed â while ensuring its processes uphold ethical standards. Key actions Lundbeckâs Promotional and Advertising Review Com-mittee (HQ-PARC) oversees all promotional activities and materials at headquarters, ensuring compliance with relevant laws and EFPIA and IFPMA codes. Subsid-iaries are responsible for approving material in line with their respective local codes. Integrity in marketing material is prioritized through structured decision-making processes which help assess and manage po-tential risks. As both HQ-PARC and local subsidiaries have integrated review processes into their daily oper-ations, Lundbeck considers the current system effec-tive and does not implement additional initiatives for responsible marketing. Furthermore, Lundbeck en-gages in a compliance network with other companies to align interpretations and approaches regarding eth-ical marketing practices. Potential marketing-related concerns can be reported via Lundbeckâs Compliance Hotline (see page 115). Substantial resources are dedicated to maintaining high standards in marketing ethics, through the effortsof HQ-PARC, local PARC teams, and the marketing and medical departments across all levels of the organiza-tion. Engaging with patients and HCPs Recognizing patientsâ vulnerability to unethical market-ing practices, Lundbeck prioritizes gathering feedback from patients and HCPs to better understand how pro-motional material is perceived and to minimize poten-tial negative impacts. Anonymous surveys are con-ducted both directly with patients and HCPs, as well as via credible proxies like patient organizations and agencies, to assess accuracy, clarity and reception of promotional communication. All interac-tions are strictly regulated and comply with the EFPIA Code of Practice. Feedback is used by the Marketing Analytics department to optimize promotional messag-ing, improve clarity, and identify unmet needs, with lo-cal subsidiaries adjusting communication strategies as needed. The Senior Vice President for Medical Affairs and General Counsel oversee engagement, feedback integration, and process approval. Remediation and channels for raising promotional practice concerns Lundbeck adheres to the standards and expectations set by the relevant regulatory bodies. As non-compli-ance can result in fines, withdrawal of materials, and Policy to Code of Ethics manage IROs Key contents Promotional rules and guidance to act with integrity and comply with applicable law Scope Global operations Accountability ⢠CEO ⢠Executive Leadership Team Availability www.lundbeck.com Related EFPIA and IFPMA standards documents 1 R = financial risk; PN = potential negative impact. 2 Short-term: < 1-year, medium term: 1-5 years, long term: >5 years. 3 U = upstream, O = own operations, D = downstream. public corrections, we actively promote and ensure compliance through self-regulation and collaborative industry oversight. Promotional concerns can be reported via Lundbeckâs Compliance Hotline â accessible internally and exter-nally at www.lundbeck.com â or directly to authorities and ethical bodies. Details on the hotline and Lundbeckâs Anti-retaliation and Whistleblowing policy are available on page 115. As a member of ethical industry committees, including Denmarkâs Ethical Committee for the Pharmaceutical Industry, Lundbeck addresses complaints through these platforms. Additionally, our medical information service enables patients and HCPs to raise concerns and receive timely responses. Issues raised via this service are tracked through yearly reports, including one provided by the Danish ethical body on pharma-ceutical industry concerns. Performance on metrics and targets Lundbeck monitors formal complaints and social me-dia to identify any integrity issues and assess the effec-tiveness of its responsible marketing efforts. Social media issues are addressed through defined pro-cesses managed by Lundbeckâs Corporate Communi-cation department. The CEO and Board of Directors set the ambition level towards responsible and ethical marketing, with no specific targets or indicators cur-rently used to measure progress. Health as a human right As a focused innovator committed to advancing brain health, it is crucial for Lundbeck to continue enhancing its understanding of the impact it has on patients, from their own perspective, by contin-uously assessing risks related to human rights vio-lations. Lundbeck is committed to safeguarding the health of patients, employees and value chain workers by continuously upholding the commit-ments it makes in the Human Rights Statement (link) (see pages 96). Lundbeckâs policies, actions, and targets outlined in the Consumers and End-users section on pages 98-112 reflects Lundbeckâs commitment to these human rights principles and operationalize our ef-forts to avoid causing or contributing to any signifi-cant negative impacts on patients. In addition to Lundbeckâs commitment to adhering to relevant legislation and engaging with health authorities to address any potential negative im-pacts, Lundbeck engages with patients and other end-users in different ways depending on how they may be potentially impacted. Similarly, due to the diverse types of impact that may occur, there is no one-size-fits-all approach to remediation of such potential impacts. Rather, various channels are available to address any raised issues. Governance Highlights 100% Code of Ethics training completion rate 4 out of 5 of employees are confident in raising an ethical or compliance concern Business conduct Business ethics and corporate culture Lundbeck is committed to integrity, accountability, and transparency. Our Code of Ethics, policies, and procedures promote compliance and guide our actions to safeguard the interests of all our stakeholders. 1 2 Time frameValue chainIROs linked to business ethics and corporate culture IRO typeS M L U O D Breach of our Code of Ethics R Anti-corruption and anti-bribery PN Responsible sourcing PN Animal welfare AN Protection of whistleblowers PN Impacts, risks, and opportunities (IROs) Any breaches in our Code of Ethics, corporate policies, and procedures by internal or external parties can give rise to adverse impacts for our stakeholders and pose reputational and/or compliance risks for Lundbeck. From the sourcing of raw materials to the manufactur-ing and distribution of medicines, Lundbeck interacts with stakeholders across the entire value chain. Interactions with healthcare professionals (HCPs), pub-lic officials, authorities, and other pharmaceutical com-panies carry an inherent risk of corruption, bribery, or anti-competitive behavior, which â if not properly ad-dressed â can compromise trust, product quality, and patient safety. Additionally, ineffective oversight of new and existing high-risk suppliers through due diligence processes and proactive engagement can lead to un-ethical business practices in the value chain, which may adversely affect the environment, supply chain continuity, and ultimately our patients. Among the vari-ous resources required to bring our products to mar-ket, Lundbeck is obliged by authorities to conduct ani-mal studies in non-clinical research and development, in line with scientific guidance and applicable regula-tions. Improper care of animals can affect their well-being. These topics require continuous monitoring to prevent incidents and ensure ethical conduct. Internal and ex-ternal stakeholders are encouraged to raise concerns to support the identification and resolution of issues, based on appropriate procedures and protections. Any failure to protect good-faith whistleblowers can lead to retaliation, personal or professional consequences, or potential legal implications. Policies Our approach to ethical business practices and compli-ance is grounded in the Code of Ethics (page 63), our overarching framework for setting clear expectations for all internal and external stakeholders to act with in-tegrity, accountability, and honesty. Building on these principles, Lundbeck has bespoke policies and procedures in place to ensure compliance with appli-cable legislation and address our material IROs: ⢠Guide on interactions with high-risk stakeholders. ⢠Anti-retaliation and whistleblowing policy. ⢠Competition law policy. ⢠Third-party intermediary due diligence standard operating procedure (SOP). ⢠Animal ethics policy.Policy to Code of Ethics manage IROs Key contents Promotes integrity, accountability, and transparency Scope Global operations and value chain Accountability ⢠Board of Directors ⢠Global Compliance CommitteeAvailability www.lundbeck.com Related Guidelines on interactions with documents high-risk stakeholders, Anti-retalia-tion and whistleblowing policy, Competition law policy, TPIDD, and Animal ethics policy (page 115) 1 R = financial risk; PN = potential negative impact, AN = actual negative impact. 2 Short-term: < 1-year, medium term: 1-5 years, long-term: >5 years. 3 U = upstream, O = own operations, D = downstream. Policy Key contents Scope Accountability Availability Guide on interactions ⢠Minimum requirements to ensure that interactions are legal, ethical, and Third-party intermediaries and Chief Ethics & Internal with healthcare profes-do not constitute an inducement to recommend, prescribe, purchase, Lundbeck employees, including func-Compliance Officer sionals (HCPs), supply, sell, or administer a medicinal product. tions with frequent high-risk interac-healthcare organiza-⢠Clarifies roles and responsibilities of senior management, HCP manag-tions: Marketing, Sales, Medical Af-tions (HCOs), patient or-ers, regional compliance officers, and Global Compliance. fairs, Clinical Development, Regula-ganizations (POs), and tory, Procurement, R&D, and Public patients Affairs. Anti-retaliation and ⢠Establishes protections for individuals who in good faith report alleged All employees globally, members of Chief Ethics & Internal whistleblowing policy or actual violations of our Code of Ethics, internal policies and proce-the Board of Directors, agents, con-Compliance Officer and dures, or applicable laws and regulations. sultants, contract workers, and oth-Executive ⢠Reinforces the business integrity by providing safe and reliable means ers representing or acting for or on Leadership for employees and others to report concerns. behalf of Lundbeck. Team ⢠Adheres with the EU Whistleblowing Directive.Competition law policy ⢠Sets out the principles for compliant and accountable commercial affairs Lundbeck management and employ-General Internal Counsel in accordance with applicable competition law. ees globally. ⢠Ensures that all employees have an appropriate understanding of rele-vant competition laws and how they apply to our business. Third-party intermedi-⢠Describes how we interact with third-party intermediaries (TPIs). Third-party intermediaries are all Chief Ethics & Internal ary due diligence ⢠Outlines the third-party intermediary risk management and due dili-professionals and entities perform-Compliance Officer (TPIDD) SOP gence process to review and monitor third parties and prevent bribery, ing activities within Lundbeckâs core corruption, fraud, and conflict of interest across engagements. business areas either on behalf of, or in the interest of, Lundbeck. Animal ethics ⢠Ensures that animals are only used in research when no alternative mod-Lundbeck employees globally and ex-Executive www.lund-beck.com policy els exist and patient benefit outweighs the discomfort to animals. ternal collaborators conducting clini-Leadership Team ⢠Sets out ethical requirements for animal care based on the 3Rs, legal cal studies on Lundbeckâs behalf. compliance with applicable law, and high welfare standards. ⢠Extends Lundbeckâs ethical principles to external collaborators. Prevention and detection of ethical concerns Lundbeck encourages employees to maintain ongoing dialogue concerning compliance and ethics with their colleagues and managers. Recognizing that not all questions or concerns are suitable for open discus-sions, employees are encouraged to seek advice from relevant corporate functions (e.g., People & Culture, Legal, or Global Compliance) or to report serious com-pliance concerns through Lundbeckâs dedicated Com-pliance Hotline. The hotline is accessible both inter-nally and externally, allowing all stakeholders to report concerns. New employees receive training as part of their onboarding, and further training and awareness initiatives are in place to promote proper use for em-ployees. Reports submitted through the Compliance Hotline are received by Lundbeckâs Global Compliance investi-gators, who ensure that business conduct incidents are investigated promptly, objectively, independently, and free from conflict of interest, in line with the Global Investigations procedure. Lundbeckâs Global Compli-ance department periodically reports an anonymized summary of global hotline cases to the Audit Commit-tee and the Global Compliance Committee. Investiga-tion conclusions and recommendations may be shared with the Audit Committee, Global Compliance Commit-tee, and/or Executive Leadership Team, who hold ulti-mate responsibility for endorsing remedial or discipli-nary actions. Key actions Business conduct actions (1/2) Description Linked IROs Tracking effectiveness Launch of new Code of In 2025, Lundbeck developed and introduced its new Code of Ethics (page 63), setting the standard for ethical, sus-- Breach of Code of Ethics Lundbeck monitors the effectiveness of the launch of the Ethics and e-learning tainable, and compliant decision-making across the organization by embedding the principles of curiosity, adapta-- Anti-corruption and bribery Code of Ethics and its bespoke e-learning module bility, and accountability at the core of our Focused Innovator Strategy. To support its implementation, we launched - Protection of through the results of the âOur Voiceâ survey and our per-a dedicated e-learning module featuring interactive exercises designed to build awareness and educate employees whistleblowers formance against the Code of Ethics e-learning comple-to navigate ethical and compliance-related situations with confidence. - Responsible sourcing tion rate target. In 2025, Lundbeck met its target, as fur-ther described on page 118. Viva Engage Launched in 2025, Viva Engage targets all employees across Lundbeck with relatable compliance and ethical best - Breach of Code of Ethics Lundbeck tracks the reach of our compliance and ethical practices. It serves as a communication channel that bridges the gap between annual e-learning training by offering - Anti-corruption and bribery conduct awareness communication through the number useful guidance, insights, and knowledge sharing that reinforces individual accountability and commitment in mak-of followers and level of engagement received. ing ethical and compliant decisions in our daily business activities. Speak-up campaign Lundbeck continued to advance its global speak-up campaign in 2025, reinforcing our commitment to a culture of - Breach of Code of Ethics Our success in fostering awareness of the available openness and psychological safety. The initiative â dedicated to all employees â highlights available reporting chan-- Anti-corruption and bribery channels for voicing concerns (i.e., the âSpeak-upâ cam-nels, including the Compliance Hotline, underscores the value of speaking up, and the protections in place for those - Protection of paign) and in promoting ethical conduct across the or-who do so in good faith. Speak-up culture is prominently featured within the new Code of Ethics (page 63), reflect-whistleblowers ganization (i.e., the compliance newsletter) is reflected in ing its vital role in sustaining an ethical, transparent, and accountable corporate culture. - Responsible sourcing the employeesâ confidence in raising ethical concerns. This sustainability target enables us to monitor both the effectiveness of our efforts to embed a culture of open-Compliance newsletter Launched in 2025, the quarterly compliance newsletter is aimed at regional compliance officers (RCOs) to be shared - Breach of Code of Ethics ness and psychological safety, and the impact of our further across the organization, and serves as a key channel for fostering awareness and engagement around com-- Anti-corruption and bribery awareness initiatives in empowering ethical decision-pliance matters. Each edition features real-world case studies, highlights relevant compliance achievements, and making. In 2025, Lundbeck met this target, as further shares best practices to empower this core group to champion ethical decision-making. described on page 118. Business conduct actions (2/2) Description Linked IROs Tracking effectiveness Responsible sourcing and Responsible sourcing is managed through regular operations in Procurement, Global Compliance, Legal, Quality, - Responsible sourcing The effectiveness of Lundbeckâs sourcing practices is supplier due diligence and HSE. Through the Third-party intermediary due diligence (TPIDD) process, Lundbeck mitigates risks from irre-measured through the number of climate addendums sponsible sourcing by ensuring third-party intermediaries are thoroughly reviewed and monitored. Accordingly, all signed and third-party intermediary due diligence new suppliers with expected commitments over DKK 1 million are assessed against eight key risk areas, including screenings undertaken (page 118). In addition, Lundbeck potential impact on business operations, IT security, and rights. Climate criteria are applied to suppliers within the regularly performs external audits regarding quality, scope of our scope 3 SBTi target and Transition Plan. New and strategic suppliers are asked to sign a climate adden-compliance, and HSE matters. dum, committing to renewable energy use or science-based targets, along with a reporting timeline. Animal facility Lundbeck maintains its commitment to high animal welfare standards, continuously advancing its practices in line - Animal welfare Progress is tracked through ongoing monitoring of ani-with evolving technologies, standards of care, and applicable law. In 2024, construction began on a state-of-the-art mal welfare, integrated into our daily operations. An research facility in Valby, Denmark, designed with animal well-being at its core. The DKK 1 billion facility, scheduled animal care and use committee, approved by the Exec-for completion in 2027, will support internal research and incorporate advanced technologies to minimize stress, utive Leadership Team, oversees welfare, advises on prevent disease, and enable species-specific care and socialization. Construction progressed as planned throughout best practices, and ensures regulatory compliance. 2025. See details on audits on page 118. Performance on targets and metrics Incidents of corruption and bribery Unit 2025 2024 Convictions for violation of anti-corruption and anti-bribery law No. - - Amount of fines for violation of anti-corruption and anti-bribery law DKKm - - Compliance Hotline Unit 2025 2024 Compliance Hotline reports No. 79 85 Internal and external audits Unit 2025 2024 Patient & Product Safety audits No. 49 53 Health, Safety and Environment audits No. 5 10 Business Ethics and Financial Compliance Reviews No. 75 72 Total of internal audits No. 129 135 1Patient & Product Safety audits No. 128 119Health, Safety and Environment audits No. 14 6 Third Parties and Supplier audits No. 85 82 Total of audits of external partners No. 227 207 Total of all audits No. 356 342 Code of Ethics Unit 2025 2024 Completion rate of annual Code of Ethics e-learning % 100 100 Business Ethics Due Diligence Unit 2025 2024 Third-Party Intermediary Due Diligence screenings No. 380 240 Performance on Incidents of corruption and bribery, number of audits, Code of Ethics, and Due Diligence Lundbeck tracks its commitment to anti-corruption and bribery through two targets, outlined above, both of which are approved by the Global Compliance Committee. The annual training was important as it introduced em-ployees to the new Code of Ethics and their responsibilities across various situations. Business ethics targets Pillars 2025 sustainability target Status Annual Code of Ethics training completed by at least 98% of employees at work globally. Achieved Business ethics Four out of five employees state in the annual employee engagement survey (ESS) that Achieved they are confident in raising an ethical or compliance concern. Read more about our performance on targets below. A full list of our Sustainability targets can be found on page 36-37. The completion rate is measured in the timeframe of 1 October to 31 December and is monitored by the Global Compliance team. Lundbeck achieved a 100% completion rate for the Code of Ethics e-learning program, reflect-ing strong commitment to the new Code of Ethics. In addition, 92% of employees feel confident in raising ethical or compliance concerns, exceeding the 2025 target of four out of five employees (80%) and confirming that com-pliance concerns are taken seriously across the company. Please see our Social targets for how Our Voice targets are tracked. In 2025, Lundbeck reported 79 cases through the Compliance Hotline, all assessed or investigated under global procedures protecting those who raise concerns in good faith. The slight decrease in incoming reports does not indicate any material issues or areas of concern but rather reflects normal year-to-year variation with no definitive underlying cause. Continuing the trend from last year, no convictions for anti-corruption or anti-bribery violations occurred. Internal and external audits continued across departments, following their planned timelines, to ensure compliance with company guidelines, pharmaceutical codes, and legal requirements. The variation in Health, Safety, and Environment audits is due to a shift in effort from internal audits to external audits compared with 2024. The overall volume of due diligence screenings showed an increase compared to the prior year. This in-crease was driven by activity in the most recent quarter and was primarily attributable to two factors beyond the standard ongoing process: an ad hoc vendor rescreening exercise in one of the markets, and project-related ac-tivities requiring the screening of additional third-party intermediaries prior to contracting. Accounting policies Incidents of corruption and bribery The number of confirmed convictions for corruption and bribery during the reporting year. The associated monetary fines are reported in DKKm. Compliance Hotline The number of cases reported through the compliance Hotline and other channels include all cases reported where concerns about potential misconduct were assessed or investigated, regardless of whether investiga-tions could be substantiated. Internal and external audits The number of audits comprises audits conducted by Lundbeck employees both internally and externally. Internal audits cover Lundbeck affiliates and internal departments, while external audits are performed at ex-ternal organizations. Audits are categorized as: Health, Safety, and Environment, Patient & Product Safety, Business Ethics and Finan-cial Compliance Reviews, and Third Parties and Supplier audits. Patient & Product Safety audits The number of audits comprises those completed and reported by internal functions at Lundbeck within the following areas: Chemistry, Manufacturing and Controls Assurance (CMC QA), Quality, Good Distribution Prac-tice (GDP), Good Manufacturing Practice (GMP), Corporate Product Quality (CPQ), Research and Development Quality (R&D Quality), Pharmacovigilance Audits, and Good Laboratory Practice (GLP). Health, Safety, and Environment audits The number of audits comprises those completed and reported by internal functions at Lundbeck. This process verifies that Lundbeckâs internal operations, as well as those of its suppliers and third parties, meet the required standards for health and safety performance, human and labor rights, and environmental performance. Business Ethics and Financial Compliance Reviews The number of audits comprises those completed and reported by internal functions at Lundbeck for com-pliance and financial audit functions. These functions review processes and internal control activities, and audit and monitor employee activities across areas including financial compliance, business ethics, animal welfare, information security, and corporate quality assurance IT. Third Parties and Supplier audits The number of audits comprises those completed and reported by internal functions at Lundbeck. Third par-ties and suppliers are monitored and audited (based on contractual requirements and requirements stipu-lated in Lundbeckâs third-party obligations), including information security reviews of external personal data processors. Code of Ethics The completion rate of the annual Code of Ethics e-Learning represents the percentage of permanent and temporary employees who completed the Code of Ethics training assigned on or before the official roll-out date of 1 October. Completions are counted if the training is finished on or before 31 December. The com-pletion rate is calculated by dividing the number of employees who completed the training by the total num-ber of employees who were assigned the training. Contingent workers are excluded from the calculation. Business Ethics Due Diligence The number of third-party intermediary due diligence screenings contain all completed screenings, including those found to be out of scope, withdrawn by the requester or initiated on case-by-case basis. The screen-ings are an examination of information provided by specialized tool to identify potential risks related to po-tential or existing third parties. List of appendices 121 List of ESRS disclosure requirements covered in the Sustainability Statement 123 EU Taxonomy 126 List of datapoints that derive from other EU legislation 128 Statement on due diligence List of ESRS disclosure requirements covered in the Sustainability Statement 1 IRDR Disclosure requirement (DR) description Page General disclosures BP-1 General basis for preparation of Sustainability Statement 53 BP-2 Disclosures in relation to specific circumstances 121-122; 53GOV-1 The role of the administrative, management, and supervisory bodies 39-47GOV-2 Information provided to sustainability matters addressed by the undertakingâs administrative, manage-45 ment, and supervisory bodies GOV-3 Integration of sustainability-related performance in incentive schemes 40 GOV-4 Statement on due diligence 62; 128 GOV-5 Risk management and internal controls over sustainability reporting 45-47SMB-1 Strategy, business model, and value chain 14-17; 54-55 SBM-2 Interests and views of stakeholders 45; 54-55; 62SBM-3 Material impacts, risks, and opportunities and their interaction with strategy and business model 54-59; 61; 72IRO-1 Description of the processes to identify and assess material impacts, risks, and opportunities 60-61 IRO-2 Disclosure requirements in ESRS covered by the undertakingâs Sustainability Statement 56; 60-61E1 Climate change GOV-3 Integration of sustainability-related performance in incentive schemes 40 E1-1 Transition plan for climate change mitigation 65-66 SBM-3 Material impacts, risks, and opportunities and their interaction with strategy and business model 55; 57; 72IRO-1 Description of the processes to identify and assess material climate-related impacts, risks, and opportuni-72 ties E1-2 Policies related to climate change mitigation and adaptation 63; 65 E1-3 Actions and resources in relation to climate change policies 66 E1-4 Targets related to climate change mitigation and adaptation 66; 67; 72 E1-5 Energy consumption and mix 71; E1-6 Gross Scopes 1, 2, 3 and total GHG emissions 67-70E1-7 GHG removals and GHG mitigation projects financed through carbon credits 65 1 IRDR Disclosure requirement (DR) description Page E2 Pollution IRO-1 Description of the processes to identify and assess material pollution-related impacts, risks, and opportuni-57; 60-61 ties E2-1 Policies related to pollution 63; 73 E2-2 Actions and resources related to pollution 74 E2-3 Targets related to pollution 75 E2-4 Pollution of air, water, and soil 75 E2-5 Substances of concern and substances of very high concern 76 E5 Resource use and circular economy IRO-1 Description of the processes to identify and assess material resource use and circular economy-related im-60-61pacts, risks, and opportunities E5-1 Policies related to resource use and circular economy 77 E5-2 Actions and resources related to resource use and circular economy 78 E5-3 Targets related to resource use and circular economy 79 E5-4 Resource inflows 79-81E5-5 Resource outflows 79-81S1 Own workforce SBM-2 Interests and views of stakeholders 62 SBM-3 Material impacts, risks, and opportunities and their interaction with strategy and business model 58; 61 S1-1 Policies related to own workforce 63; 84; 88 S1-2 Processes for engaging with own workers and workersâ representatives about impacts 90 S1-3 Processes to remediate negative impacts and channels for own workers to raise concerns 90 S1-4 Taking action on material impacts on own workforce, and approaches to mitigating material risks and pur-85; 89 suing material opportunities related to own workforce, and effectiveness of those actions S1-5 Targets related to managing material negative impacts, advancing positive impacts, and managing mate-86; 92 rial risks and opportunities S1-6 Characteristics of the undertakingâs employees 91 S1-9 Diversity metrics 92-93S1-14 Health and safety metrics 86-87S1-16 Compensation metrics (pay gap and total compensation) 94 S1-17 Incidents, complaints, and severe human rights impacts 95 1 IR = Incorporation by reference. The disclosure requirements identified with a dot [ ] are incorporated in the Sustainability Statement, either entirely or partially, by reference to a different section of the Management review. 1 IRDR Disclosure requirement (DR) description Page S2 Workers in the value chain SBM-2 Interests and views of stakeholders 62 SBM-3 Material impacts, risks, and opportunities and their interaction with strategy and business model 58; 61 S2-1 Policies related to value chain workers 96 S2-2 Processes for engaging with value chain workers about impacts 96 S2-3 Processes to remediate negative impacts and channels for value chain workers to raise concerns 97 S2-4 Taking action on material impacts on value chain workers, and approaches to managing material risks and 97 pursuing material opportunities related to value chain workers, and effectiveness of those action S2-5 Targets related to managing material negative impacts, advancing positive impacts, and managing mate-97 rial risks and opportunities S4 Consumers and end-users SBM-2 Interests and views of stakeholders 62 SBM-3 Material impacts, risks, and opportunities and their interaction with strategy and business model 58; 61 S4-1 Policies related to consumers and end-users 98-99; 102-103; 108; 111 S4-2 Processes for engaging with consumers and end-users about impacts 98; 101; 110; 111 S4-3 Processes to remediate negative impacts and channels for consumers and end-users to raise concerns 110; 111-112 S4-4 Taking action on material impacts on consumers and end-users, and approaches to managing material 98-99; 100; risks and pursuing material opportunities related to consumers and end-users, and effectiveness of those 103-105; 109 actions 111 S4-5 Targets related to managing material negative impacts, advancing positive impacts, and managing mate-99; 101; 106 rial risks and opportunities 110; 112 G1 Business conduct GOV-1 The role of the administrative, supervisory, and management bodies 63 IRO-1 Description of the processes to identify and assess material impacts, risks, and opportunities 61 G1-1 Corporate culture and business conduct policies 114-115 G1-2 Management of relationships with suppliers 117 G1-3 Prevention and detection of corruption and bribery 115 G1-4 Confirmed incidents of corruption or bribery 118-119 ESRS E3, E4, and S3 were deemed immaterial and are therefore not disclosed in Lundbeckâs 2025 An-nual report. For more information on our materiality results, see pages 56-61. 1 IR = Incorporation by reference. The disclosure requirements identified with a dot [ ] are incorporated in the Sustainability Statement, either entirely or partially, by reference to a different section of the Management review. List of datapoints that derive from other EU legislationDisclosure SFDR Pillar 3 Benchmark EU climate law Page Data point requirement reference reference regulation reference reference reference ESRS 2 GOV-1 21 (d): Board's gender diversity 39-40 ESRS 2 GOV-1 21 (e): Percentage of board members who are in-39 dependent ESRS 2 GOV-4 30: Statement on due diligence 62 ESRS 2 SBM-1 40 (d): Involvement in activities related to fossil fuel N/A activities paragraph ESRS 2 SBM-1 40 (d) ii: Involvement in activities related to chemical N/A production ESRS 2 SBM-1 40 (d) iii: Involvement in activities related to contro-N/A versial weapons ESRS 2 SBM-1 40 (d) iv: Involvement in activities related to cultiva-N/A tion and production of tobacco ESRS E1-1 14: Transition plan to reach climate neutrality 66 by 2050 ESRS E1-1 16 (g): Undertakings excluded from Paris-aligned 72 Benchmarks ESRS E1-4 34: GHG emission reduction targets 66-67 ESRS E1-5 38: Energy consumption from fossil sources dis-71 aggregated by sources (only high climate impact sectors) ESRS E1-5 37: Energy consumption and mix 71 ESRS E1-5 40 to 43: Energy intensity associated with activities in 71 high climate impact sectors ESRS E1-6 44: Gross scope 1, 2, 3 and Total GHG emissions 67-70 ESRS E1-6 53 to 55: Gross GHG emissions intensity 67-70 ESRS E1-7 56: GHG removals and carbon credits N/A ESRS E1-9 66: Exposure of the benchmark portfolio to cli-N/A mate-related physical risks ESRS E1-9 66 (a): Disaggregation of monetary amounts by N/A acute and chronic physical risk 66 (c): Location of significant assets at material physical risk ESRS E1-9 67 (c): Breakdown of the carrying value of its real N/A estate assets by energy-efficiency classes ESRS E1-9 69: Degree of exposure of the portfolio to cli-N/A mate- related opportunities ESRS E2-4 28: Amount of each pollutant listed in Annex II 75 of the E-PRTR Regulation (European Pollu-tant Release and Transfer Register) emitted to air, water and soil ESRS E3-1 9: Water and marine resources N/A ESRS E3-1 13: Dedicated policy N/A ESRS E3-1 14: Sustainable oceans and seas N/A ESRS E3-4 28 (c): Total water recycled and reused N/A Disclosure SFDR Pillar 3 Benchmark EU climate law Page Data point requirement reference reference regulation reference reference reference ESRS E3-4 29: Total water consumption in m 3 per net rev-N/A enue on own operations ESRS 2- SBM 3 16 (a) i N/A - E4 ESRS 2- SBM 3 16 (b) N/A - E4 ESRS 2- SBM 3 16 (c) N/A - E4 ESRS E4-2 24 (b): Sustainable land / agriculture practices or N/A policies ESRS E4-2 24 (c): Sustainable oceans / seas practices or poli-N/A cies ESRS E4-2 24 (d): Policies to address deforestation N/A ESRS E5-5 37 (d): Non-recycled waste 76 ESRS E5-5 39: Hazardous waste and radioactive waste 76 ESRS 2- SBM3 14 (f): Risk of incidents of forced labor N/A - S1 ESRS 2- SBM3 14 (g): Risk of incidents of child labor N/A - S1 ESRS S1-1 20: Human Rights Policy commitments N/A ESRS S1-1 21: Due diligence policies on issues addressed 84; 88; by the fundamental International Labor Or-ganization Conventions 1 to 8 ESRS S1-1 22: processes and measures for preventing traf-N/A ficking in human beings ESRS S1-1 23: workplace accident prevention policy or 84 management system ESRS S1-3 32 (c): grievance/complaints handling mechanisms 90 ESRS S1-14 88 (b) and Number of fatalities and number and rate of 86 (c): work-related accidents ESRS S1-14 88 (e): Number of days lost to injuries, accidents, 86 fatalities or illness ESRS S1-16 97 (a): Unadjusted gender pay gap 94 ESRS S1-16 97 (b): Excessive CEO pay ratio 94 ESRS S1-17 103 (a): Incidents of discrimination paragraph 95 ESRS S1-17 104 (a): Non-respect of UNGPs on Business and Hu-N/A man Rights and OECD Guidelines ESRS 2- SBM3 11 (b): Significant risk of child labor or forced labor N/A â S2 in the value chain ESRS S2-1 17: Human Rights Policy commitments 96 ESRS S2-1 18: Policies related to value chain workers 96 ESRS S2-1 19: Non-respect of UNGPs on Business and Hu-N/A man Rights principles and OECD guidelines Disclosure SFDR Pillar 3 Benchmark EU climate law Page Data point requirement reference reference regulation reference reference reference ESRS S2-1 19: Due diligence policies on issues addressed 96 by the fundamental International Labor Or-ganization Conventions 1 to 8 ESRS S2-4 36: Human rights issues and incidents con-N/A nected to its upstream and downstream value chain ESRS S3-1 16: Human Rights Policy commitments N/A ESRS S3-1 17: Non-respect of UNGPs on Business and Hu-N/A man Rights, ILO principles or OECD guide-lines ESRS S3-4 36: Human rights issues and incidents N/A ESRS S4-1 16: Policies related to consumers and end-users 98-99; 102-103; 108; 111 ESRS S4-1 17: Non-respect of UNGPs on Business and Hu-N/A man Rights and OECD guidelines ESRS S4-4 35: Human rights issues and incidents N/A ESRS G1-1 10 (b): United Nations Convention against Corrup-N/A tion ESRS G1-1 10 (d): Protection of whistle- blowers N/A ESRS G1-4 24 (a): Fines for violation of anti-corruption and 118 anti-bribery laws ESRS G1-4 24 (b): Standards of anti- corruption and anti- brib-114-115 ery 1*Statement on due diligenceUN Guiding Principles on Business and Human Rights and the OECD Guidelines for Multinational Enterprises Core elements of Due Diligence Pages in the Sustainability Report a. Embedding due diligence in governance, strategy, and business model* 39-40; 54-55; 56-61; 62-63 b. Engaging with affected stakeholders in all key steps of the due diligence* 60-61; 62-63; 65; 72; 74; 85; 89; 96-97; 98-105; 108-112; 114-117 c. Identifying and assessing adverse impacts* 56-63; d. Taking actions to address those adverse impacts* 66; 74; 78; 85; 89; 97; 98-99; 100; 103-105; 109; 111; 116-117 e. Tracking the effectiveness of these efforts and communicating* 62; 66; 74; 78; 85; 89; 90; 97; 98-99; 100; 103-105; 109; 111; 116-117</mrv:SustainabilityReport>
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<mrv:LinkToCorporateGovernanceReport contextRef="ctx-1" id="f1__s8__7__12">https://www.lundbeck.com/content/dam/lundbeck-com/masters/global-site/annual-reporting/2025/Lundbeck_Corporate_Governance_Report_2025.pdf</mrv:LinkToCorporateGovernanceReport>
<mrv:StatementOfPolicyForDataEthics contextRef="ctx-1" id="f1__s8__7__10" xml:lang="en">Data Ethics StatementIn accordance with section 99d of the Danish Financial Statements Act, Lundbeck has adopted a global Data Ethics policy that reflects our commitment to ethical data use. This policy sets out the principles through which we comply with all applicable data privacy laws and regulations, while ensuring the ethical and respon-sible use of data. The Data Ethics policy builds upon the control procedures in place for our data privacy re-quirements, covering the processing of personal data from healthcare professionals, partners, and employ-ees, as well as non-personal data. Lundbeck specialists continuously assess new technologies and evolving data practices to address any risks and support respon-sible innovation benefiting individuals and society.</mrv:StatementOfPolicyForDataEthics>
<mrv:DescriptionofTheTaxonomyRegulation contextRef="ctx-1" id="f1__s8__7__15-1" xml:lang="en">Reporting according to the EU Taxonomy The EU Taxonomy regulation (EU 2020/825) is a sci-ence-based classification system designed to establish a common language to support companies and inves-tors in identifying sustainable economic activities. Lundbeck is required to report on the sustainability profile of its Revenue, CAPEX, and OPEX. This process entails the screening of our business activities against the potentially sustainable activities listed in the EU Taxonomyâs delegated legislation to identify our eligi-ble share of Revenue, CAPEX, and OPEX (i.e., eligibility), and to evaluate compliance with technical criteria and the minimum safeguards (i.e., alignment). The results from our eligibility and alignment assess-ments for Revenue, OPEX, and CAPEX are presented on pages 123, 124, and 125, respectively. Eligibility assessment Lundbeck conducts its eligibility screening against the activities that contribute to Climate Change Mitigation (CCM), Climate Change Adaptation (CCA), Sustainable Use and Protection of Water and Marine Resources (WTR), Transition to a Circular Economy (CE), Pollution Prevention and Control (PPC), and Protection and Res-toration of Biodiversity and Ecosystems (BIO). In 2025, the following activities are deemed eligible: ⢠Manufacture of medicinal products (PPC 1.2).⢠Transport by motorbikes, passenger cars, and lightcommercial vehicles (CCM 6.5).⢠Construction of new buildings (CCM 7.1).⢠Renovation of existing buildings (CCM 7.2).⢠Installation, maintenance and repair of energy effi-ciency equipment (CCM 7.3).⢠Installation, maintenance, and repair of chargingstations for electric vehicles in buildings and parkingspaces (CCM 7.4).Revenue Lundbeck recognizes revenue from the sale of phar-maceuticals (Note 2.1, page 138). Revenue eligibility is based on an end-product approach by linking each productâs revenue to the activity âManufacture of Me-dicinal Productsâ (PPC). In 2025, this approach resulted in 100% revenue eligibility, in line with 2024 results. CAPEX Lundbeck assesses CAPEX eligibility by reviewing its ac-quisitions in the financial year (Notes 3.1 and 3.2, pag-es 147-152) and by linking them to eligible economic activities. In 2025, Lundbeck identified eligible acquisi-tions related to tangible assets from production (PPC 1.2), renovation projects (CCM 7.2), car fleet (CCM 6.5), construction of our In-Vivo facility (CCM 7.1), installa-tion of energy efficient light sources (CCM 7.3), and in-stallation of EV charging stations (CCM 7.4). With two additional activities (CCM 7.3 and CCM 7.4), no signifi-1 and a large In-vivo addition2cant intangible additions, our 2025 eligibility is 92%, compared to 99% in 2024. OPEX OPEX eligibility entails a review of the general ledger entries in our Statement of Profit or Loss (page 131). By this approach, Lundbeck identified OPEX related to âRenovation of existing buildingsâ, âTransport by Motor-bikes, Passenger Cars and Light Commercial Vehiclesâ, âConstruction of New Buildingsâ and âManufacture of Medicinal Productsâ. In 2025, Lundbeckâs OPEX eligibil-ity is 6%, in line with 6% in 2024. Alignment assessment Given Lundbeckâs business model, the most material sustainability impact can be achieved by making a sub-stantial contribution to pollution prevention and con-trol (PPC 1.2). Since most of our current product ingre-dients portfolio is not naturally occurring, biodegrada-ble, or mineralized (criterion 1.1) and Lundbeck cannot currently fulfill the product substitution criteria (criterion 1.2), it is impossible to claim alignment for the âManufacture of Medicinal Productsâ in 2025. As part of our development of new products, Lundbeck continues applying green chemistry screening pro-cesses and conducting environmental impact assess-ments (pages 66 and 78). Working towards the align-ment of other eligible activities irrelevant to our busi-ness model is not currently a strategic priority and is subject to data limitations. Lundbeck made progress in assessing the Minimum Safeguards to comply with CSDDD by 2027. A number of operational-level due dil-igence processes are in place to ensure responsible business conduct across the value chain (page 14). 3Summary: 2025 Eligibility Eligible Not eligible 08%6%RevenueCAPEXOPEX92%94%100%Lundbeck reports on 0% alignment across all KPIs. Further details can be found in our EU Taxonomy tables on pages 123-125. 1 In 2024, the acquisition of product rights for Bexicesarin related to Longboard Pharmaceuticals (DKKm 16,453) contributed to 97% of total CAPEX (DKKm 17,018). Due to no intangible acquisition of similar significance in 2025, eligibility of 1.2 (PPC) decreased from 98% to 37%. 2 The construction of In-Vivo continues in 2025 and is expected to be completed in 2027 (p.117). 3 Lundbeck avoided double counting by mapping each revenue stream, CAPEX addition, and OPEX account individually to eligible activities. No item is allocated to more than one eligible activity.EU Taxonomy: Revenue Substantial contribution criteria Does Not Significantly Harm criteria (DNSH) Proportion of taxonomy aligned (A.1) Proportion Climate Climate Climate or eligible Category Category Revenue of Revenue change Climate Circular change change Circular Minimum (A.2) Revenue, enabling transitional Economic activities Codes (DKKm) 2025 (%) mitigation change ad-Water Pollution economy Biodiversity mitigation adaptation Water Pollution economy Biodiversity safeguards 2024 (%) activity activity (1) (2) (3) (4) (5) aptation (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) A. TAXONOMY-ELIGIBLE ACTIVITIES A.1. Environmentally sustainable activities (taxonomy-aligned)None 0 0% - - - - - - - - - - - - - - - - Revenue of environmentally sustainable activi-0 0% - - - - - - - - - - - - - - - - ties (taxonomy-aligned) (A.1) Of which enabling 0 0% - - - - - - - - - - - - - - - - Of which transitional 0 0% - - - - - - - - - - - - - - - - A.2 Taxonomy-eligible but not environmentally sustainable activities (not taxonomy-aligned activities)Manufacture of medicinal products PPC 1.2 24,630 100% N/EL N/EL N/EL EL N/EL N/EL - - - - - - - 100% - - Revenue of taxonomy-eligible but not environ-mentally sustainable activities (not taxonomy-24,630 100% - - - - - - - - - - - - 100% - - aligned activities) (A.2) Revenue of taxonomy-eligible activities 24,630 100% - - - - - - - - - - - - 100% - - (A.1 + A.2) B. TAXONOMY-NON-ELIGIBLE ACTIVITIES Revenue of taxonomy-non-eligible activities (B) 0 0% TOTAL (A + B) 24,630 100% PPC = Pollution prevention and control EL = Eligible N/EL = Not eligible Revenue accounting policy The share of revenue generated from taxonomy-eligible economic activities (numerator) is divided by total revenue (denominator), as reported in the Group's Statement of Profit or Loss. Total revenue includes revenue from products and other revenue, net of effects from hedging. Revenue eligibility is determined by linking each product's revenue stream to a corresponding eligible economic activity. EU Taxonomy: OPEX Substantial contribution criteria Does Not Significantly Harm criteria (DNSH) Proportion of taxonomy aligned (A.1) Proportion Climate Climate Climate or eligible Category Category OPEX of OPEX change Climate Circular change change Circular Minimum (A.2) OPEX, enabling transitional Economic activities Codes (DKKm) 2025 (%) mitigation change ad-Water Pollution economy Biodiversity mitigation adaptation Water Pollution economy Biodiversity safeguards 2024 (%) activity activity (1) (2) (3) (4) (5) aptation (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) A. TAXONOMY-ELIGIBLE ACTIVITIES A.1. Environmentally sustainable activities (taxonomy-aligned) None - 0 0% - - - - - - - - - - - - - - - - OPEX of environmentally sustainable activities - - 0 0% - - - - - - - - - - - - - - - (taxonomy-aligned) (A.1) Of which enabling - 0 0% - - - - - - - - - - - - - - - - Of which transitional - 0 0% - - - - - - - - - - - - - - - - A.2 Taxonomy-eligible but not environmentally sustainable activities (not taxonomy-aligned activities) Manufacture of medicinal products PPC 1.2 26 0.6% N/EL N/EL N/EL EL N/EL N/EL - - - - - - - 0.6%- - Transport by motorbikes, passenger cars and light CCM 6.5 212 4.6% EL N/EL N/EL N/EL N/EL N/EL - - - - - - - 5.3%- - commercial vehicles Renovation of existing buildings CCM 7.2 15 0.3% EL N/EL N/EL N/EL N/EL N/EL - - - - - - - 0.3%- - OPEX of Taxonomy-eligible but not environ-mentally sustainable activities (not taxonomy-252 5.5% 6.2% aligned activities) (A.2) OPEX of taxonomy-eligible activities (A.1 + A.2) 252 5.5% 6.2% B. TAXONOMY-NON-ELIGIBLE ACTIVITIES OPEX of taxonomy-non-eligible activities (B) 4,316 94.5% TOTAL (A + B) 4,569 100% PPC = Pollution prevention and control CCM = Climate change mitigation EL = Eligible N/EL = Not eligible OPEX accounting policy The OPEX denominator includes direct non-capitalized costs that relate to research and development, building renovation measures, short-term leases, maintenance and repair, and any other direct expenditures relating to the day-to-day servicing of assets of property, plant, and equip-ment (PP&E) necessary to ensure the continued and effective functioning of such assets. Lundbeck excludes cost of sales from the OPEX numera-tor and denominator. Further, the numerator does not include any R&D operating expenses associated with clinical or pre-clinical development activities where there is uncertainty about their potential to result in regulatory approval and marketable products. The denominator sets the baseline against which the proportion of taxonomy-eligible operating expenses is identified (numerator). EU Taxonomy: CAPEX Substantial contribution criteria Does Not Significantly Harm criteria (DNSH) Proportion of taxonomy aligned (A.1) Proportion Climate Climate Climate or eligible Category Category CAPEX of CAPEX change Climate Circular change change Circular Minimum (A.2) CAPEX, enabling transitional Economic activities Codes (DKKm) 2025 (%) mitigation change ad-Water Pollution economy Biodiversity mitigation adaptation Water Pollution economy Biodiversity safeguards 2024 (%) activity activity (1) (2) (3) (4) (5) aptation (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) A. TAXONOMY-ELIGIBLE ACTIVITIES A.1. Environmentally sustainable activities (taxonomy-aligned) None - 0 0% - - - - - - - - - - - - - - - - CAPEX of environmentally sustainable activities - 0 0% - - - - - - - - - - - - - - - (taxonomy-aligned) (A.1) Of which enabling - 0 0% - - - - - - - - - - - - - - - - Of which transitional - 0 0% - - - - - - - - - - - - - - - - A.2 Taxonomy-eligible but not environmentally sustainable activities (not taxonomy-aligned activities) Manufacture of medicinal products PPC 1.2 205 37.1% N/EL N/EL N/EL EL N/EL N/EL - - - - - - - 97,8% - - Construction of new buildings CCM 7.1 259 46.8% EL N/EL N/EL N/EL N/EL N/EL 1,1%Renovation of existing buildings CCM 7.2 40 7.2% EL N/EL N/EL N/EL N/EL N/EL - - - - - - - 0,4% - - Transport by motorbikes, passenger cars and light CCM 6.5 3 0.5% EL N/EL N/EL N/EL N/EL N/EL - - - - - - - 0,0% - - commercial vehicles Installation, maintenance and repair of charging stations for electric vehicles in buildings and park-CCM 7.4 0,1 0.0% EL N/EL N/EL N/EL N/EL N/EL - - - - - - - - - - ing spaces Installation, maintenance and repair of energy CCM 7.3 2 0.3% EL N/EL N/EL N/EL N/EL N/EL - - - - - - - - - - efficiency equipment CAPEX of taxonomy-eligible but not environ-mentally sustainable activities (not taxonomy-508 91.5% - - - - - - - - - - - - - 99,4%