H. Lundbeck A/S: Key bits from analyst meeting with Head of IR post 1Q26 results

Research evidence excerpt

H. Lundbeck A/S: Key bits from analyst meeting with Head of IR post 1Q26 results

Price 41.40 DKK

Rexulti. Remains hopeful for equal share in growing market but thinks too early to call. Price Objective 34.00 DKK

Bexicaserin; PIII timings, label & size of addressable opps Date Established 06-Feb-2026

Noted bexicaserin PIII DEEp-OCEAN (in LGS & other DEEs) recruiting well but PIII DEEp- Investment Opinion B-3-7

SEA in Dravet has been slower (on comp. trials and tougher population). Yet, still aims to 52-Week Range 32.74 DKK-47.78 DKK

release headline data / file both PIIIs simultaneously 1H27E, given pre-agreed with FDA Mrkt Val / Shares Out (mn) 41,092 DKK / 992.6

for broad DEE label. Yet, if timings materially different, headline reads may be separate. Average Daily Value (mn) 4.37 USD

Reiterated that Dravet remains a minor opp (c20% addressable population) with focus Free Float 33.9%

being LGS/other DEEs. Still confident in broad 1L label with TID dosing not an issue. BofA Ticker / Exchange HLBBF / CPH

Bloomberg / Reuters HLUNB DC / HLUNb.CO

Bocunebart; aim is efficacy on-par PIIa, novel mech is key ROE (2026E) 23.8%

On bocunebart (anti-PACAP), reiterated that aim for PIIb is similar c2 MMD reduction Net Dbt to Eqty (Dec2025A) 31.1%

post-prior CGRP, as seen in PIIa. Sees key commercial differentiator being a novel MoA

vs CGRP switch, with nothing in theory to prevent a clinical profile supporting preferred

2L switch (if PIII similarly positive) – which considers an attractive opp given c40%

patients fail CGRPs. Also noted a) PIII will likely be IV, but SC still a potential LCM opp, Glossary on page 2

and b) has ongoing early phase development for +gepant combo, but no further detail.

Active on M&A, focus is later stage & commercial assets