H Lundbeck A/S: Bocunebart delivers PACAP proof-of-concept; Refractory opportunity is clear

Research evidence excerpt

H Lundbeck A/S: Bocunebart delivers PACAP proof-of-concept; Refractory opportunity is clear

Equity Research

European Pharmaceuticals, Biotechnology & Life Sciences

5 June 2026

H Lundbeck A/S

Bocunebart delivers PACAP proof-

of-concept; Refractory opportunity First Look

HLUNb.CO/HLUNB DC EQUAL WEIGHTis clear

European Pharmaceuticals,

LUN’s P2b shows modest top-line but commercially BiotechnologySciences & Life NEUTRAL

significant MMD reduction in severe, CGRP-refractory Price Target DKK 45.00

Price (04-Jun-26) DKK 44.80

patients. Confirming a clean safety profile and combo Potential Upside/Downside +0.4%

potential, we see clear positioning in later-line migraine Source: Bloomberg, Barclays Research

despite non-transformative headline efficacy. Expect share

outperform on raised POS. Biotechnology & Life Sciences

Charles Pitman-King, CFA

+44 (0)20 3134 6023LUN has presented the data from its positive P2b PROCEED data for bocunebart (Lu AG09222,

charles.pitman-king@barclays.com

BARCe NPV DKK1.88, POS 30%) at the American Headache Society (AHS), following publication Barclays, UK

of top-line results in February that included no efficacy details (see; Positive Bocunebart ('222)

P2b PROCEED trial results; Data presentation at AHS (4-7 June), 12/02/26). This presentation James Gordon

+44 (0)20 7116 2784confirms bocunepart's statistically significant reduction in monthly migraine days versus

james.gordon@barclays.com

placebo over 12 weeks in heavily refractory patients (failed one-to-four preventive Barclays, UK

therapies), providing incremental efficacy and safety data, and standing as an important proof-

of-concept for PACAP inhibition as a novel approach in migraine prevention, de-risking a higher Yihan Li, PhD

+44 (0)20 3555 3563POS vs our current 30%.