Lundbeck’s chief executive Charl van Zyl says the Danish neuroscience company is firmly on track to keep “punching above its weight” as a mid-cap challenger in the sector.
The company posted sales growth of 16% across the first half of 2026, fuelled by strong performances from its two flagship products and a pipeline loaded with near-term catalysts.
Migraine prevention drug Vyepti delivered particularly striking momentum, climbing 46% to reach first-half 2026 sales of 2.9 billion Danish kroner, equivalent to approximately $447 million.
Rexulti, partnered with Otsuka and approved in major depressive disorder and Alzheimer’s disease-associated agitation, led the portfolio by value, growing 17% at constant currencies to 3.3 billion kroner, or nearly $515 million.
Van Zyl described the overall commercial performance as “healthy growth for us,” while cautioning that inventory buildouts seen in the first half would not repeat in the second.
He also flagged that generic entrants to atypical antipsychotic Abilify Maintena, particularly in Canada and Australia, could begin eroding sales across the final six months of 2026.
Vyepti’s growth story is far from over, with Lundbeck eyeing peak U.S. sales of $1.1 billion and plans to launch the drug in China, Japan and South Korea next year.
Rexulti faces a more competitive horizon, with van Zyl acknowledging that growth “will naturally slow down” as rivals move into the major depressive disorder and Alzheimer’s agitation spaces.
The FDA approved Axsome’s Auvelity in late April as the second drug in the U.S. to treat agitation associated with dementia caused by Alzheimer’s disease, placing it in direct competition with Rexulti across both its core indications.
Lundbeck has in recent years pivoted beyond its traditional psychiatric roots toward what van Zyl calls “neurospeciality,” encompassing areas like preventative migraine, Parkinson’s disease, and rare neurological conditions.
Van Zyl acknowledged that psychiatry can be “challenging sometimes” due to trial design complexities and the placebo effect, partly explaining the company’s strategic shift toward more defined neurological targets.
The CEO was clear that innovation ambition shapes every research decision, stating that Lundbeck “will not develop anything that’s ‘me-too'” as it expands across small molecules, monoclonal antibodies, and other modalities.
The company is, however, “steering away from gene therapy” for now, with van Zyl noting there are “still many questions” around that therapeutic approach.
Among the most closely watched pipeline assets is bexicaserin, a 5-HT2C receptor agonist acquired through Lundbeck’s 2024 purchase of Longboard Pharmaceuticals, targeting severe childhood epilepsies in two late-stage trials called DEEp Ocean and DEEp Sea.
Those studies are expected to read out in the fourth quarter of 2026 and the first quarter of 2027 respectively, with a potential regulatory approval targeted for 2028 if data prove positive.
Van Zyl said a 2028 approval would give the company time to build commercial infrastructure “so that we are well on our way by 2029 and growing into the next decade with this asset.”
The company is also anticipating a phase 3 readout on its multiple system atrophy candidate amlenetug at the end of 2027, further reinforcing the pipeline’s breadth across neurological disease.
Acquisitions remain a central pillar of Lundbeck’s strategy, with van Zyl describing the Longboard deal as a model “string of pearls” transaction that the company will seek to replicate.
The CEO said Lundbeck continues to hunt for bolt-on deals in the $1.5 billion to $2 billion range, while remaining comfortable spending $2 billion to $3 billion on targets that bring both revenue and innovation together.
“A good biopharma strategy is one of constantly searching,” van Zyl said, summarising Lundbeck’s restless approach to building its neuroscience empire.