Annual report 2024
In 2024, the Lundbeck Foundation delivered strong financial results and an unprecedented level of grants while maintaining its commitment to both business and science with the purpose of ‘Bringing discoveries to lives’.
Today, the Lundbeck Foundation announced its annual report for 2024 showing all-time high Group revenue, increased operating profit and solid financial investment returns. Furthermore, additions were made to the Group’s ownership portfolios, and the philanthropic funding awarded in the year reached the highest level in the Foundation’s history.
Results for 2024 (2023 results in brackets)
- Group revenue increased by 8% to DKK 39,675m (DKK 36,659m), exceeding expectations of between DKK 37bn and DKK 39bn. This was largely due to strong performances from Lundbeck and ALK, which reported revenues of DKK 22,004 million, up 11%, and DKK 5,537 million, up 15%, respectively.
- Group operating profit increased by 21% to DKK 4,569m (DKK 3,790m). Adjusted for transaction and integration costs of DKK 420m related to Lundbeck’s acquisition of Longboard Pharmaceuticals and impairment of product rights (MAGLi) of DKK 547m, Group operating profit was DKK 5,536m and exceeded expectations of between DKK 4.6bn and DKK 5.2bn.
The Foundation’s investment activities saw a profit of DKK 3,006m (DKK 3,570m) with financial investments accounting for DKK 3,108m (DKK 2,832m), primarily driven by listed equities, and the Foundation’s BioCapital portfolio delivering a net return of DKK 108m (DKK 772m). The Group’s profit share in the strategic minority ownerships (associates) amounted to a loss of DKK 210m versus a loss of DKK 34m in 2023.
- Group profit of DKK 6,567m (DKK 6,273m) was up 5%, and the Foundation’s share of Group profit amounted DKK 5,068m (DKK 5,159m).
- Grants awarded in 2024 totaled DKK 1,074m (DKK 592m), and for the first time in the Foundation’s 70-year history the philanthropic funding awarded in a year surpassed the ‘one billion’ mark. 88% of total grants, or DKK 947m, were awarded within neuroscience.
CEO statement
“2024 was an excellent year for the Lundbeck Foundation where we made good progress towards our 2030 strategy of ‘Bringing discoveries to lives’. We delivered revenues and profits beyond our expectations, and we increased our grants awarded with a focus on Danish neuroscience to the highest level in the Foundation’s history. Furthermore, we added new companies to both our strategic ownerships and biotech portfolios, and, together with Aarhus University, we initiated the Lundbeck Foundation Parkinson’s Disease Research Center (PACE), which we hope will lead to new ways of treating patients with this serious brain disease” said Lene Skole, CEO of the Lundbeck Foundation.
Highlights of the year
The Foundation’s strategic ownerships made significant strategic moves to secure their future growth and development. This included H. Lundbeck’s acquisition of Longboard Pharmaceuticals, a highly innovative late-stage asset that significantly bolsters the company’s pipeline. Also, ALK acquired the rights to ‘Neffy’ in Europe, Canada and other markets – a nasal spray expected to transform anaphylaxis treatment.
- In 2024, the Lundbeck Foundation became indirect minority shareholders in WS Audiology (WSA), a leading global Danish-based hearing aid company. In agreement with T&W Medical, the family-owned company that holds the majority ownership, T&W Medical transferred its 51% stake in WSA to a company – CN8 – where the Foundation owns 15% corresponding to an indirect ownership share of 8% in WSA.
鶹 BioCapital further expanded its presence in the Danish biotech ecosystem by closing a new seed investment into the Danish quantum computing company Kvantify, developing new solutions for the life science industry. Meanwhile, several portfolio companies made substantial clinical progress and took important new steps towards delivering innovations to patients in areas of unmet medical need.
The Foundation awarded four new Frontier Grants to help scientists working on innovative new treatments advance their research ideas to a stage where they can become attractive for investors. The biotech prospects were awarded to further explore a new obesity drug, gene therapy, treatment of pancreatic cancer and stem cell therapy for Parkinson’s disease.
- Together with Aarhus University, the Lundbeck Foundation Parkinson’s Disease Research Center (PACE) was initiated to strengthen the integration of basic and clinical research, aiming at discovering and validating novel innovative tools, biomarkers and disease-modifying mechanisms to be translated into clinical trials within a 10-year timeframe.
- The Foundation continued its support of outstanding biomedical research with a special focus on neuroscience, while supporting activities to strengthen and facilitate networks between scientists. This included a DKK 222m grant to Neuroscience Academy Denmark expanding the group of 48 PhD students recruited since the programme started in 2021 with an additional 48 PhD students over the next three years.
- Neurotorium, the Foundation’s free online learning platform that translates neuroscience research into high-quality and internationally reviewed educational content for clinicians, educators and anyone interested in the brain, attracted more than 450,000 visits in 2024.
Changes to the Board of Directors
At today’s Annual Meeting, in accordance with the Foundation’s Articles of Association, Steffen Kragh retired as Chair of the Board of Directors of the Lundbeck Foundation and Lundbeckfond Invest A/S. Steffen Kragh joined both boards in 2013 and was appointed Deputy Chair in the following year. In 2020, he was appointed Chair.
Søren Skou was appointed new Chair of the Board of the Lundbeck Foundation and Lundbeckfond Invest A/S. Søren Skou joined both boards in 2023, where he was appointed Deputy Chair. Lars Holmqvists, who joined the boards in 2015, was appointed new Deputy Chair.
Furthermore, Nawal Ouzren and Morten Hummelmose were elected as new members of the Board of Directors.
Nawal Ouzren is CEO at Sensorion, a Euronext listed biopharmaceutical company headquartered in France. She has more than 20 years of expertise in clinical development, operational and strategic management roles within the pharmaceutical industry and holds a M.Sc. in Chemical Engineering from the University of Technology of Compiègne (UTC).
Morten Hummelmose is the founder and CEO of Frececo, a family office focused on investment activities, and the founder of the philanthropic foundation, Frececo Fonden. Morten is also a founding member of the EQT Foundation. He has extensive international experience in the fields of private equity and investment and holds a M.Sc. in Economics from the University of Copenhagen and a M.Sc. in Finance from the University of London.
The Lundbeck Foundation is an enterprise foundation encompassing a comprehensive range of enterprise and philanthropic activities – all united by its strong purpose; Bringing Discoveries to Lives. The Foundation is the long-term and engaged owner of several international healthcare companies – Lundbeck, Falck, ALK, Ferrosan Medical Devices, Ellab and WS Audiology – and an active investor in business, science and people through its commercial investments in the financial markets; in biotech companies based on Danish research and through philanthropic grants to science talents and programmes in Danish universities. By 2030, the Foundation aims to increase its average annual grants to at least DKK 1bn primarily focusing on the brain – including the world's largest brain research prize: .
