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Today, the Lundbeck Foundation announced its annual report for 2025, reporting record Group revenue and operating profit alongside continued strong financial investment returns. During the year, the Foundation further strengthened its ownership and investment activities while maintaining a high level of philanthropic funding in support of Danish biomedical research.

The Foundation also announced that CEO Lene Skole will step down later this year, after more than a decade in the role, and focus on her board roles outside the Foundation’s ownership portfolio.

Read the full Annual Report here

Results for 2025 (2024 results in brackets)

• Group revenue increased by 9% to DKK 43,437m (DKK 39,675m), exceeding expectations of between DKK 42bn and DKK 43bn. The increase was primarily attributable to Lundbeck and ALK, which delivered record revenues of DKK 24,630m, up 12%, and DKK 6,312m, up 14%, respectively.

• Group operating profit increased by 54% to DKK 7,046m (DKK 4,569m), also exceeding expectations of between DKK 6.2bn and DKK 6.6bn. The increase in Group operating profit was primarily attributable to Lundbeck and ALK, where operating profit increased by DKK 2,005m and DKK 563m, respectively.

• The Foundation’s investment activities saw a profit of DKK 1,783m (DKK 3,006m), with financial investments accounting for DKK 2,905m (DKK 3,108m), primarily driven by listed equities. The BioCapital portfolio delivered a net loss of DKK 265m (net profit of DKK 108m), reflecting the inherent risk associated with late-stage biotech development. The Group’s profit share of the strategic minority ownerships (associates) amounted to a loss of DKK 868m (loss of DKK 210m), of which DKK 757m related to impairment of goodwill.
• Group profit for the year amounted to DKK 6,111m (DKK 6,567m), and the Foundation’s share of Group profit amounted to DKK 4,335m (DKK 5,068m).

• Grants awarded in 2025 totalled DKK 825m (DKK 1,074m). Of this total, 90% of the grants, or DKK 740m, was awarded within neuroscience.

CEO statement

Lene Skole, CEO of the Lundbeck Foundation, said:

“2025 was a strong year for the Lundbeck Foundation. We supported Danish biomedical research through substantial grants and launched a number of ambitious, long-term philanthropic initiatives that will benefit thousands of people, generate new knowledge and, hopefully over time, lead to new treatments for people living with brain diseases.

At the same time, our investments and commercial activities generated solid returns, enabling us to continue the Foundation’s work in line with our 2030-strategy and our purpose – Bringing Discoveries to Lives. This highlights the strength of the enterprise foundation model, where long-term business activities, targeted investments and philanthropic grants together help create value for Danish society.”

Highlights of the year

• In 2025, the Foundation reached important milestones in its strategic philanthropic initiatives. The Lundbeck Foundation Parkinson’s Disease Research Centre (PACE) in Aarhus was inaugurated, and the Foundation entered into a partnership with the Capital Region of Denmark to establish a nationally anchored research centre in clinical psychiatry, with its primary base at Bispebjerg Hospital in Copenhagen and satellite units across all regions of Denmark.
• Alongside its strategic philanthropic initiatives, the Foundation continued to support outstanding biomedical research and talent development in Denmark, with a strong focus on neuroscience. This included support for major research environments and partnerships aimed at strengthening the Danish ecosystem for brain and health research.

• Across its strategic ownerships, Lundbeck and ALK both delivered record revenues, with Lundbeck also reporting record operating profit. ALK continued its strong development and reached an important profitability milestone, while Falck implemented organisational changes aimed at strengthening its operational platform and long-term performance.

• Financial investments generated a return of 12% and continued to perform above benchmark, while �鶹�� BioCapital, despite a challenging year for parts of its portfolio, continued to drive clinical and scientific progress, and added two new Denmark-based companies, Epoqe Pharma and QuantumCell.

• The Foundation also continued to strengthen its international scientific reach and public engagement. The Brain Prize was awarded to Professors Michelle Monje and Frank Winkler for their pioneering contributions to Cancer Neuroscience, and Neurotorium, the Foundation’s digital platform for neuroscience research and education, attracted 314,000 visits from 186 countries.

Change in leadership

Later this year, Lene Skole will step down as CEO of the Lundbeck Foundation after more than a decade in the role and focus on her board roles outside the Foundation’s ownership portfolio. She will leave the Foundation once a successor has been appointed.

Since joining the Foundation in 2014, Lene Skole has led a significant development of the Foundation, strengthening its investment platform, introducing an engaged ownership model, expanding its strategic ownerships within healthcare and life sciences, and focusing its venture investments on Danish-based biotechnology. Over the same period, the Foundation has increased its philanthropic activities with a clear focus on the brain and launched several major initiatives to advance biomedical research in Denmark.

Søren Skou, Chair of the Board of the Lundbeck Foundation, said:

“Lene has been a highly valued partner to the Board throughout her tenure as CEO, leading with professionalism and integrity. She has led a remarkable transformation of the Foundation, bringing its business and philanthropic activities together around a clear strategy, supported by strong governance structures and a culture of openness and transparency.

Perhaps most importantly, Lene has helped shape and embed the Foundation’s purpose – Bringing Discoveries to Lives – which will continue to guide and inspire us. I would like to thank Lene for her outstanding dedication and leadership and for leaving the Lundbeck Foundation in such a strong position for the future.”

Changes to the Board of Directors

At today’s Annual Meeting, in accordance with the Foundation’s Articles of Association, Susanne Krüger Kjær stepped down from the Board of Directors after 12 years of service, having joined the Board in 2014. During her tenure, she chaired the Foundation’s Research and Prize Committee and the Grants and Prizes Panel and contributed extensive scientific expertise to the Foundation’s philanthropic activities.

Following her departure, Michael Kjær, Professor at the University of Copenhagen and member of the Board since 2016, will assume the roles of Chair of the Research and Prize Committee and Chair of the Grants and Prizes Panel.

In addition, the Board is strengthened with two new international members, Irene Tracey and Tom Mrsic-Flogel, who will both join the Research and Prize Committee and the Grants and Prizes Panel.

Irene Tracey is Vice-Chancellor of the University of Oxford and Professor of Anaesthetic Neuroscience. An internationally recognised neuroscientist, her research focuses on neuroimaging and the biological mechanisms of pain. She has held several senior leadership roles at Oxford and has previously served on the selection committee for The Brain Prize.

Tom Mrsic-Flogel is Professor of Neuroscience at University College London and Director of the Sainsbury Wellcome Centre for Neural Circuits and Behaviour. His research focuses on how neural circuits in the brain give rise to perception, learning and decision-making. He is also a founding member of the International Brain Laboratory and has played a leading role in building internationally recognised neuroscience research environments.

Furthermore, employee-elected board member Morten Aagaard, from Falck, will step down and will be succeeded by Stefan Fyhn Gregersen, also from Falck.