Record year for the Lundbeck Foundation: Delivers best results ever
2021 was an exceptional year for the Lundbeck Foundation, delivering its best financial results ever. It was also a record year for the Foundation’s philanthropic activities with grants totalling DKK 803 million.
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The 2021 profit of the Lundbeck Foundation Group amounted to DKK 6,928 million.
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Operating profit amounted to DKK 3,872 million in 2021 (DKK 2.340 million in 2020).
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The profit from the Lundbeck Foundation's financial investment (Invest) activities reached DKK 4,608 million, a substantial increase of DKK 3,364 million compared to 2020 (DKK 1,244 million).
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The result of investments by Lundbeckfonden Ventures and Emerge fell to a net return of DKK -141 million (DKK -6 million in 2020). As in 2020, it reflects the drop in share prices within the listed portfolio companies. Three portfolio companies were IPO’ed in 2021, IO Biotech, Reneo Pharmaceuticals and Aura Biosciences, and two of the portfolio companies, Sanifit Therapeutics og Amplyx Pharmaceuticals, were disposed.
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Falck and ALK recorded a growth in revenue of 23% and 12%, respectively, compared to 2020, whereas Lundbeck experienced a decrease in revenue of 8%. Increase in revenue at Falck was partly driven by COVID-19 testing activities, but it also reflected a positive development in its core business. The total revenue of the Lundbeck Foundation Group amounted to DKK 35,403 million (DKK 33,520 million in 2020).
- Grants amounted to DKK 803 million (DKK 600 million in 2020). This is the highest amount of grants in the Foundation’s history, equivalent to the salaries of 916 full-time researchers at Danish universities.
- The equity increased to DKK 49,422 million at 31 December 2021 from DKK 42,852 million at 31 December 2020.
2021 has been an exceptionally good year for the Lundbeck Foundation. I am very proud of the results that have required a great deal of effort from our employees and subsidiaries. We are therefore well-equipped for a 2022 that looks set to be a challenging year, not least because of the war in Ukraine.
Throughout the year, the Lundbeck Foundation took important steps delivering on its 2030 strategy, "Bringing discoveries to lives". One example of this is the launch of the Foundation’s new Frontier Grants, which is an initiative to support research projects and talents with significant commercial potential at an early stage and thus support the development of new biotech companies in Denmark. The Lundbeck Foundation also announced plans to merge its two departments for direct biotech investments, Ventures and Emerge, which in the future will lead to a more focused effort in the Danish biotech environment - while maintaining the Foundation’s commitment to the existing international portfolio.
Brain research and brain health are key focus areas to the Lundbeck Foundation’s strategy. As a result, in 2021, 79% of the Foundation’s grants went to brain research. The Foundation also continued its work to support the development of a strong neuroscience research community in Denmark. One of the highlights was the launch of Neuroscience Academy Denmark – a new academy for PhD students and research talents in neuroscience.
The Lundbeck Foundation’s global prize in neuroscience, The Brain Prize 2021, zoomed in on one of the world’s most widespread neurological diseases, migraine. The prize was awarded to four professors – Jes Olesen (DK), Lars Edvinsson (SE), Peter Goadsby (UK/AUS) and Michael Moskowitz (USA) – for ground-breaking research that has led to the development of a whole new class of treatments to ease the lives of millions of patients worldwide.
A commercial foundation encompassing a comprehensive range of commercial 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 and ALK – 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. The Foundation’s philanthropic grants amount to more than DKK 500 million annually primarily focusing on the brain – including the world’s largest personal prize for neuroscience, The Brain Prize.
