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<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">INDEPENDENT AUDITOR'S REPORT</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the Board of Directors of Lundbeckfonden</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Opinion</td></tr><tr><td colspan="1">In our opinion, the Consolidated Financial Statements give a true and fair view of the Group’s financial position at 31 December 2021 and of the results of the Group’s operations and cash flows for the financial year 1 January to 31 December 2021 in accordance with International Financial Reporting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Moreover, in our opinion, the Parent Foundation Financial Statements give a true and fair view of the Parent Foundation’s financial position at 31 December 2021 and of the results of the Parent Foundation’s operations for the financial year 1 January to 31 December 2021 in accordance with the Danish Financial Statements Act.</td></tr><tr><td colspan="1">We have audited the Consolidated Financial Statements and the Parent Foundation Financial Statements of Lundbeckfonden for the financial year 1 January - 31 December 2021, which comprise in-come statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies, for both the Group and the Parent Foundation, as well as statement of comprehensive income and cash flow statement for the Group (“financial statements”).</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis for Opinion</td></tr><tr><td colspan="1">We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Account-ants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement on Management Review</td></tr><tr><td colspan="1">Management is responsible for Management Review.</td></tr><tr><td colspan="1">Our opinion on the financial statements does not cover Management Review, and we do not express any form of assurance conclusion thereon.</td></tr><tr><td colspan="1">In connection with our audit of the financial statements, our responsibility is to read Management Review and, in doing so, consider whether Management Review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider whether Management Review provides the information required under the Danish Financials Statements Act.</td></tr><tr><td colspan="1">Based on the work we have performed, in our view, Management Review is in accordance with the Consolidated Financial Statements and the Parent Foundation Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement in Management Review.</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management’s Responsibilities for the Financial Statements</td></tr><tr><td colspan="1">Management is responsible for the preparation of Consolidated Financial Statements that give a true and fair view in accordance with International Financial Reporting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act and for the preparation of Parent Foundation Financial Statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.</td></tr><tr><td colspan="1">In preparing the financial statements, Management is responsible for assessing the Group’s and the Parent Foundation’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Group or the Parent Foundation or to cease operations, or has no realistic alternative but to do so.</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Auditor’s Responsibilities for the Audit of the Financial Statements</td></tr><tr><td colspan="1">Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.</td></tr><tr><td colspan="1">As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also</td></tr><tr><td colspan="1">■ Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.</td></tr><tr><td colspan="1">■ Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s and the Parent Foundation’s internal control.</td></tr><tr><td colspan="1">■ Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.</td></tr><tr><td colspan="1">■ Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s and the Parent Foundation’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group and the Parent Foundation to cease to continue as a going concern.</td></tr><tr><td colspan="1">■ Evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.</td></tr><tr><td colspan="1">■ Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the Consolidated Financial Statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.</td></tr><tr><td colspan="1">We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal controls that we identify during our audit.</td></tr></table>
Copenhagen
2022-03-22
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">MANAGEMENT STATEMENT</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Board of Directors and the Executive Management have today considered and approved the annual report of Lundbeckfonden for the financial year ended 31 December 2021.</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as adopted by the EU and the additional requirements of the Danish Financial Statements Act, and the parent financial statements have been prepared in accordance with the Danish Financial Statements Act.</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">We consider the accounting policies used to be appropriate. Accordingly, the consolidated financial statements and the parent financial statements give a true and fair view of the Group’s and the Foundation’s assets, liabilities and financial position at 31 December 2021, and of the results of the Group’s and the Foundation’s activities and the Group’s cash flows for the financial year 1 January – 31 December 2021.</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">We believe that the management’s review includes a fair review of developments in the Group’s and the Foundation’s activities and finances, results for the year and the Group’s and the Foundation’s financial position in general, as well as a fair description of the principal risks and uncertainties to which the Group and the Foundation are exposed.</td></tr></table>
Copenhagen
2022-03-22
Lundbeckfonden
Scherfigsvej
7
DK-2100
København Ø
11814913
+45 39 12 80 00
mail@lundbeckfonden.com
www.lundbeckfonden.com
2022-03-22
Lene Skole
https://www.lundbeckfonden.com/en/sustainability
https://www.lundbeckfonden.com/en/sustainability
https://www.lundbeckfonden.com/en/recommendations-on-foundation-governance-and-transparency
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">STATUTORY REPORT CF. SECTION 99B OF THE FINANCIAL STATEMENTS ACT</td></tr><tr><td colspan="1">The purpose of section 99b is to make sure that all Danish companies of a certain size have a diversity policy.</td></tr><tr><td colspan="1">The Lundbeck Foundation supports gender equality and diversity, in practice as well as policy. The Foundation’s Board of Directors counts two women and five men among its members, excluding employee representatives. This constitutes a gender balance which is in accordance with the guidelines on gender equality issued by the Danish Business Authority (‘Guidelines on target figures, policies and reporting on the gender composition of management’).</td></tr><tr><td colspan="1">At management level, the Foundation aims to have a mix of women and men that reflects the gender distribution in the rest of the organisation. Of the management team of six, three are women and three are men, which is above the female proportion of the Foundation’s employee base of 42%.</td></tr><tr><td colspan="1">In 2021, the Foundation also strengthened its focus on gender diversity as it relates to grants administration. The Foundation initiated a dialogue with Danish universities around their talent nominations, which led to an increase in the number of female nominations compared to previous years. The Foundation also started a new collaboration with international organisation, the ALBA Network, focused on growing gender diversity in international scientific research, and took new steps towards improving gender diversity among nominations for The Brain Prize, resulting in an increase in female nominations, from 21% to 25%, for The Brain Prize 2022.</td></tr><tr><td colspan="1">This diversity focus is also reflected at the Foundation’s three subsidiaries, each of which has defined gender-balance targets for its top management team. Furthermore, Lundbeck, ALK and Falck have reported on individual targets in their respective annual reports, as well as on their individual policies concerning gender balance at other management levels, if applicable.</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2">GRANT POLICY</td></tr><tr><td colspan="2">STATUTORY REPORT CF. SECTION 77B OF THE FINANCIAL STATEMENTS ACT</td></tr><tr><td colspan="2">In accordance with the statutes of Lundbeckfonden, the Foundation has two primary objectives</td></tr><tr><td colspan="2">a. To consolidate and expand the activities of the Lundbeck Group</td></tr><tr><td colspan="2">b. To make distributions for the purposes mentioned in article 6 of the statutes</td></tr><tr><td colspan="2">At the annual strategy seminar, the Board takes a position on the overall strategy and grant policy. The grant objectives of the Foundation are divided into the following categories</td></tr><tr><td colspan="2">■ Social causes</td></tr><tr><td colspan="2">■ Research</td></tr><tr><td colspan="2">■ Cultural purposes</td></tr><tr><td colspan="2">■ Relatives of the Founder</td></tr><tr><td colspan="2">■ Employees of the Lundbeck Group</td></tr><tr><td colspan="2">■ Subsidiaries</td></tr><tr><td colspan="2">The statutes do not stipulate any obligations for grant activities within the individual categories.</td></tr><tr><td colspan="2">The grant objectives listed under section 6 in the statutes are categorised as shown on the right</td></tr><tr><td>STATUTES</td><td>GRANT OBJECTIVE</td></tr><tr><td>Article 6a (Relatives of the Founder)</td><td>The Foundation may make grants to descendants of the parents of the founder and her spouse.</td></tr><tr><td>Article 6b (Employees of the Lundbeck Group)</td><td>The Foundation may provide financial support to, and otherwise make distributions, for the benefit of existing and former employees of the Lundbeck Group, including for training and education, for holidays and for holiday purposes. In so far as there is no need in each individual case to make distributions at any other time of the year, such distributions will only be made once a year on 20 July, which is the birthday of the deceased Mr Hans Lundbeck, manufacturer.</td></tr><tr><td>Article 6c (Research)</td><td>The Foundation may grant honorary awards to physicians, scientists and others.</td></tr><tr><td>Article 6d (Research)</td><td>The Foundation may grant support for scientific purposes, primarily for specific projects.</td></tr><tr><td>Article 6e (Subsidiaries)</td><td>The Foundation may support special research projects within the Lundbeck Group.</td></tr><tr><td>Article 6f (Research)</td><td>The Foundation may grant support to hospitals and for disease prevention.</td></tr><tr><td>Article 6g (Research)</td><td>The Foundation may provide support for training and education in the widest sense of the words, if relevant, by way of interest-free loans.</td></tr><tr><td>Article 6h (Research)</td><td>The Foundation may make grants for nurses.</td></tr><tr><td>Article 6i (Social causes)</td><td>The Foundation may distribute up to 3% of the profit for the year, before tax, less retained earnings, in subsidiaries and associates, including LFI a/s, for the support of old and/or sick people, as well as those in need.</td></tr><tr><td>Article 6j (All categories)</td><td>The Foundation may support other purposes, as decided by the Board of Directors. However, support for such purposes may only account for 25% of the total annual distributions in each calendar year.</td></tr><tr><td colspan="2">The aim of the grant activities is to fulfil the Foundation’s grant strategy as based on the grant objectives set out in the statutes’ section 6. The grant strategy is an integral part of this grant policy.</td></tr><tr><td colspan="2">The Board of Directors has the overall responsibility for the allocation of all grants. The Board of Directors has decided that the previously mentioned objectives should be met mainly through support for research in biomedicine with a focus on strengthening Danish neuroscience. The Board of Directors may decide on grants based upon recommendations from committees/expert panels, or issue a grant mandate to an expert panel that will make the final decisions within certain grant programmes. Grants for the support of research are primarily awarded to projects invited through open calls for applications. Grants may also be awarded without calls for applications.</td></tr><tr><td colspan="2">COMMITTEES</td></tr><tr><td colspan="2">To facilitate grant and prize activities within the aforementioned categories, the Foundation has established two committees, which serve as advisory bodies and submit recommendations for decisions to the Board of Directors.</td></tr><tr><td colspan="2">RESEARCH AND PRIZE COMMITTEE</td></tr><tr><td colspan="2">This committee comprises the three members of the Board of Directors who are appointed for their research expertise according to the statutes. The CEO, and the Senior Vice President, Grants & Prizes, Director of Science, neither of whom are members of the Research and Prize Committee, assist this committee. The members of the Research and Prize Committee, who are also members of the Grants and Prizes Panel (see below), are tasked with the following</td></tr><tr><td colspan="2">■ Advising and submitting recommendations for decisions to the Board of Directors regarding applications, prize nominations and strategic research policy issues</td></tr><tr><td colspan="2">■ Supervising the implementation of the Foundation’s strategy</td></tr><tr><td colspan="2">THE SELECTION COMMITTE FOR THE BRAIN PRIZE</td></tr><tr><td colspan="2">The selection committee for the Brain Prize reviews the nominations for The Brain Prize. Its members, all of whom are external to the Foundation, represent the highest possible level of expertise within the field of brain research, bringing to the committee relevant and comprehensive knowledge about the international scientific world.</td></tr><tr><td colspan="2">EXPERT PANELS</td></tr><tr><td colspan="2">The Foundation has set up three expert panels to evaluate applications and make decisions on grants.</td></tr><tr><td colspan="2">THE GRANTS AND PRIZES PANELS</td></tr><tr><td colspan="2">This panel comprises the three members of the Board of Directors appointed for their research expertise according to the statutes, and three external experts from within the field of neuroscience. The panel evaluates applications for LF Fellows, LF Professors, and LF Collaborative Projects and submits recommendations for decisions to the Board of Directors.</td></tr><tr><td colspan="2">THE TALENT PANEL</td></tr><tr><td colspan="2">This panel comprises 14 external experts spanning the field of biomedical research. The panel evaluates applications for LF Postdocs, LF Ascending Investigators and LF Experiments. The panel makes decisions on grants according to a grant mandate issued by the Board of Directors.</td></tr><tr><td colspan="2">THE INTERNATIONALISATION PANEL</td></tr><tr><td colspan="2">This panel comprises two of the three members of the Board of Directors appointed for their research expertise according to the statutes, and the Senior Vice President, Grants & Prizes, Director of Science, and the Grant Manager. The panel evaluates applications for meetings, visiting professorships and senior researcher sabbaticals. The panel makes decisions on grants according to a grant mandate issued by the Board of Directors.</td></tr><tr><td colspan="2">GENERAL TERMS AND CONDITIONS FOR RESEARCH GRANTS</td></tr><tr><td colspan="2">All grant recipients must comply with the Lundbeck Foundation’s General Terms and Conditions for Research Grants.</td></tr><tr><td colspan="2">The Foundation expects researchers who receive funding to conduct their research according to recognised codes of Good Research Practice, including the Danish Ministry of Higher Education and Science’s Code of Conduct for Research Integrity, the Medical Research Council’s Good Research Practice, and the International Society for Pharmaco-epidemiology’s Guidelines for Good Pharmacoepidemiology Practice. This also applies to interactions with other researchers, the collection, generation and analysis of data, applications for research funding, the publication of research results, and the recognition of direct and indirect contributions by colleagues, partners and others.</td></tr><tr><td colspan="2">It is a prerequisite that researchers who receive funding from the Lundbeck Foundation are affiliated with institutions that have their own, published codes and guidelines for Good Research Practice, and that the grant recipients comply with such guidelines. In addition, it is a prerequisite that these institutions have formally described procedures, which must be adhered to when handling any suspicion of scientific dishonesty.</td></tr><tr><td colspan="2">To be eligible for a grant from the Foundation, the grant recipient and their host institution, as well as researchers and third parties affiliated with the research project, must also comply with all laws and rules relevant to the research project.</td></tr></table>
28932
Årsrapport
33771231
PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab
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Lene Skole
Steffen Kragh
Chairman
Peter Schütze
Deputy Chairman
Gunhild Waldemar
Lars Holmqvist
Michael Kjær
Susanne Krüger Kjær
Svend Andersen
Kristian Funding Andersen
Elected by the employees
Ludovic Tranholm Otterbein
Elected by the employees
Vagn Flink Møller Pedersen
Elected by the employees
29084
PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab
33771231
Lars Baungaard
State-Authorised Public Accountant
mne23331
Torben Jensen
State-Authorised Public Accountant
mne18651
33771231
PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab