H. Lundbeck AS Ordinary Shares - Class B

HLUN B: XCSE (DNK)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	DKK 72.30	Tsnh	Gjgqbdz

Lundbeck Earnings: Demand for Strategic Brands Helps Offset Generic Erosion of Mature Portfolio

Rachel Elfman

Aug 17, 2023

Lundbeck reported second-quarter results highlighted by revenue of DKK 4.9 billion, representing a 10% increase from the prior-year period. Continued strong performance from Lundbeck’s strategic brands (Trintellix, Abilify Maintena, Rexulti, and Vyepti) accounted for nearly DKK 3.4 billion of sales, representing growth of 14%. We maintain our fair value estimate of DKK 42.50 per share, and we view shares as undervalued, currently trading about 17% below our fair value estimate.

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