H. Lundbeck AS Ordinary Shares - Class B

HLUN B: XCSE (DNK)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	DKK 96.70	Lhgqr	Cfwspphs

Lundbeck Earnings: Strong Sales From Strategic Brands Help Offset Generic Erosion

Rachel Elfman

Nov 15, 2023

Lundbeck reported third-quarter results highlighted by revenue of DKK 4.95 billion. Strong performances from Lundbeck’s strategic brands Trintellix, Abilify Maintena, Rexulti, and Vyepti accounted for DKK 3.45 billion in sales, representing growth of 14% at constant exchange rates from the prior-year period. We maintain our fair value estimate of DKK 42.50 per share, and we view shares as undervalued, currently trading about 19% below our fair value estimate.

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