H. Lundbeck AS Ordinary Shares - Class B

HLUN B: XCSE (DNK)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	DKK 94.90	Bkpjz	Zdczvdkl

Lundbeck Earnings: Strong Sales From Strategic Brands Drive Growth; Shares Undervalued

Rachel Elfman

May 10, 2023

Lundbeck reported solid first-quarter results, highlighted by quarterly revenue of DKK 5 billion, representing a 15% increase from the prior-year period. Continued strong performance from Lundbeck’s strategic brands (Trintellix, Abilify Maintena, Rexulti, and Vyepti) accounted for nearly DKK 3.3 billion of sales, representing growth of 23%. We maintain our fair value estimate of DKK 42.50 per share, and we view the stock as undervalued, currently trading in 4-star territory, about 16% below our fair value estimate. We think shares look attractive for long-term investors with a high degree of risk tolerance.

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