H. Lundbeck AS Ordinary Shares - Class B

HLUN B: XCSE (DNK)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	DKK 64.90	Dpzh	Kbyqcmgs

Lundbeck Earnings: Demand for Strategic Brands Helps Offset Generic Erosion

Rachel Elfman

Feb 13, 2024

Lundbeck reported solid year-end results, highlighted by 2023 revenue of DKK 19.9 billion, representing 9% growth from 2022. Continued strong performance from Lundbeck’s strategic brands (Rexulti, Abilify Maintena, Vyepti, and Trintellix) accounted for DKK 13.7 billion of sales in 2023. We maintain our fair value estimate of DKK 42.50 per share and view the stock as undervalued, currently trading in 4-star territory, about 25% below our fair value estimate. We think the shares look attractive for long-term investors with a high degree of risk tolerance.

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