H. Lundbeck AS Ordinary Shares - Class B

HLUN B: XCSE (DNK)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Lundbeck Earnings: Generic Erosion Offset by Robust Demand for Strategic Brands

Rachel Elfman

Nov 15, 2024

No-moat Lundbeck reported strong third-quarter results, highlighted by revenue of DKK 5.7 billion, representing growth of 16% from the prior year period. Strong uptake of Lundbeck’s strategic brands (Vyepti, Rexulti, Abilify Maintena, and Trintellix) accounted for 74% of total revenue in the first nine months of 2024. Lundbeck is tracking our expectations, and we maintain our fair value estimate of DKK 42.50 per share. We view the stock as fairly valued, currently trading in 3-star territory.

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H. Lundbeck AS Ordinary Shares - Class B

Lundbeck Earnings: Generic Erosion Offset by Robust Demand for Strategic Brands

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