H. Lundbeck AS Ordinary Shares - Class B

HLUN B: XCSE (DNK)

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No-Moat Lundbeck's Strategic Brands Drive Sales, but Loss of Exclusivity Weighs on Long-Term Outlook

Rachel Elfman

Sep 29, 2026

Business Strategy and Outlook

Lundbeck's portfolio focuses on central nervous system drugs, including antidepressants, antipsychotics, and antiepileptic products. While incremental innovations and label expansions helped Lundbeck earn excess returns over the past several years, this occurred before many of Lundbeck’s patents expired. Since then, generic entry has created significant competition and pricing pressure for the firm.

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H. Lundbeck AS Ordinary Shares - Class B

No-Moat Lundbeck's Strategic Brands Drive Sales, but Loss of Exclusivity Weighs on Long-Term Outlook

Business Strategy and Outlook

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