Company Reports

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.

Lundbeck's second-quarter revenue grew 16% at constant exchange rates. Revenue from its strategic brands increased by 17%, reaching nearly DKK 10.5 billion, representing 77% of total revenue. Management maintained its 2026 guidance of revenue growing 7%-9% at constant exchange rates.

Lundbeck's first-quarter revenue grew 21% at constant exchange rates. Adjusting for a one-time inventory build tied to the transition of 27 smaller markets to three regional partners, the underlying growth was about 13%. Revenue guidance was raised by 150 basis points at the midpoint.

Lundbeck posted 2025 revenue of DKK 24.6 billion, up 13% at constant exchange rates, while adjusted EBITDA was up 24% to DKK 7.9 billion. Management is guiding to 2026 revenue growth of 5%-8% at constant exchange rates, or 2.5% at the midpoint, accounting for hedging and exchange rate impacts.

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

Lundbeck reported total revenue of DKK 18.5 billion in the first nine months of 2025, up 14% year over year at constant exchange rates. On Nov. 14, Lundbeck made an unsolicited bid of up to $2.25 billion for Avadel Pharmaceuticals, potentially upending Avadel's existing deal with Alkermes.

Lundbeck reported total revenue of DKK 12.3 billion in the first half of 2025, representing growth of 14% at constant exchange rates. Management raised its 2025 revenue and adjusted EBITDA growth guidance by 250 and 750 basis points at the midpoint, respectively. Lundbeck's shares rose 9% on Aug 14.

No-moat Lundbeck reported robust growth in the first quarter, highlighted by total revenue of DKK 6.2 billion, increasing 18% year over year. Lundbeck experienced strong demand across all geographies, and its strategic brands (Vyepti, Rexulti, Abilify Maintena, and Trintellix) accounted for 77% of total revenue and grew 28% from the prior year. Management raised its 2025 revenue guidance by 100 basis points at the midpoint of its previous expectations. Investors reacted favorably to Lundbeck’s results and sent the stock up 10%. We forecast Lundbeck will achieve total 2025 revenue of DKK 23.7 billion. We maintain our fair value estimate of DKK 42.50 per share, and we view the stock as undervalued, currently trading at a 20% discount to our fair value estimate.

No-moat Lundbeck delivered strong year-end results with revenue growing nearly 11% year over year to DKK 22 billion. Strong demand of Lundbeck’s strategic brands (Vyepti, Rexulti, Abilify Maintena, and Trintellix) accounted for 75% of total revenue and grew 20% from the prior year. Lundbeck continues to track 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.

Lundbeck focuses on central nervous system drugs, including antidepressants, antipsychotics, and antiepileptic products. While incremental innovations and label expansions have helped Lundbeck earn excess returns over the last several years, this was before many of Lundbeck’s patents reached their expirations. Since then, generic entry has created a lot of competition and pricing pressure for the company.

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.

On Oct. 14, Lundbeck announced it will acquire Longboard Pharmaceuticals for $2.5 billion (approximately DKK 17 billion) in a strategic deal to enhance its neuroscience pipeline. Longboard’s lead asset, bexicaserin, appears to hold blockbuster potential, and it is in development for the treatment of patients suffering from rare and severe epilepsies associated with Dravet syndrome, Lennox-Gastaut syndrome, and other developmental and epileptic encephalopathies, or DEEs.

Lundbeck reported solid half-yearly results, highlighted by total revenue of DKK 10.74 billion, representing 10% growth from the prior-year period. Robust performance from Lundbeck’s strategic brands (Vyepti, Rexulti, Abilify Maintena, and Trintellix) accounted for 73% of total revenue and grew 19% compared with the first half of 2024. Investors reacted favorably, sending the stock up 4%. 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.

Lundbeck reported a solid start to 2024, highlighted by revenue of DKK 5.28 billion, representing 5% growth from the prior-year period. Strong performance from Lundbeck’s strategic brands (Rexulti, Abilify Maintena, Vyepti, and Trintellix) accounted for DKK 3.75 billion of sales, growing 15% from the first quarter last year. Investors reacted favorably, sending the stock up nearly 6%. 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 10% below our fair value estimate. We think shares look attractive for long-term investors with a high degree of risk tolerance.

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.

Lundbeck focuses on central nervous system drugs, including antidepressants, antipsychotics, and antiepileptic products. While incremental innovations and label expansions have helped Lundbeck earn excess returns over the last several years, this was before many of Lundbeck’s patents reached their expirations. Since then, generic entry has created a lot of competition and pricing pressure for the company.

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.

Lundbeck focuses on central nervous system, or CNS, drugs, including antidepressants, antipsychotics, and antiepileptic products. While incremental innovations and label expansions have helped Lundbeck earn excess returns over the last several years, this was before many of Lundbeck’s patents reached their expirations. Since then, generic entry has created a lot of competition and pricing pressure for the company.

Lundbeck reported second-quarter results highlighted by revenue of DKK 4.9 billion, representing a 10% increase from the prior-year period. Continued strong performance from Lundbeck’s strategic brands (Trintellix, Abilify Maintena, Rexulti, and Vyepti) accounted for nearly DKK 3.4 billion of sales, representing growth of 14%. We maintain our fair value estimate of DKK 42.50 per share, and we view shares as undervalued, currently trading about 17% below our fair value estimate.

Lundbeck focuses on central nervous system, or CNS, drugs, including antidepressants, antipsychotics, and antiepileptic products. While incremental innovations and label expansions have helped Lundbeck earn excess returns over the last several years, this was before many of Lundbeck’s patents reached their expirations. Since then, generic entry has created a lot of competition and pricing pressure for the company.