H Lundbeck A/S "1Q'26 results - solid quarter, but less excitement until 2027"

研报英文原文证据摘录

H Lundbeck A/S "1Q'26 results - solid quarter, but less excitement until 2027"

Global Research

13 May 2026ab

H Lundbeck A/S Equities

Denmark1Q'26 results - solid quarter, but less excitement

until 2027 Pharmaceuticals

12-month rating Neutral

12m price target DKr44.001Q'26 results - solid quarter, but less excitement until 2027

Lundbeck pre-released Q1'26 results earlier this week with a 7% beat on top line 22%

beat on adjusted EBITDA (driven by operating leverage). The FY26 guidance was raised, Price (13 May 2026) DKr41.38

with the implied revenue / adjusted EBITDA midpoint in line / 2% above consensus. The RIC: HLUNb.CO BBG: HLUNB DC

guidance raise was mainly driven by Vyepti as well as delay in Abilify generics entry (now

limited impact in 2026). Lundbeck has two thesis-changing P3 readouts due 2027, that Trading data and key metrics

could help to address the significant patent cliff at the end of this decade. However, 52-wk range DKr47.34-33.66

these readouts are still some time away, and after two years of impressive commercial Market cap. DKr41.2b/US$6.46b

performances, we saw less investor enthusiasm now given 1) the fastest growth period Shares o/s 996m (ORD)

for Vyepti and Rexulti have likely passed, and 2) major competition expected for Rexulti Free float 31%

from Axsome (covered by Ash Verma). There was also some confusion initially on the Avg. daily volume ('000) 721

contribution of inventory build up in guidance raise, and we think delayed generics entry Avg. daily value (m) DKr28.8

for Abilify is not an exciting driver for the story. Shares were initially down 2% on the Common s/h equity (12/26E) DKr28.4b

pre-release day but was partially recovered the following day. P/BV (12/26E) 1.4x

Net debt to EBITDA (12/26E) 0.4x

Key takeaways from the results call