H Lundbeck A/S "2Q26 Results Preview" (Neutral) Deng

研报英文原文证据摘录

H Lundbeck A/S "2Q26 Results Preview" (Neutral) Deng

Global Research

13 July 2026ab

H Lundbeck A/S Equities

Denmark2Q26 Results Preview

Pharmaceuticals

12-month rating Neutral

Lundbeck Q2'26 results preview

The long-term story of Lundbeck hinges on whether the two P3 readouts due next year 12m price target DKr44.00

are able to address the significant patent cliff in 2029 when Rexulti patent goes off.

While we like the R&D strategy at Lundbeck and we think bexicaserin has high

Price (09 Jul 2026) DKr42.98

probability of success, we think the stock may face some volatility before 2027. Over the

past two years, the stock has been well supported by the strong commercial execution at RIC: HLUNb.CO BBG: HLUNB DC

Lundbeck, with consecutive high quality beat and raise driven by Vyepti and Rexulti

Trading data and key metrics

performance. In 2026, Rexulti faces competition from Caplyta as well as Auvelity, and

52-wk range DKr47.34-33.66

the TRx volume growth has slowed significantly this year. In the meantime, investors

have high expectations for Lundbeck in terms of results given the very strong execution Market cap. DKr42.8b/US$6.55b

over the past two years. While we do not see major downside risk for Lundbeck in the Shares o/s 996m (ORD)

near term, uncertainties from competition and high investor expectations might lead to Free float 31%

volatility and potentially better entry points in H2'26 ahead of P3 readouts next year. Avg. daily volume ('000) 692

Lundbeck will report Q2'26 results on August 19th. Avg. daily value (m) DKr29.5

Common s/h equity (12/26E) DKr28.5b

Our Q2'26 forecasts are in line with VA consensus: We forecast DKK6.3bn

P/BV (12/26E) 1.5x

Q2'26 total revenue, 1% above VA cons at DKK6.2bn. Our Rexulti and Vyepti

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