H. Lundbeck A/S (HLUN-B) Fair Value & Analysis

Healthcare · DK · Market cap 42.5B DKK

A solid business, screening 66% undervalued on our models.

What matters now

• The price is below even our cautious bear case (kr 43.53). The market is more pessimistic than our downside scenario.
• Solid quality (69/100) at a price below fair value, the discount is the argument here, not the business quality.
• A fairly wide model range (kr 43.53 to kr 88.47) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range kr 22.03 – kr 46.70 · fair‑value band kr 43.53 – kr 88.47 · the kr 42.52 price screens below the kr 70.78 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

Full chart & analysis →

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Analysis

H. Lundbeck A/S (HLUN-B) currently trades at kr 42.52, while our model-based Fair Value estimate is kr 70.78, implying the stock looks roughly 66.5% undervalued today. The Quality Score stands at 69/100 (solid quality), in the Healthcare sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, H. Lundbeck A/S generated revenue of 25.5B DKK at a net margin of 14.6%. Revenue grew 14.3% year over year. It earns a return on equity of 14.9%. Net debt stands at 8.6B DKK. Fundamentals as of Aug 13, 2026

Our scenario range runs from kr 43.53 (bear case) to kr 88.47 (bull case); at kr 42.52, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat. The share trades about 8% below its 52-week high and 34% above its 52-week low, currently above its 200-day average. For context, the median of 10 Healthcare peers we cover trades at -49% fair-value upside, at 66%, HLUN-B screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Widest divergence: DCF Models (kr 68.00) versus Dividend Discount (kr 14.13). Highest evidence: Growth DCF (80).

Key figures & financial health

Quality Score breakdown

About the company

H. Lundbeck A/S engages in the research, development, manufacturing, and commercializing pharmaceuticals for the treatment of psychiatric and neurological disorders in Europe, United States, and internationally.

Full company description

H. Lundbeck A/S engages in the research, development, manufacturing, and commercializing pharmaceuticals for the treatment of psychiatric and neurological disorders in Europe, United States, and internationally. The company offers Abilify Maintena/ Abilify Asimtufii for schizophrenia and bipolar I disorder in adults; Brintellix/Trintellix to treat depressive disorders; Rexulti/Rxulti to treat major depressive disorder and schizophrenia; Vyepti for migraine prevention; and Cipralex/Lexapro for depression. It also provides Northera for symptomatic neurogenic orthostatic hypotension; Onfi for epilepsy; Sabril for refractory complex partial seizures and infantile spasms; Ebixa for dementia, Azilect for Parkinson's disease; Xenazine for chorea; Deanxit for depression; Cipramil for depression and anxiety; and Cisordinol for psychosis. In addition, the company develops Eptinezumab for migraine prevention; Eptinezumab, which is in phase 3 clinical trial for cluster headache; Lu AG09222, which is in phase 2 clinical trial for migraine prevention; Lu AG13909 that is in phase 1 clinical trial for neurohormonal dysfunctions; Brexpiprazole for post-traumatic stress disorder; Lu AF28996, which is in phase 1 clinical trial for Parkinson's disease; MAGLi program that is in phase 1 clinical trial for neurology; Bexicaserin, which is in phase 3 clinical trial for developmental and epileptic encephalopathies; Amlenetug that is in phase 3 clinical trial for synucleinopathies; and Lu AG22515, which is in clinical phase 1 clinical trial for neurology. Lundbeck A/S has a strategic research collaboration with Contera Pharma to develop oligonucleotide-based medicines for patients living with serious neurological conditions. The company was founded in 1915 and is headquartered in Valby, Denmark.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

H. Lundbeck A/S reported revenue of kr 24.4B in FY2025 versus kr 16.3B in FY2021, a compound +10.6%/yr. Reported net income was kr 3.2B in FY2025, compounding +24.7%/yr from FY2021.

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Peer Group

Drug Manufacturers - Specialty & Generic · 624 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Valuation Multiples vs Drug Manufacturers - Specialty & Generic median · lower = cheaper

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.