H. Lundbeck A/S (HLUN-B) Fair Value & Analysis
Healthcare · DK · Market cap 42.5B DKK (≈ $6.6B) · ISIN DK0061804770
What is H. Lundbeck A/S really worth?
A solid business, trading 38% below our fair value of kr 70.78.
Strengths
For context
Fair value as of: Aug 27, 2026
From 26 valuation models · updated 8 days ago
Share price +6.3% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- 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 27, 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 44.12 price screens below the kr 70.78 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Aug 27, 2026.
Analysis
H. Lundbeck A/S (HLUN-B) currently trades at kr 44.12, while our model-based Fair Value estimate is kr 70.78, implying the stock looks roughly 37.7% undervalued today. The Quality Score stands at 69/100 (solid quality), in the Healthcare sector. Bull case: the DCF Models group reads highest at a median of kr 68.00 per share, and 20 of the 26 models we run sit above the kr 44.12 price. Bear case: the Dividend Discount group reads lowest at kr 14.13, and 6 of the 26 models stay below the price. Evidence for this calculation is high.
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 27, 2026
Our scenario range runs from kr 43.53 (bear case) to kr 88.47 (bull case); at kr 44.12, the current price sits within 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 5% below its 52-week high and 39% above its 52-week low, currently above its 200-day average. For context, the median of 10 Healthcare peers we cover trades at −45% fair-value upside, at 60%, HLUN-B screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly kr 1.77 per share, which is 2.5 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.
All 26 models by family
Widest divergence: DCF Models (kr 68.00) versus Dividend Discount (kr 14.13). Highest evidence: FCF DCF (78).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 27, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 67 · Market factors (momentum, volatility) 65
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
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 24.4B DKK in FY2025 versus 16.3B DKK in FY2021, a compound +10.6%/yr. Reported net income was 3.2B DKK in FY2025, compounding +24.7%/yr from FY2021.
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Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- H. Lundbeck AS (HLUBF) (Q2 2026) Earnings Call Highlights: Strategic Brands Drive 16% Revenue ...
- Assessing Lundbeck Stock After Strong Three Year Rally and Steady Pharma Growth in 2025
- United States Epilepsy Drugs Market Trends and Company Analysis Report 2025-2033 Featuring Eisai, UCB, H. Lundbeck, GW Pharmaceuticals, Abbo
- Denmark Pharmaceutical Market Forecast and Company Analysis Report 2025-2033 Featuring Novo Nordisk, H. Lundbeck, Leo, Orifarm, ALK-Abell, X
Peer Group
Drug Manufacturers - Specialty & Generic · 608 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
Strength profile in five axes (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.
Similar stocks
10 more Drug Manufacturers - Specialty & Generic stocks, each showing price versus our Fair Value estimate (as of Aug 27, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Merck KGaA MRK | €140.25 | €106.48 | −24% |
| Takeda Pharmaceutical Company TAK | $18.03 | $11.11 | −38% |
| Jiangsu Hengrui Pharmaceuticals Co 600276 | ¥53.76 | ¥25.94 | −52% |
| Sun Pharmaceutical Industries Limited SUNPHARMA | ₹1,944 | ₹989.50 | −49% |
| Galderma Group GALD | CHF 178.55 | CHF 55.07 | −69% |
| Haleon plc HLN | $10.11 | $7.64 | −24% |
| Teva Pharmaceutical Industries Limited TEVA | $36.05 | $15.33 | −57% |
| Sandoz Group SDZ | CHF 70.66 | CHF 39.21 | −45% |
| Zoetis Inc ZTS | $77.10 | $104.88 | +36% |
| Hansoh Pharmaceutical Group 3692 | HK$35.12 | HK$16.18 | −54% |
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