H. Lundbeck

Deutsche Bank has downgraded Lundbeck from "hold" to "sell" and cut the price target from DKK 40 to DKK 36. The bank cites forecasted revenue declines in 2026–2030 due to increasing headwinds for key drug Rexulti — notably competition from Auvelity, an expected price reduction in 2028 under the US Inflation Reduction Act (about 35% of Rexulti US sales are over Medicare) and the 2029 patent cliff. The bank says higher estimates for late‑stage assets are not sufficient to offset Rexulti's losses and justifies the new target with an expected P/E of 6 for 2027. Lundbeck's H1 results showed revenue growth but a slowdown in growth; a voluntary exchange offer from Lundbeckfond Invest is underway, and Phase 3 results for bexicaserin are due soon. » More on de.investing.com

H Lundbeck shares fell about 5.3% to DKK 42.28 after Deutsche Bank downgraded the stock from "hold" to "sell" and set a DKK 36 price target. The bank sees the biggest risk in revenue from the drug Rexulti (around 25% of sales) due to rising competition from Auvelity and a planned price cut in 2028 resulting from the US Inflation Reduction Act. Additional pressure stems from a voluntary share-exchange offer that allows A shares to be swapped 1:1 into B shares until 16.09.2026, creating short-term dilution dynamics for the B share. The weak global market environment amplifies the downward pressure on the stock. » More on de.investing.com

H. Lundbeck reported currency-adjusted revenue growth of 16% in H1 2026 to DKK 13.6bn, driven by Vyepti (+46% worldwide, US market share 13.01%) and REXULTI (+17%). Adjusted EBITDA rose 19% and adjusted EPS increased 28%; net debt fell to DKK 7.4bn. Management did not raise the outlook but sees the company at the upper end of the full-year guidance (revenue +7–9%, EBITDA +8–14%) and warns of a normalization of effects in H2. Lundbeck continues to emphasize high R&D investment and several upcoming study readouts as future catalysts. » More on de.investing.com

The Lundbeck share fell 6.7% today to 41.81 after half-year figures showed total sales growth of +16% CER but a slowed adjusted growth of +13% CER versus +21% in Q1. Additional pressure came from a voluntary 1:1 exchange offer by majority shareholder Lundbeckfond Invest A/S, which increases the supply of B shares and could trigger selling. Neutral FTSE 100 trading, geopolitical tensions and technical sell signals amplified the negative price reaction. » More on de.investing.com

Lundbeck reported Q4 revenue of DKK 6.09 billion and adjusted EBITDA of DKK 1.61 billion, beating expectations by 4%, while adjusted earnings per share of DKK 0.94 missed consensus. The company announced a dividend of DKK 1.15. For 2026 Lundbeck forecasts revenue growth of 5–8% at constant exchange rates (DKK 24.83–25.54 billion) and adjusted EBITDA growth of 4–12% (DKK 7.46–8.03 billion), but sees negative currency effects and higher R&D spending. Lundbeck warns of increasing generic pressure on Abilify and a pipeline that is unlikely to deliver revenues before 2028, creating mid‑term revenue risks. » More on de.investing.com