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Danish pharmaceutical company focused on brain diseases: depression, migraine, Parkinson's and other CNS disorders.
Danish pharmaceutical company focused on brain diseases: depression, migraine, Parkinson's and other CNS disorders.
Earns from selling its own brain-disease drugs in Europe, the US and elsewhere through its own sales forces, and from sharing profits on drugs co-developed with Otsuka, such as Rexulti. A few older products face generic competition when patents expire, so it keeps buying or licensing newer ones, including its 2024 purchase of Longboard. The Lundbeck Foundation, a Danish charity, controls it.
Moat: narrow (IP / patents, process know-how). Deep, focused CNS drug-development expertise but faces patent expiries on key products.
Headquarters: Valby, Denmark · Founded: 1915 · Employees: 5,214
Size H. Lundbeck A/S (HLUN-A.CO) is a Denmark Health Care company (Pharmaceuticals: Major) with a market value of $8.02B, the 17th largest of 59 Denmark companies the cockpit tracks. Shares closed at DKK 51.60 on 6 Nov 2026.
Performance Over six months the shares gained 46.6%, against +6.7% for the median peer and +8.8% for the Denmark market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue grew 9.1% over the last twelve months (peer median +12.8%); the operating margin is 27.2% (peer median 16.2%).
Valuation It trades at 2.4× enterprise value to sales against a peer median of 6.4× (6th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about -9% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is -16 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 10.0 points above its cost of capital (5.9% WACC).
Credit H. Lundbeck A/S has 2 bonds outstanding ($1.11B), rated BBB- by the agencies and trading like BBB- at a weighted spread of 120 bp.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | DKK 25.7B | DKK 24.4B | DKK 22.1B | DKK 19.9B | DKK 18.2B |
| Revenue growth | — | +10% | +11% | +9% | — |
| Gross profit | DKK 20.2B | DKK 19.4B | DKK 17.2B | DKK 15.3B | DKK 14.2B |
| EBITDA | DKK 9.38B | DKK 8.66B | DKK 6.17B | DKK 5.21B | DKK 4.66B |
| Net income | DKK 3.88B | DKK 3.19B | DKK 3.14B | DKK 2.29B | DKK 1.92B |
| Free cash flow | DKK 4.64B | DKK 4.34B | DKK 2.90B | DKK 3.81B | DKK 2.07B |
| Capital expenditure | DKK 641M | DKK 618M | DKK 565M | DKK 501M | DKK 820M |
| Total debt | DKK 9.42B | DKK 11.7B | DKK 17.0B | DKK 4.39B | DKK 5.76B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| H. Lundbeck A/S HLUN-A.CO | $8.02B | +47% | +9% | 27% | 2.4× | -9.1% |
| Otsuka Hldgs 4578.T | $38.6B | +2% | +11% | 18% | 2.2× | 0.4% |
| Teva Pharmaceutical Industries Limited Sponsored ADR TEVA | $49.7B | +19% | -4% | 19% | 3.6× | 10.2% |
| AbbVie ABBV | $515B | +45% | +11% | 36% | 8.9× | -0.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | HLUN-A.CO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +17.7% | +3.2% | 3rd highest of 21 |
| 6-month return | +46.6% | +6.7% | 3rd highest of 21 |
| Distance from 52-week high | -0.2% | -13.8% | highest of 21 |
| Revenue growth (TTM) | +9.1% | +12.8% | 9th lowest of 21 |
| Operating margin | 27.2% | 16.2% | highest of 20 |
| EV / Sales | 2.4× | 6.4× | 6th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | -9.1% | 12.6% | 2nd least demanding of 15 |
| Growth delivered (Del g) | +6.6% | +9.3% | 3rd lowest of 15 |
| Hurdle (Req g minus delivered) | -15.7 pp | -2.6 pp | 5th least demanding of 15 |
| ROIC minus cost of capital | +10.0 pp | +1.7 pp | 6th highest of 19 |
| EV / EBITDA | 6.5× | 20.8× | cheapest of 13 |
| Net debt / EBITDA | 0.8× | -0.1× | 7th most indebted of 14 |
| Bond spread | 120 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| H. Lundbeck A/S HLUN-A.CO | Denmark | $8.02B | +47% | +9% | 27% | 2.4× | -9.1% | +6.6% |
| Kyowa Kirin 4151.T | Japan | $8.05B | +4% | +10% | 24% | 2.0× | -6.1% | +9.3% |
| Asymchem Laboratories (Tianjin) 002821.SZ | China | $8.07B | +23% | +18% | 17% | 6.4× | n/a | n/a |
| Corcept Therapeutics CORT | United States | $7.96B | +39% | +30% | 12% | 7.9× | 24.9% | +16.6% |
| ALK-abello A/S ALK-B.CO | Denmark | $8.14B | -5% | +17% | 27% | 7.8× | 7.6% | +12.6% |
| Rhythm Pharmaceuticals RYTM | United States | $7.78B | +19% | +61% | -67% | 27.4× | n/a | n/a |
| Praxis Precision Medicines PRAX | United States | $7.75B | -16% | -100% | n/a | n/a | n/a | n/a |
| Shanghai Pharmaceuticals 601607.SS | China | $8.32B | -2% | +4% | 3% | 0.3× | -10.0% | +8.1% |
| Glenmark Pharmaceuticals GLENMARK.NS | India | $7.73B | +9% | +33% | 20% | 4.1× | 20.0% | +9.4% |
| Alkermes Public ALKS | United States | $7.71B | +31% | +15% | 5% | 4.9× | 31.5% | +7.3% |
| Protagonist Therapeutics PTGX | United States | $8.54B | +33% | +35% | 21% | 27.6× | 47.5% | +10.0% |
| Grifols GRF.MC | Spain | $7.49B | +23% | 0% | 16% | 2.3× | 6.8% | +7.1% |
| Cytokinetics CYTK | United States | $7.46B | -30% | -21% | -1,046% | 111.8× | n/a | n/a |
| Shanghai Fosun Pharmaceutical (Group) 2196.HK | Hong Kong | $8.69B | -10% | +10% | 6% | 2.4× | 20.5% | +5.8% |
| Kiniksa Pharmaceuticals International KNSA | United States | $7.37B | +60% | +58% | 14% | 7.2× | 9.9% | +45.5% |
| Bachem BANB.SW | Switzerland | $7.32B | +3% | +5% | 19% | 8.7× | n/a | n/a |
| Huadong Medicine 000963.SZ | China | $7.29B | -17% | +2% | 9% | 1.1× | -2.7% | +5.3% |
| ImmunityBio IBRX | United States | $9.15B | +1% | +193% | -152% | 60.5× | n/a | n/a |
| TG Therapeutics TGTX | United States | $9.16B | +40% | +76% | 17% | 11.7× | 50.3% | +426.7% |
| Amneal Pharmaceuticals AMRX | United States | $7.01B | +53% | +9% | 17% | 3.2× | 15.2% | +8.7% |
| ONO Pharmaceutical 4528.T | Japan | $7.01B | +2% | -2% | 22% | 2.0× | -8.2% | +10.8% |
H. Lundbeck A/S has 2 bonds outstanding with $1.11B face value. The agencies rate it BBB-; its bonds trade like BBB-. Weighted yield 4.16%, a spread of 120 bp over government bonds.