H. Lundbeck AS Ordinary Shares - Class B

HLUN B: XCSE (DNK)

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No-Moat Lundbeck's Strategic Brands Drive Sales, but Generic Pressure Weighs on Company

Rachel Elfman

Feb 6, 2026

Business Strategy and Outlook

Lundbeck's portfolio focuses on central nervous system drugs, including antidepressants, antipsychotics, and antiepileptic products. While incremental innovations and label expansions have helped Lundbeck earn excess returns over the last several years, this was before many of Lundbeck’s patents reached their expirations. Since then, generic entry has created a lot of competition and pricing pressure for the firm.

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H. Lundbeck AS Ordinary Shares - Class B

No-Moat Lundbeck's Strategic Brands Drive Sales, but Generic Pressure Weighs on Company

Business Strategy and Outlook

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