HLUKF - Lundbeck Really Needs Clinical Wins And Post-Pandemic Re-Acceleration

• With the interim analysis of the Rexulti Alzheimer's agitation study leading to study continuation, Lundbeck's cupboard of near-term catalysts is looking pretty bare.
• A strong efficacy signal in the Phase II Rexulti study in borderline personality disorder or strong acceleration in Vyepti prescriptions would be welcome, but seem less likely.
• Lundbeck looks undervalued on a risk-weighted revenue/FCF basis, but upside is largely tied to positive clinical updates, and Lundbeck is targeting high-risk/high-reward indications.

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