Accessible version H. Lundbeck A/S 2Q26 Preview; Sales c1% below cons, EBITDA margin c2% below on higher Opex Reiterate Rating: UNDERPERFORM | PO: 34.00 DKK | Price: 42.42 DKK 2Q Preview; Sales c1% below, EBITDA c6% below on Opex For 2Q26 we forecast; 1) Sales DKK6.2bn, +2% YoY, c1% below VA cons, 2) Adj. EBITDA DKK1.9bn, -9% YoY and c6% below cons, with 30% margin c1% below bottom-end of 31-33% FY guide on higher costs (SG&A c4% above cons). Notably, cons' assumed 32% margin in 2Q (middle of FY guide) look ...