How Much Better Can Lundbeck Get?

One of my core investment principles is to be slow to sell the shares of companies that have proven themselves to be well-run. Not only do the shares of well-run companies tend to garner higher multiples than might otherwise seem fair, these companies also have a knack for outperforming expectations over the long haul. 

All of that said, I am trying to find that boundary between patience, enlightened self-interest, and greed when it comes to H. Lundbeck A/S (OTCPK:HLUYY) (LUN.CO). The management of this Danish drug company has executed a masterful turnaround, and the shares are up around 37% over the past year despite multiple clinical disappointments and a very thin late-stage pipeline. There are still drivers that can support a higher price, and I am reluctant to part company with a well-run business, but at some point, even the best stocks can get expensive.

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How Much Better Can Lundbeck Get?