ALK-Abello (Buy, TP: DKK190.00) - Momentum keeps building
Last night, ALK raised its full-year guidance for the third time this year, again related to the strong European tablets that saw organic growth accelerating from c28% in Q1 to c35% in Q2 (consensus c26%). Momentum remains strong, with the company on track to achieve 16% (if not higher) organic growth in 2024, which raises the question if growth medium-term could be higher than the guidance of >10%. We reiterate our BUY and have raised our target price to DKK190 (165).Alk-Abello is engaged in the development and marketing of pharmaceutical products for the treatment, prevention and diagnosis of allergies. Co.'s product portfolio comprises allergy vaccines, emergency treatments and allergy diagnostics products. Co.'s allergy vaccines product offering comprises tablet vaccines, sublingual vaccines and subcutaneous vaccines. Co.'s emergency treatments product offering comprises products for the management of anaphylaxis. Co.'s allergy diagnostics product offering comprises allergen extracts for allergy testing, such as skin-prick tests.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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