ALK-Abello (Buy, TP: DKK2260.00) - Tablets impress despite pandemic
Q2 tablet sales continued to impress in the wake of Covid-19, but ALK-Abello is now looking at the lower end of its 8–12% 2020 top-line guidance, owing to US challenges. However, the company raised its 2020 earnings outlook on stronger than expected profitability, albeit driven by R&D costs being pushed to next year. We remain positive and believe the pandemic will boost demand for its tablet portfolio. We reiterate our BUY and have raised our target price to DKK2,260 (2,150).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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