ALK-Abello (Hold, TP: DKK1125.00) - In-line guidance; US still modest
Q4 sales were broadly in line with consensus, but EBIT was significantly lower than expected, partly due to an R&D-related write-down of DKK32m. The 2019 guidance for revenue of cDKK3.1bn–3.3bn and EBITDA of cDKK100m–200m was in line with expectations, while free cash flow of cDKK-400m was below expectations, due to phasing. Company data confirms that ODACTRA remains modest despite the high season. We see the shares price down 3%+.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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