ALK-Abello (Hold, TP: DKK1200.00) - Broad Q2 beat, guidance raised
Q2 revenues beat our forecasts and consensus, driven by both SCIT/SLIT-drops and SLIT-tablets, but with tablets the outperformance was fuelled by international markets. Operating profit was far better than expected due to faster capture of operational efficiencies. The better than expected Q2 also prompted ALK-Abello to raise its 2018 guidance again. Based on the new guidance we expect consensus EPS to come up c20%, and we expect the shares to trade up 3–5% today.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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