ALK-Abello (Sell, TP: DKK1350.00) - Legacy business-driven beat
Legacy business-driven beat Q3 revenues were c1% above expectations; a low quality beat in our view driven by the legacy business. The key SLIT-tablets missed, especially in Europe, which had been a main driver in recent quarters. Earnings were, however, a significant beat, driven by the better legacy revenues and operational efficiencies. The company has as a result narrowed its 2019 EBITDA guidance upwards. We see consensus EPS up c5%, but expect a less positive share price reaction.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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