ALK-Abello (Buy, TP: DKK150.00) - Solid Q3e, but headwinds ahead
We expect ALK-Abello to report solid Q3 results (due at 07:30 CET on 9 November), with c11% organic revenue growth YOY, driven by European tablet sales, and solid gross-margin progress. We also believe there is a good chance the company could adjust its conservative 2022 guidance. However, we see several potential headwinds building ahead of 2023, and have lowered our target price to DKK150 (180), while we reiterate our BUY.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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