ALK-Abello (Hold, TP: DKK85.00) - Tablet beat provides relief for now
Q2 results were stronger than expected, driven by tablets sales in Japan. Albeit not driven by tablets in Europe (which were as weak as expected), tablets finally exceeding forecasts provided some relief. We await proof of a rebound in European tablet sales in H2, but note the strong demand in Japan seems more sustainable, with ALK potentially seeking to add capacity to meet demand. We reiterate our HOLD and DKK85 target price.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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