Lundbeck (Buy, TP: DKK200.00) - Revenue and EBIT beat
Lundbeck reported sales growth of c2.3% YOY in Q1, above consensus, driven by better performance from the strategic brands. Core EBIT was reported at DKK1,184m (consensus: DKK1,024m), resulting in a core EBIT margin of 27.1% (consensus: 24.2%). Strategic brands reported 24.9% growth YOY (consensus: 20.7%). The 2022 guidance was maintained. We expect small negative EPS consensus revisions due to high net financials, but a positive 2–3% share price reaction today.H. Lundbeck develops, produces and markets drugs for treating diseases of the central nervous system. Products include antidepressants for the treatment of depression, panic disorder, and prevention of relapse/recurrence. Antipsychotic products for psychotic disorders; schizophrenia, anxiety, restlessness and insomnia; treatment of psychotic disorders; acute psychotic episodes, exacerbation of psychotic disorders. Co.'s products inclue Cipralex®/Lexapro® for the treatment of depression and anxiety; Ebixa® for the treatment of Alzheimer's disease; Azilect® for the treatment of Parkinson's disease; Xenazine®, Sabril®, Saphris® Sycrest®, Onfi, and other.
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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