Lundbeck (Buy, TP: DKK270.00) - 2019 revenue guidance increase
Q3 sales were c1.0% below our and consensus estimates, with EBIT 9.0% below our estimate and 7.6% below consensus and a weak EBIT margin of 24.5% (we forecast 26.6%, consensus 26.2%). Despite the miss the 2019 revenue guidance was upped to DKK16.7bn–16.9bn (16.3bn–16.7bn) and the reported EBIT guidance to DKK3.4bn–3.7bn. We expect positive consensus revisions of c4% for 2019e but negative c15% for 2020e and the share price slightly up 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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