DnB Markets - H. Lundbeck A/S (LUN) Lundbeck (Buy, TP: DKK270.00) - Focusing on upcoming news flow

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DnB Markets

Rune Majlund Dahl

EUR 423.80 For Business Accounts Only

Lundbeck (Buy, TP: DKK270.00) - Focusing on upcoming news flow

While we forecast continued momentum in key products in Q3, we also see a further top-line decline YOY as generic competition erodes Onfi and Sabril sales (also reflected in consensus). We have updated our estimates of the investment to fully commercialise the Alder deal (which lowers our short-term EPS estimates but we believe will be value-enhancing long-term). Following the recent share price decline and our view of improved news flow ahead, we have upgraded Lundbeck to BUY (HOLD), while reiterating our DKK270 target price.

29/10/2019 21 EN

Underlying

H. Lundbeck A/S

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.

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DK0010287234 Nasdaq Nordic Copenhagen Denmark

Provider

DnB Markets

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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Analysts

Rune Majlund Dahl

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Lundbeck (Buy, TP: DKK270.00) - Focusing on upcoming news flow

Lundbeck (Buy, TP: DKK48.00) - Focus on Vyepti sales

Lundbeck (Buy, TP: DKK56.00) - PTSD decision getting closer

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Seafood - Norwegian biomass update

Seafood - Fat Trout Weekly

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