Lundbeck (Buy, TP: DKK39.00) - Ambitious medium-term targets
Q4 sales and core EBIT beat our forecasts. The 2023 guidance for revenue of DKK19.4bn–20.0bn was below our estimate, while the EBITDA guidance of DKK4.8bn–5.2bn was above. However, Lundbeck’s new medium-term targets (3–4 years) surprised on the upside in terms of profitability versus our estimates, with the company aiming for a mid-single digit organic CAGR and 30–32% EBITDA margin. We reiterate our BUY and DKK39 target price.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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