Lundbeck (Buy, TP: DKK41.00) - CEO leaving on a high note
Bowing out on a high note, CEO Deborah Dunsire unveiled robust Q2 sales and a solid beat on adj. EBITDA, prompting an increase in the 2023 revenue guidance to DKK19.5bn–20.1bn (from DKK19.4bn– 20.0bn) and adj. EBITDA to DKK5.2bn–5.5bn (from DKK5.1bn–5.4bn). We see a strong possibility of incoming CEO Charl van Zyl extending the run of raised guidance with the Q3 report, and reiterate our BUY and DKK41 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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