Lundbeck (Buy, TP: DKK41.00) - Still too early to raise guidance
We forecast Q2 top-line growth of 9.1% YOY (consensus 7.9%), driven by strategic brands, for which we forecast 15.4% sales growth YOY, and an EBIT margin of 16.1% (consensus 15.7%). We expect an unchanged 2023 guidance for revenues of DKK19.4bn–20.0bn and adj. EBITA of DKK5.1bn–5.5bn, but see scope for Lundbeck to raise its guidance later this year. We 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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