Lundbeck (Buy, TP: DKK44.00) - Focus on guidance and M&A
We expect Lundbeck to reach the high end of its 2023 guidance, and forecast Q4 revenue of DKK5,111m and adj. EBITDA of DKK929m. For 2024, we look for continued good growth across strategic brands (we forecast 12.9%), and we believe investors will focus on the M&A agenda to strengthen the late-stage pipeline. We expect the 2024 guidance to be for revenue of DKK21.0bn–21.6bn and EBITDA of DKK5.7bn–6.3bn. We reiterate our BUY and DKK44 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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