Lundbeck (Buy, TP: DKK44.00) - Good start to the year
The Q1 results beat our estimates and consensus, with a strong EBIT margin of 24.2%, benefitting from operating leverage. The 2024 guidance was revised on FX for reported revenue growth to c3%-points (c4%-points) lower than in constant exchange rate (CER) terms, and adj. EBITDA growth to c8%-points (c9%-points) lower than in CER. However, in CER terms it was maintained for revenue up 7–10% YOY and adj. EBITDA up 10–16% YOY. 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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