Lundbeck (Sell, TP: DKK270.00) - 2019 guidance narrowed to high end
Q1 sales were 5.7% above our estimate and 4.2% above consensus, with EBIT 4.1% above our estimate and 2.4% above consensus but a weak EBIT margin of 28.3% (we forecast 28.8%, consensus 28.8%). The 2019 revenue guidance was narrowed to DKK16.3bn–16.7bn (16.1bn–16.7bn) while the EBIT guidance of DKK4.2bn–4.6bn remains. We expect positive consensus revisions of 1–2% and the share price up 2–3% today.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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