Lundbeck (Sell, TP: DKK360.00) - Guidance implicitly raised in June
We expect Lundbeck’s key products to have sustained good momentum in Q2 (results due on 8 August at 07:00 CET), and continued focus on generic competition as the new CEO will not be in place before September to present her thoughts on the company or the new long-term financial targets. Given the voluntary payment to the US DoJ announced in early-June, we find it unlikely that the company will increase its guidance. We reiterate our SELL and DKK360 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.
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