Swedish Orphan Biovitrum (Buy, TP: SEK275.00) - Focus on 2020 guidance
We expect continued momentum in Q4, with top-line growth of c89% YOY to SEK4,849m and EBITA growth of c167% YOY to SEK2,446m. Our focus will be on the new 2020 guidance and the downside risk that the market will be disappointed. While the raised 2019 guidance lends some credibility to the diversification strategy, questions remain about the seasonality of the expected results. We reiterate our BUY and SEK275 target price.Swedish Orphan Biovitrum AB is a healthcare company focused on rare diseases. Co. develops, manufactures and commercializes treatments with a particular focus on four therapeutic areas: Inflammation, Genetics & Metabolism, Haemophilia and Neonatology. Co. also markets a portfolio of rare disease products for partner companies. Co.'s pipeline programmes include research and development focused on recombinant protein drugs in late preclinical and clinical phase for indications.
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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