After a period of declining profitability, Lundbeck is repositioned for more stable growth.
We are lowering our fair value estimate for Lundbeck slightly to DKK 290 per share from DKK 292 per share to reflect management’s lower-than-expected top-line guidance update in its third-quarter earnings release. The company also boosted 2017 bottom-line guidance thanks to a one-time divestiture of properties, but this has no bearing on our long-term valuation outlook. We think Lundbeck’s diversified portfolio of central nervous system drugs merits a narrow economic moat rating, though we are c...
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