Lundbeck’s 3Q Results Driven by Strong Core Drug Growth and Slower Generic Erosion; Raising Our FVE
Slower-than-expected generic declines, rapid growth in key drug sales (particularly Northera and Rexulti), and faster-than-anticipated efficiency gains drove strong third-quarter results for Lundbeck, and management boosted their expectations for the full year once again. Although we were already at the high end of Lundbeck’s prior range of guidance, we plan on raising our full-year sales estimates slightly, which may increase our DKK 205 per share fair value estimate. We award Lundbeck a narrow...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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