Morningstar - H. Lundbeck A/S (LUN) Lundbecks Solid 2017 Recovery Tempered by Modest 2018 Outlook; DKK 290 FVE Unchanged

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Morningstar

Kelsey Tsai

Lundbeck's Solid 2017 Recovery Tempered by Modest 2018 Outlook; DKK 290 FVE Unchanged

We are maintaining our DKK 290 fair value estimate for Lundbeck after the companyâ€™s fourth-quarter earnings release. While 2017 represented a solid year of top-line recovery roughly in line with our full-year estimates, managementâ€™s 2018 outlook was more modest than we anticipated. Our more tempered expectations for top-line growth and margin expansion in our model were offset by our updated cost of equity to 9% from 11% (now that the firm has dug itself out of its 2015 levels of rock bottom pro...

12/02/2018 13 EN

Underlying

H. Lundbeck A/S

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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DK0010287234 Nasdaq Nordic Copenhagen Denmark

Provider

Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

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Analysts

Kelsey Tsai

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Lundbeck's Solid 2017 Recovery Tempered by Modest 2018 Outlook; DKK 290 FVE Unchanged

Lundbeck (Buy, TP: DKK48.00) - Focus on Vyepti sales

Lundbeck (Buy, TP: DKK56.00) - PTSD decision getting closer

Lundbeck (Buy, TP: DKK56.00) - Solid Q4e; PTSD decision ahead

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

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