Raising Lundbeck’s Fair Value Estimate to DKK 218 on the Back of a More Optimistic Full-Year Outlook
As we implied in our previous note, we are raising our fair value estimate to DKK 218 per share from DKK 205 thanks to Lundbeck’s boosted expectations for 2016 results. Slower-than-expected generic erosion on maturing products coupled with stronger uptake of recently launched drugs drove our updated full-year outlook. Shares continue to look overvalued in our view. In contrast to 2014 and 2015, management made large strides to increase operational efficiency and focus over the past year. However...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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