Morningstar - H. Lundbeck A/S (LUN) Raising Lundbecks FVE to DKK 292 Following Robust 2Q Performance

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Morningstar

Kelsey Tsai

EUR 101.80 For Business Accounts Only

Raising Lundbeck's FVE to DKK 292 Following Robust 2Q Performance

Thanks to weaker generic erosion on legacy products and greater margin expansion due to more favorable product mix, we are increasing Lundbeckâ€™s fair value estimate to DKK 292 per share from DKK 272. Following solid second-quarter performance, management raised its revenue and EBIT guidance to DKK 16.7 billion-DKK 17.5 billion and DKK 4.1 billion-DKK 4.5 billion, respectively, from initial estimates of DKK 16.5 billion-DKK 17.3 billion and DKK 3.6 billion-DKK 4.0 billion. Our updated full-year f...

14/08/2017 14 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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Raising Lundbeck's FVE to DKK 292 Following Robust 2Q Performance

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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