Weaker 3Q Trajectory of Lundbeck's Core Portfolio Prompts Marginal FVE Decrease to DKK 290
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...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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