Lundbeck's CEO Pain Is Teva's Gain; No Change to Our Fair Value Estimates
Teva and Lundbeck’s announcement that Kare Schultz, previously CEO at Lundbeck and COO at Novo Nordisk, will take over as Teva’s new CEO is encouraging news for Teva but troubling for Lundbeck. We do not expect changes to our moat ratings or fair value estimates for either company. Details on the official timing of the management transition are still forthcoming.We find the departure of Schultz concerning for Lundbeck, as the company’s turnaround success can largely be attributed to Schultz’s a...
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