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ABGSC Healthcare Research ... (+2)
  • ABGSC Healthcare Research
  • Morten Larsen
ABGSC Healthcare Research ... (+2)
  • ABGSC Healthcare Research
  • Morten Larsen
ABGSC Healthcare Research ... (+2)
  • ABGSC Healthcare Research
  • Morten Larsen
ABGSC Healthcare Research ... (+2)
  • ABGSC Healthcare Research
  • Morten Larsen
ABGSC Healthcare Research ... (+2)
  • ABGSC Healthcare Research
  • Morten Larsen

Intriguing company transformation in progress

7% CER growth, 19-23% EBIT beat and now net cash positive. Company being reshaped, pipeline strengthening. Attractive 12% FCF yield, company becoming stronger.

ABGSC Healthcare Research ... (+2)
  • ABGSC Healthcare Research
  • Morten Larsen

Impressive cash flow

Q1e: -2% revenue growth on FX hit, Strategic brands keeps growing. Vyepti and Rexulti cases gaining more momentum in Q1. The pipeline-rebuilding story has gained traction recently.

Benjamin Silverstone ... (+2)
  • Benjamin Silverstone
  • Morten Larsen

Lundbeck - Cash bonanza and no M&A (yet?)

Q3: a tough act to follow, but good nonetheless FY ‘22e EBIT +8% BUY on strong cash generation and cheap valuation

Benjamin Silverstone ... (+2)
  • Benjamin Silverstone
  • Morten Larsen

Lundbeck - Strong, Strong, Strong …..Strong all over

Q3 EBIT beat 40-53% and DKK 1.4bn in FCF High quality beat with all 4 Strategic Brands beating Cheap + earnings beats + life in the pipeline. BUY.

Benjamin Silverstone ... (+2)
  • Benjamin Silverstone
  • Morten Larsen

Lundbeck - Raises guidance for the right reasons

LUN has raised FY EBIT 100-200m We expect Consensus to hike EBIT by 3-4% Raise confirms growth story and underpins deep value

Benjamin Silverstone ... (+2)
  • Benjamin Silverstone
  • Morten Larsen

Lundbeck - ’23e pipeline triggers and cash are piling up

Expect solid report with 24% growth in Strategics brands De-levering fast, 16% FCF yield. If no M&A, then what? BUY on valuation, R&D turnaround, emerging cash story

Benjamin Silverstone ... (+2)
  • Benjamin Silverstone
  • Morten Larsen

Lundbeck - A solid and uneventful Q2, FCF 852m generated

6-11% EBIT miss in Q2, but key products did strongly 3% FCF yield…in the quarter alone BUY on depressed valuation and high cash generation

Benjamin Silverstone ... (+2)
  • Benjamin Silverstone
  • Morten Larsen

Lundbeck - Strong Q2 revenue quality

Q2 EBIT 6-11% below Consensus Strong revenue quality with growth brands 5-7% beat Guidance was hiked 9 Aug, no Cons est changes likely

Benjamin Silverstone ... (+2)
  • Benjamin Silverstone
  • Morten Larsen

Lundbeck - Raised guidance indicates strong momentum

Raises FY’22 guidance by DKK 100-200m on EBIT “strong underlying positive momentum” in core products Cons EBIT likely up ~3%, and 1-2% on EPS

Benjamin Silverstone ... (+2)
  • Benjamin Silverstone
  • Morten Larsen

Lundbeck - Lots of value and a good Q2

Reports Q2 Wednesday 17 August @ 07:30 CET Focus on implications of positive Alzheimer’s data BUY on 13% FCF yield and maturing R&D turnaround

Benjamin Silverstone ... (+2)
  • Benjamin Silverstone
  • Morten Larsen

Lundbeck - New data, new case, same old BUY

Positive Phase 3 AG data, stronger investment case A triple home run – efficacy, safety and tolerability TP updated due to share split: DKK 49 (44.6)

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