Uddrag fra Danske Banks kreditanalyse af Lundbeck:
Lundbeck is a Danish pharmaceutical company and is among the global leaders in the fields of neurology and psychiatry. The company develops, manufactures, markets and distributes branded prescription pharmaceuticals for the treatment of brain diseases. We acknowledge that it has performed well in 2020 but we see risks from patent expiry in 2021 and pressure to do M&A to boost its pipeline further. Therefore, we initiate coverage on Lundbeck with an Underweight recommendation. With the newly issued LUNDC 2027s trading slightly below the ‘BBB-’ non-financials curve, we do not see risks adequately reflected in valuation. Furthermore, we believe the short record in the bond market warrants a small pickup to peers.
