ALK-Abello hits bottom of STOXX as Q1 European tablet sales disappoint

Alk-Abello A/S

18/04/2023 08:41

** Shares in ALK-Abello  ALKb.CO  fall 14%, to the bottom of
STOXX 600  .STOXX , after the co on Monday reported Q1 tablet
sales below expectations 
    ** The Copenhagen-listed pharmaceutical company said its Q1
tablet sales in Europe were lower than expected, with 0% growth
in the European market, citing temporary effect from a major
wave of respiratory infections constraining new patient
initiations in parts of Europe, most notably in Germany and the
Nordics
    ** The company now expects tablet sales to grow by 9-14% for
the full year, versus previously up to 15%
    ** DNB analyst Jesper Ingildsen notes that Q1 sales in
Europe for the tablet business is "well below expectations" 
    ** "We have lowered our 2023-2025 EPS by 5-15% and see
shares trading down today in excess of 10% on concerns lower
tablet sales growth could be more structural despite company see
it as a temporary issue," Ingildsen says
    ** The company posted an EBIT of 228 million Danish crowns
($33.48 million)  and confirmed its outlook for full year
revenue and EBIT margin
    ** The stock is on track for its worst day in seven years


($1 = 6.8091 Danish crowns)

 (Reporting by Greta Rosen Fondahn)
 ((Greta.RosenFondahn@thomsonreuters.com))