HLUYY - Lundbeck Benefits From Covid-19 Stocking But The Pipeline Is Still Problematic
Drug companies have been relative safe havens during this global Covid-19 outbreak, doing about 10% better than the S&P 500 since the beginning of the year, and H. Lundbeck (OTCPK:HLUYY) (LUN.CO) has more or less performed in line with the industry. First quarter results saw a boost from stocking orders that management couldn’t (or wouldn’t) quantify, but it also saw markedly lower spending that boosted reported results. All told, I’d call it “business as usual” albeit with the caveat that those stocking orders will likely depress results at some point down