A weaker-than-expected Q3 on almost all parameters
The Q3 numbers were weaker than we expected, overall. Revenues of DKK 307m were 1% below ABGSCe and corresponded to 38% y-o-y growth (-1% y-o-y growth if we adjust for the consolidation of SDR). EBIT of DKK -1.5m was a clear disappointment compared to our estimate of DKK 12m, driven by higher costs and write-downs in SDR. Q3 also saw an unrealised loss of DKK 87m on the securities portfolio (vs. our estimate of a loss of DKK 67m), driven particularly by Novo Nordisk.
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