No-Moat Actelion Remains Overvalued Heading Into a Difficult 2017-18 for its ERA Franchises
We’re maintaining our fair value estimate for Actelion after strong third-quarter results, and we continue to think shares look overvalued as the firm heads into more severe pressure in 2017 and 2018 on its ERA franchise sales, which should turn earnings growth into negative territory in 2017. Product sales grew 15% at constant currency (18% as reported) in the third quarter, driven by pulmonary arterial hypertension drugs Uptravi and Opsumit, and core EPS grew 23% (28% as reported). Management ...
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