Narrow-Moat Alexion Still Undervalued Despite Market Rally to CFO Replacement
Narrow-moat Alexion has seen significant volatility over the past few months due to significant changes to its management team and concerns sparked by international Soliris sales investigations. Our $165 fair value estimate remained unchanged throughout the ordeal; it rests on the company’s patent-protected portfolio of ultra-rare-disease drugs, which continues to command strong pricing power. The risk of branded competition to Soliris, Alexion’s lead drug for blood disorders, remains relatively...Alexion Pharmaceuticals is a biopharmaceutical company serving patients and families affected by rare diseases through the discovery, development and commercialization of therapies. The company has developed and commercialized two complement inhibitors to treat patients with paroxysmal nocturnal hemoglobinuria and atypical hemolytic uremic syndrome, as well as the complement inhibitor to treat anti-acetylcholine receptor antibody-positive generalized myasthenia gravis and neuromyelitis optica spectrum disorder in patients who are anti-aquaporin-4 antibody positive. In addition, the company has two enzyme replacement therapies for metabolic disorders, hypophosphatasia and lysosomal acid lipase deficiency.
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