Relaunching Coverage of Alexion; Ultra-Rare Portfolio Underpins $175 Fair Value Estimate
We are relaunching coverage of Alexion Pharmaceuticals with a $175 per share fair value estimate. Our lower fair value estimate reflects updated pricing assumptions for Strensiq (hypophosphatasia) and Kanuma (lysosomal acid lipase deficiency), in line with their respective $285,000 and $310,000 initial annual costs. In our view, the stock has not fully recovered from the industrywide slide from drug pricing concerns at the start of the year, in addition to company-specific news, and Alexion cont...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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