Initiating Coverage of No-Moat Blood Disorder Firm Bioverativ;Solid Strategy But Competitive Threats
We’re initiating coverage of Bioverativ with a fair value estimate of $52 per share, as we think the market is not fully factoring in potential threats to Bioverativ’s long-term growth in the hemophilia market. We assume 12% top-line and 11% bottom-line growth through 2021 as Eloctate and Alprolix continue to penetrate the U.S. market (where they were first-to-market among extended half-life therapies) and launch in new geographies including Japan and Latin America. However, we think market shar...
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