HAE Prophylaxis Opportunity Comes into View; Raising FVE for CSL, but Shares Fairly Valued
We are raising our fair value estimate for narrow moat CSL to AUD 137 per share, from AUD 122, based on Australian/U.S. dollar exchange rate of 0.76, after reviewing the company’s expanding opportunity in hereditary angioedema, or HAE, given the pending FDA’s review of Haegarda (CSL830) Biologics License Application, or BLA, for use in prevention of HAE attacks.ÂWe think Haegarda’s convenient subcutaneous administration and compelling Phase 3 efficacy data are key features that could differenti...
CSL is engaged in the research, development, manufacture, marketing and distribution of biopharmaceutical and allied products. Co.'s operations are divided into three segments: CSL Behring, Seqirus, and CSL Intellectual Property. CSL Behring is engaged in manufacturing, marketing and developing plasma therapies (plasma products and recombinants). Seqirus is engaged in manufacturing and distributing non-plasma biotherapeutic products. CSL Intellectual Property is engaged in the licensing of intellectual property of Co. to unrelated third parties. Co. operates primarily in five specific geographic areas, namely Australia, the U.S., Germany, Switzerland, and the U.K.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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