Slight Increase in FVE for CSL Following FDA Approval of Haegarda
We make a slight increase to our fair value estimate for narrow-moat CSL to AUD 141 per share, based on Australian/U.S. dollar exchange rate of 0.75, following the FDA approval of Haegarda, previously known as CSL830, for routine prophylaxis of hereditary angioedema, or HAE, attacks. Consequently, our probability risk adjustment for approval moves to 100% from 89% previously. HAE is a rare genetic disorder in which patients experience uncontrolled swelling of their extremities, face and abdomen....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.
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