No Change to Alexion's $170 FVE in Light of 4Q Results and 2018 Guidance
We are maintaining our $170 fair value estimate for Alexion Pharmaceuticals after incorporating fourth-quarter results and 2018 guidance into our model. Full-year top-line results were slightly above our expectations but were offset by higher-than-anticipated operating expenses, driven by ongoing pivotal trials and the continued ramp of Alexion’s portfolio. We were encouraged to see strong underlying volume demand drive Soliris and metabolic franchise sales. In response to management’s 2018 proj...
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