Narrow-Moat Shire Remains Undervalued Despite Early Lialda Generics and Hemophilia Threats
We’re slightly lowering our Shire fair value estimate to $218/GBX 5,500 following a solid second quarter, largely due to earlier-than-anticipated Lialda competition (in the second half of 2017) and an increase in our cost of capital to account for recent debt repayment. We continue to think that the shares look undervalued, however, as Lialda stands out as one of the few products that we think is vulnerable to dramatic sales declines with generic entrants. Hemophilia competition to Feiba (from R...Shire is a holding company. Through its subsidiaries, Co. operates as a biotechnology company focused on serving people with rare diseases and other conditions. Co.'s portfolio covers seven therapeutic areas: Immunology, Hematology, Neuroscience, Internal Medicine (IM), Genetic Diseases, Oncology, and Ophthalmics. Some of Co.'s marketed products include GAMMAGARD, HYQVIA and CINRYZE for Immunology, ADVATE/ADYNOVATE, VONVENDI and FEIBA for Hematology, VYVANSE and ADDERALL XR for Neuroscience, LIALDA/MEZAVANT and PENTASA for IM, ELAPRASE and REPLAGAL for Genetic Diseases, ONCASPAR and ONYVIDE for Oncology and XIIDRA for Ophthalmics.
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