Shire Remains Undervalued After Strong 2016 and Solid Outlook
We don't expect any major changes to our $220 per ADR (GBX 6,000) fair value estimate for Shire after strong fourth-quarter results and solid guidance for 2017. While early in the launch of dry-eye drug Xiidra ($54 million in 2016 sales, but heavily distorted by sampling and inventory stocking), we think initial prescription trends look very encouraging, as the drug is expanding the market, gaining 50% share of new patients, and locking in reimbursement on par with Allergan's Restasis in the com...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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