Shire Remains Undervalued as Strong Legacy Portfolio Outweighs Assumed Hematology Pressure
We're maintaining our $220 per ADR fair value estimate for Shire (and raising our fair value estimate to GBX 6,000 on currency fluctuations since our last update), following third-quarter results that put the firm on track to reach the high end of 2016 guidance, in line with our model. While it is too early to judge sales of dry-eye drug Xiidra (which saw $14 million in third-quarter revenue, mostly tied to inventory stocking), we think initial prescription trends look very encouraging, as the d...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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