No Significant FVE Changes Following Shire's 1Q; HAE Drug Data Remains Key Near-Term Opportunity
We're slightly updating our fair value estimate for Shire to $228 per ADR/GBX 5,900, as our higher long-term margin assumptions are partly countered by updated exchange rate assumptions. First quarter pro forma sales grew 9%, with 11% ex-Baxalta growth and 8% Baxalta growth. Non-GAAP EBITDA margins declined by five percentage points to 44% this quarter, due to the lower gross margins of the Baxalta business, but this is an improvement from second-half 2016 levels (the Baxalta acquisition closed ...
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