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...
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