Shire Remains Undervalued Following 3Q; Hematology Risk Appears Incorporated Into Shares
We’re maintaining our GBX 5,500/$218 per ADR fair value estimate for Shire following a mixed third quarter, with steep impact on hereditary angioadema prophylaxis drug Cinryze due to supply disruptions and faster than expected Lialda erosion, but very strong performance for the firm’s immunology franchise, dry-eye drug Xiidra, and rare disease drugs Gattex and Natpara. Sales of acute HAE drug Firazyr also partly countered the Cinryze declines, although Shire acknowledged some share loss (to CSL’...
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