ALXN - Embedded Expectations Analysis - 2020 09 24
Alexion Pharmaceuticals, Inc. (ALXN:USA) currently trades near recent lows relative to UAFRS-based (Uniform) earnings, with a 12.9x Uniform P/E, implying bearish expectations for the firm. Moreover, management has concerns about their ability to maximize the Portola integration, the potential of ULTOMIRIS, and the progress of trialsSpecifically, management may lack confidence in their ability to sustain top-line growth, reduce non-GAAP R&D costs, and meet revenue outlook for Soliris and ULTOMIRIS. Furthermore, they may be exaggerating the opportunity for their SAKIGAKE-desginated Soliris in treating Guillain-Barre syndrome, their Neuromyelic Optica Spectrum Disorder (NMOSD) business' resilience to the coronavirus' disruptions, and their position in the neurology market. They may also lack confidence in their ability to maintain more than 65% ULTOMIRIS generalized Myasthenia Gravis (gMG) trial enrollment, sustain performance of the treatment's once-weekly subcutaneous trial, and its extensive reach to other institutions and clinicians. Moreover, they have concerns about the impact of Portola's performance on their business, and their ability to integrate Portola and maximize the asset as well as gain support for ANDEXXA across high potential institutions
Alexion Pharmaceuticals is a biopharmaceutical company serving patients and families affected by rare diseases through the discovery, development and commercialization of therapies. The company has developed and commercialized two complement inhibitors to treat patients with paroxysmal nocturnal hemoglobinuria and atypical hemolytic uremic syndrome, as well as the complement inhibitor to treat anti-acetylcholine receptor antibody-positive generalized myasthenia gravis and neuromyelitis optica spectrum disorder in patients who are anti-aquaporin-4 antibody positive. In addition, the company has two enzyme replacement therapies for metabolic disorders, hypophosphatasia and lysosomal acid lipase deficiency.
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