ALXN - Embedded Expectations Analysis - 2021 01 11
Alexion Pharmaceuticals, Inc. (ALXN:USA) currently trades below corporate averages relative to UAFRS-based (Uniform) earnings, with a 10.5x Uniform P/E. At these levels, the market has bearish expectations for the firm, and management appears concerned about ULTOMIRIS's markets, the pipeline's potential, and Andexxa's value propositionSpecifically, management may lack confidence in their ability to maintain their leadership in the Paroxysmal Nocturnal Hemoglobinuria (PNH) market and make ULTOMIRIS the leader in the atypical Hemolytic Uremic Syndrome (aHUS) market. In addition, they may be exaggerating their pipeline's potential and progress, particularly regarding the C5 inhibitors. Moreover, management may lack confidence in their ability to compete in the U.S. generalized Myasthenia Gravis (gMG) and Neuromyelitis Optica Spectrum Disorder (NMOSD) markets. Furthermore, they may have concerns about Andexxa's value proposition and their international business performance
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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