Alexion Pharma (ALXN): 10-Q Filing Delayed Due to Pending Investigation - Wedbush
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Wedbush analyst, Heather Behanna, reiterated her Neutral rating on shares of Alexion Pharmaceuticals (NASDAQ: ALXN) price target of $135.00
Alexion announced the filing of a Notification of Late Filing for its third quarter results, due to the opening of an investigation by the Audit and Finance Committee on claims made by a former Alexion employee regarding the nature of sales practices for lead product eculizumab.
Currently, the investigating committee has not identified any instances where reported sales were inconsistent with patient orders that would require an adjustment to reported results; however, the investigation is ongoing and the outcome is unpredictable at this point. Although it is too early to draw any conclusions pending an investigation, its important to note that eculizumab sales currently generate over 90% of the company’s top line revenues.
Shares of Alexion Pharmaceuticals closed at $127.16 yesterday.
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