Alexion Pharma (ALXN): Soliris Revenues In Jeopardy According To Survey - Jefferies
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Jefferies analyst, Eun Yang, reiterated her Hold rating on shares of Alexion Pharmaceuticals (NASDAQ: ALXN) and cut the price target to $120 from $140. Jefferies recently conducted a physician survey that showed that ~60% would shift from Soliris to biosimilars if they were available, citing cost as single biggest area of improvement.
The analyst cut her Soliris est's in >2021 and in turn reduced the PT to $120. Est's in 2021+ are now 19-31% lower than consensus. U.S. biosimilar financial impact may not be until 2021, but the analyst views the next 2-3yrs competitors' data/news flow as impactful and will likely compel analysts to revisit expectations for the Soliris LT potential.
Shares of Alexion Pharmaceuticals closed at $133.69 yesterday.
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