Alexion Pharmaceuticals (ALXN) 10-Q Delay More Important Than Conference Withdrawl - Leerink
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Leerink Partners analyst Geoffrey Porges weighed in on Alexion Pharmaceuticals (NASDAQ: ALXN) on news the company upcoming Credit Suisse Healthcare Conference (November 6-8 2016).
"Having spoken to the company, we do not regard the conference withdrawal as necessarily material, since it consisted only of investor relations attending the conference and having 1-on-1 meetings, without any senior executive participation or a presentation or public Q&A. When asked about the withdrawal from the conference, the company’s response was “something came up” that meant that they could not participate."
Separately, however, it is apparent that the company’s 10-Q filing is also delayed compared to their usual timing, he notes. "In the past the company typically files their “Q” within one day of reporting their quarterly results. Even its 10-K’s are filed within 7 days of reporting Q4 and full year results. This year, their results were disclosed on October 27, and 8 days later the filing has still not occurred. In discussions with the company they acknowledged the delay compared to their usual practice, and indicated that they were “working hard” to make the filing by the statutory due date, which is Wednesday 11.9.2016."
The delay in filing the 10-Q seems more significant than the withdrawal from the conference to us, and should not be interpreted as only positive, he said. "Many incremental disclosures of events or information that emerged after the quarterly result may need to be disclosed in the 10-Q, as would additional or new risks and uncertainties. Should the company not complete the filing this would almost certainly be interpreted negatively by investors, and we and others will scrutinize the filing very closely to identify any new disclosure or modified language compared to prior periods."
Outperform price target of $211.00
Shares of Alexion Pharmaceuticals closed at $127.52 yesterday.
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