FBR Remains Neutral on Alexion Pharma (ALXN); Sees Sales of Kanuma Continuing to Lag

November 11, 2016 1:39 PM EST
Get Alerts ALXN Hot Sheet
Price: $131.97 -1.77%

Rating Summary:
    20 Buy, 11 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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FBR & Co. affirms Alexion Pharmaceuticals (Nasdaq: ALXN) at Market Perform with a price target of $130 after the company announced that researchers presented new longer-term data from an ongoing, open-label extension of the pivotal Phase 3 ARISE trial of Kanuma (sebelipase alfa) in children and adults with lysosomal acid lipase deficiency (LAL-D).

The firm commented today: The pivotal Phase III ARISE study evaluated the efficacy and safety of Kanuma through a 20-week double-blind period followed by an OLE period where all patients continued receiving the drug. One poster describes the change in liver fibrosis in children with lysosomal acid lipase deficiency (LAL-D) after 52 weeks of Kanuma treatment. In 12 patients with paired liver biopsy data at 52 weeks of Kanuma, eight patients had a reduction in fibrosis stage, three patients had no change, and one patient had an increase in fibrosis score. A second poster describes the long-term benefits in children and adults with LAL-D over 76 weeks of Kanuma treatment. At 76 weeks, nearly all patients (98%) had a reduction in ALT levels.

In 2017 and beyond, we expect the metabolic franchise to be driven by Strensiq, reflected by the increased 2016 guidance from $225 million to $235 million. We expect Kanuma sales ($9.1 million in 3Q16) to continue to lag in the near team due to poor testing rates and low patient identification.

For an analyst ratings summary and ratings history on Alexion Pharmaceuticals click here. For more ratings news on Alexion Pharmaceuticals click here.

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