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