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Nomura Securities Starts Alexion Pharmaceuticals (ALXN) at Buy, $150 PT

January 8, 2014 7:49 AM EST Send to a Friend
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Price: $149.80 --0%

Rating Summary:
    10 Buy, 8 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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Nomura Securities initiates coverage on Alexion Pharmaceuticals (NASDAQ: ALXN) with a Buy. PT $150.00.

Analyst Ian Somaiya comments: "Alexion is a biopharmaceutical company focused on the treatment of ultra-orphan diseases. We believe lead-drug Soliris represents one of the most sustainable high-growth franchises in biotech and we expect global expansion for its two approved indications, PNH and aHUS, alone to provide upside to consensus estimates, with approvals in kidney transplant, Neuromyelitis Optica (NMO) and Myasthenia Gravis (MG) in 2015-17E adding $2bn to our $6bn peak sales estimate. We expect visibility on a line extension strategy to lead to multiple expansion and continued strong uptake in aHUS as well as updates on regulatory trials for Soliris in NMO and MG to drive consensus estimates higher. Our $150 target price is based on DCF analysis of projected free cash flows in 2015-20E discounted at 11% with a 6.5% terminal growth rate. FY13E EPS at $3.01; FY14E EPS at $3.29."

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

Shares of Alexion Pharmaceuticals closed at $133.17 yesterday.




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