Shire plc (SHPG): Xiidra Could Be Bigger Than Expected - Jefferies
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Jefferies analyst, David Steinberg, reiterated his Buy rating on shares of Shire (NASDAQ: SHPG) after the second week of Xiidra being officially on the market. The posted 4205 TRxs, assuming a GtN discount of 30%, appears to be already generating annualized sales of $78M (if the product was not being offered for free). If they convert to full pay Rxs this will be a phenomenal result and the analyst believes there is good reason to think they will.
The analyst went on to say "While extremely early, SHPG could be positioned to make Xiidra its largest drug ever with peak US sales of $2B+". No change to the price target of $262.
Shares of Shire closed at $200.60 yesterday.
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