Baird Reiterates a 'Neutral' on Alexion Pharmaceuticals (ALXN); Soliris Priority Review in aHUS Fully Expected

Baird reiterates a 'Neutral' on Alexion Pharmaceuticals (NASDAQ: ALXN), PT $47.

Baird analyst said, "No change to our Neutral thesis on ALXN following FDA's Priority Review designation for Soliris in aHUS. Given the ultra-rare nature of this disease, we fully expected Priority Review and already modeled a Q411 launch, consistent with guidance. However, adjusting our model for recent 2:1 stock split results in a new $47 price target. Staying on the sidelines as valuation remains quite full here."

"We continue to anticipate a strong aHUS > launch in the US. No changes to our FY11-FY15 US aHUS revenue > estimates of $4M, $26M, $43M, $91M and $127M, respectively...We are taking this opportunity to adjust our model for ALXN's recent 2:1 stock split which results in new FY11-FY15 non-GAAP EPS estimates of $1.18, $1.62, $2.21, $2.74 and $3.19, respectively."

For more ratings news on Alexion Pharmaceuticals click here and for the rating history of Alexion Pharmaceuticals click here.

Shares of Alexion Pharmaceuticals closed at $47.42 yesterday.

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