Jefferies Maintains a 'Hold' on Alexion Pharmaceuticals (ALXN); Solid 3Q11; Focus on Soliris Sales Expansion from aHUS

Jefferies maintains a 'Hold' on Alexion Pharmaceuticals (NASDAQ: ALXN) price target raised from $55 to $58.

Jefferies analyst says, "Strong 3Q (non-GAAP EPS of $0.37 vs. our/cons of $0.29) resulted from ~2% higher Soliris sales of $204M, ~9% lower OpEx and tax credit benefits. Notwithstanding strong fundamentals, to support its current lofty valuation (trading at ~15.8x estimated 2011 revenue vs. ~9x for peer average), Soliris sales/market expansion would need to continue to far exceed expectations, in our view."

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 $66.76 yesterday.

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