Jefferies Maintains a 'Hold' on Alexion Pharmaceuticals (ALXN); Q4 Soliris Sales Beat; FY12 Sales Guidance Slightly Higher

Jefferies maintains a 'Hold' on Alexion Pharmaceuticals (NASDAQ: ALXN) price target raised from $58 to $68.

Jefferies analyst says, "Solid 4Q (non-GAAP EPS of $0.41 vs. our/cons of $0.36/$0.34) resulted from ~4% higher Soliris sales of $228M. Its strong fundamentals & scarcity value in the sector warrant a premium valuation for ALXN. However, its ever-increasing lofty valuation (trading at ~14x 2012E revenue vs. ~7x for peer average) is hard to embrace, keeping us on the sidelines. Increasing Price Target on increased Soliris sales estimates and ENB-0040 potential."

"For 2013/2014/2015, we are increasing our total Soliris sales estimates by ~8%/8%/7% to $1.30B/$1.57B/$1.91B, respectively (vs. consensus of $1.30B/$1.50B/$1.72B). Included in the estimates are our 2012-2015 sales estimates in the aHUS indication of $50M/$100M/$174M/$254M, respectively. FY12 guidance for non-GAAP EPS is $1.60-$1.70."

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 $80.41 yesterday.

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