(ALXN) Alexion Pharmaceuticals – Bull of the Day

We are upgrading Alexion Pharmaceuticals (ALXN) to Outperform from Neutral on valuation grounds; we believe that there is significant upside scope from current levels. Alexion performed very well in the final quarter of 2011, beating the Zacks Consensus Estimate by $0.07 thanks to strong Soliris sales.

We are also impressed by the label expansion of Soliris in the US and EU for the aHUS indication, which has boosted the sales potential of the drug. We expect Soliris to continue performing well in 2012.

Consequently, we have increased our revenue estimate for 2012 and expect Soliris sales to exceed $1 billion in 2012. Management, too, gave a bright outlook for 2012. Our long-term recommendation is in line with the Zacks #1 Rank (Strong Buy rating) carried by the stock in the short run. Our target price is $106.00.

ALEXION PHARMA (ALXN): Free Stock Analysis Report

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