Company

Bank

Analyst

Coverage

Opinion

Wk chg

2/10 cls

Alexion Pharmaceuticals Inc. (NASDAQ:ALXN)

Baird

Christopher Raymond

Upgrade

Outperform (from neutral)

6%

$83.45

Deutsche Bank

Robyn Karnauskas

Price target

Buy

Jefferies

Eun Yang

Price target

Hold

Leerink

Howard Liang

Price target

Outperform

Stifel, Nicolaus

Stephen Willey

Price target

Buy

ThinkEquity

Marko Kozul

Price target

Buy

Raymond also raised his target to $100 from $72 after Alexion reported 4Q11 EPS of $0.41, beating his estimate of $0.36 and the Street's estimate of $0.34 (see EPS Watch, A17). Alexion introduced 2012 sales guidance for Soliris eculizumab of $1.04-1.07B, and 2012 EPS guidance of $1.60-$1.70. He believes the guidance "will prove conservative" and raised his 2012 EPS estimate to $1.85 from $1.72. The humanized mAb targeting complement 5 (C5) is marketed for paroxysmal nocturnal hemoglobinuria (PNH) and atypical hemolytic uremic syndrome (aHUS).

Karnauskas raised her target to $92 from $78 on the earnings news. In her model, she includes the additional Soliris indication of Shiga toxin-producing Escherichia coli-related hemolytic uremic syndrome (STEC-HUS) and the hypophosphatasia (HPP) compound asfotase alfa. She expects Alexion to file for the STEC-HUS indication in 2013, and estimates revenues of $360M in 2018. Karnauskas expects Phase II data for asfotase alfa to treat HPP this year, and believes revenues for the fusion protein incorporating the catalytic domain of human tissue non-specific alkaline phosphatase (TNSALP) and a bone-targeting peptide could reach $680M in 2018.