Alexion Pharmaceuticals' (ALXN) third quarter 2011 adjusted earnings of $0.32 per share breezed past the Zacks Consensus Estimate by $0.09 and the year-ago adjusted earnings by $0.11. Results were driven by increased revenues thanks to a strong performance by Soliris, Alexion's sole marketed product. Following strong third quarter results, Alexion upped its guidance for 2011.
Our estimate is within the revised guidance range provided by the company. We are also impressed by the successful label expansion of Soliris into the aHUS indication in the US and the positive recommendation in the EU. The string of good news has boosted the stock.
We expect the stock to continue performing well and believe that the current price represents an attractive entry point for long-term investors. Our target price is $82.00.
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