Bank of America Merrill Lynch Reports on Alexion Pharmaceuticals

Bank of America Merrill Lynch commented on Alexion Pharmaceuticals ALXN in a report released today. In the report, Bank of America Merrill Lynch was positive in its assessment of the company. Bank of America Merrill Lynch writes, "We reiterate our Buy rating as we believe additional upside potential will be driven by: (1) Continued upside to Company guidance and Street consensus models; (2) Data news flow for ALXN's monoclonal antibody Soliris on the back of 2011/early 2012 (new neurology indications (MG and NMO) and proof of concept data in age related macular degeneration); (3) A greater appreciation for ALXN's pipeline from recently complete acquisitions. Separately, we increased our 2011 Soliris sales estimate slightly from $739M to $742M, a touch above the high end of ALXN's 2011 $720- 740M guidance and in line with consensus, driven by a more favorable foreign exchange rate in 2Q11. Additional upside in our model is likely based on positive management commentary on a faster return to business in Japan following the 1Q earthquake/tsunami and sales growth in Latin America in 2H11. Soliris label expansion in aHUS remains on track for early 4Q11 in the U.S. and should drive upside to 2012 consensus estimates." Bank of America Merrill Lynch currently has a Buy rating on Alexion Pharmaceuticals and a price objective of $56. Shares of Alexion Pharmaceuticals closed at $48.11 on Thursday, down 0.06% from the opening bell.