Morgan Stanley Offers Quick Thoughts on Eloctate and Strategic Action Related to Baxter International
In a report published Thursday, Morgan Stanley analyst David R. Lewis reiterated an Equal-Weight rating on Baxter International (NYSE: BAX).
In the report, Morgan Stanley noted, “MS biotech analyst Matthew Harrison's launch on the biotech sector shows Biogen Idec hemophilia projections consistent with our Baxter assumptions. Following recent clinical diligence, he estimates that long-acting penetration will reach nearly 30% globally by 2018. Diligence and survey work leaves him more confident in share gains relative to consensus, and he believes the first mover advantage is underappreciated by the Street, as discussed in his Biogen initiation, A lot More to Come, Initiate at Overweight (3/26/2014).
"Our Baxter model assumes 30-35% share loss in both the US and EU over the same time frame. Hemophilia competition remains a key risk for Baxter, but we see 3Q14 BAX 855 data as a bigger near-term mitigation event than the BIIB launch.”
Baxter International closed on Wednesday at $70.08.
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