J.P. Morgan: Alexion Pharmaceuticals' Top 5 Opportunities

In a research report published today by J.P. Morgan, Alexion Pharmaceuticals

is set to continue executing strongly, with upside potential from current levels being driven by pipeline progress. According to J.P. Morgan, "We've previously detailed the opportunity for Soliris in neuromyelitis optica (

); in this report we highlight the "Top 5" pipeline opportunities for Alexion, which include: Soliris in myasthenia gravis (

), acute humoral rejection (AHR/transplant) and STEC-HUS, as well as NMO and asfotase alfa (ENB-0040) in hypophosphatasia (

). In aggregate, these five opportunities offer a potential for $3B in revenue and $60/sh in NPV, which conservatively accounts for only US and EU geographies. Herein, we detail the scientific and clinical rationale forsuccess in these five indications based on our physician discussions and analysis. Progress should continue in the next ~12 mos on all these indications, which should be de-risking and value driving. Hence, we're comfortable putting new money to work in ALXN shares and we are maintaining our Overweight rating and $105 target." J.P. Morgan maintains its Overweight rating and $105 PT on Alexion Pharmaceuticals, which closed Friday at $89.02.