UPDATE: Barclays Capital Initiates Coverage on Alexion Pharmaceuticals with Overweight Rating, $225 PT on Compelling Factors Ahead

In a report published Tuesday, Barclays Capital analyst Geoffrey Meacham initiated coverage on

with an Overweight rating and $225.00 price target. In the report, Barclays Capital noted, “Alexion's Soliris franchise has shown no signs of moderating and in 2015, a positive label update for aHUS and newer launch geographies could drive upside to the consensus of ~23% growth. 2015 is also expected to bring the approval / launch of asfotase alfa in the US / EU / Japan for HPP (hypophosphatasia), which we think is nearly a $1.5B peak indication, above current consensus forecasts. In the pipeline, de-risking data for Soliris in AMR (antibody-mediated rejection) in 2H15 should set up the next Soliris indication / launch, which isn't assumed in our model and the majority of Street models. Based on continued strong execution for Soliris, the launch of asfostase (which diversifies the revenue mix) and a number of meaningful pipeline catalysts, we think that Alexion is setting up for a strong 2015. Hence, we're initiating coverage with an Overweight rating and $225 target.” Alexion Pharmaceuticals closed on Monday at $182.17.