Stockwatch: Alexion, United Therapeutics, Intercept And "Alternative Facts"
Mid-cap biotech companies Alexion and United Therapeutics both missed fourth-quarter sales expectations and although Intercept beat analysts' estimates with $13.4m in sales, does that justify a $3bn valuation?
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In this tale of two companies, it's the best of times and the best of times. J&J gets immediate value by acquiring Actelion's blockbuster PAH franchise and its late-stage pipeline, while its stake in an Actelion spinout offers longer-term potential.
A difficult December for Alexion sees a pivotal study of its blockbuster Soliris failing to show any benefit in preventing delayed graft function in kidney transplant patients, an indication for which there are no approved treatments.