ALXN - Alexion Pharmaceuticals: Growth At A Reasonable Price (GARP)

Introduction

I find it very interesting that Alexion Pharmaceuticals Inc. (ALXN), after going public in 2001, did not generate their first profit until December 2008. As we all know, this was in the throes of what is now known as the Great Recession of 2008. Moreover, Alexion’s adjusted operating earnings have grown from $0.20 per share in 2008 to $10.53 by 2019, representing an outstanding 43.72% compound annualized growth rate. Therefore, based on historical operating results since the company turned profitable, Alexion Pharmaceuticals represents a quintessential example of a true growth stock.

However,

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