ALXN - Alexion Pharmaceuticals: More Potential Ahead Despite Upbeat Guidance

• Alexion’s just-released revision to 2020 revenue guidance suggests continuing top line momentum.
• Given the strong performance through the pandemic, we believe there is even more room for growth as margins hold up.
• However, shares have underperformed the broader market, and with a rich pipeline and strong cash flows, the company is ripe for acquisitions.
• The buybacks offer another impetus for capital gains, while our conservative EBITDA forecasts point to an undervalued stock based on relative valuation.
• Alexion is, therefore, a "Buy" for us as acquisition rumors continue to spark short-term catalysts.

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