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APLS - Alexion Pharmaceuticals: Pipeline Diversification Outweighs The Patent Uncertainty
Apellis Pharmaceuticals Inc.
Investment Thesis
Alexion Pharmaceuticals, Inc. (ALXN) is yet to recover from the last year's patent challenges to the leading revenue generator, Soliris. Over the past twelve months, the stock has lost more than a fifth while the Nasdaq Biotechnology Index has gained nearly a tenth. Seemingly, the market is yet to price in the strategic options employed by the company to sustain the growth momentum.
The top-line for 2019 has expanded at its fastest pace since 2014. With new approvals, Ultomiris, the replacement drug, is rapidly converting the existing Soliris patient base across