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Alexion Pharmaceuticals, Inc.

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Alexion’s fourth-quarter results were disappointing, with the company reporting lower-than-expected revenues and earnings. Nevertheless, we expect growth at Alexion to continue being driven by strong Soliris sales. Moreover, the launch of new products – Strensiq and Kanuma – should boost revenues and eventually reduce the company’s dependence on Soliris for growth. We are also impressed by Alexion’s efforts to develop its pipeline. However, negative foreign exchange translation impact remains a concern. Meanwhile, both Strensiq and Kanuma are yet to show their commercial potential.