Intrinsic value of Alexion Pharmaceuticals - ALXN

Previous Close

$124.61

  Intrinsic Value

$51.77

stock screener

  Rating & Target

str. sell

-58%

Previous close

$124.61

 
Intrinsic value

$51.77

 
Up/down potential

-58%

 
Rating

str. sell

We calculate the intrinsic value of ALXN stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 27.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  14.50
  13.55
  12.70
  11.93
  11.23
  10.61
  10.05
  9.54
  9.09
  8.68
  8.31
  7.98
  7.68
  7.41
  7.17
  6.96
  6.76
  6.58
  6.43
  6.28
  6.15
  6.04
  5.94
  5.84
  5.76
  5.68
  5.61
  5.55
  5.50
  5.45
Revenue, $m
  4,066
  4,617
  5,203
  5,824
  6,478
  7,165
  7,885
  8,638
  9,423
  10,241
  11,092
  11,977
  12,897
  13,854
  14,847
  15,880
  16,954
  18,070
  19,231
  20,439
  21,697
  23,008
  24,373
  25,797
  27,283
  28,833
  30,452
  32,142
  33,909
  35,757
Variable operating expenses, $m
  3,009
  3,294
  3,598
  3,920
  4,260
  4,616
  4,990
  5,380
  5,788
  6,212
  5,754
  6,214
  6,691
  7,187
  7,703
  8,238
  8,795
  9,374
  9,977
  10,604
  11,256
  11,936
  12,645
  13,383
  14,154
  14,958
  15,798
  16,675
  17,592
  18,550
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  3,009
  3,294
  3,598
  3,920
  4,260
  4,616
  4,990
  5,380
  5,788
  6,212
  5,754
  6,214
  6,691
  7,187
  7,703
  8,238
  8,795
  9,374
  9,977
  10,604
  11,256
  11,936
  12,645
  13,383
  14,154
  14,958
  15,798
  16,675
  17,592
  18,550
Operating income, $m
  1,057
  1,323
  1,605
  1,903
  2,218
  2,549
  2,895
  3,257
  3,635
  4,029
  5,337
  5,763
  6,206
  6,666
  7,145
  7,642
  8,158
  8,695
  9,254
  9,836
  10,441
  11,072
  11,729
  12,414
  13,129
  13,875
  14,654
  15,467
  16,318
  17,206
EBITDA, $m
  2,274
  2,582
  2,910
  3,257
  3,623
  4,007
  4,410
  4,830
  5,270
  5,727
  6,203
  6,698
  7,213
  7,747
  8,303
  8,881
  9,481
  10,105
  10,755
  11,431
  12,134
  12,867
  13,631
  14,427
  15,258
  16,125
  17,030
  17,975
  18,963
  19,996
Interest expense (income), $m
  80
  174
  210
  248
  289
  332
  377
  424
  474
  526
  580
  636
  695
  756
  819
  885
  954
  1,025
  1,099
  1,176
  1,256
  1,339
  1,426
  1,516
  1,610
  1,708
  1,811
  1,918
  2,029
  2,146
  2,267
Earnings before tax, $m
  883
  1,112
  1,356
  1,614
  1,886
  2,172
  2,471
  2,784
  3,110
  3,449
  4,701
  5,069
  5,451
  5,847
  6,260
  6,688
  7,134
  7,597
  8,079
  8,580
  9,102
  9,646
  10,213
  10,804
  11,420
  12,064
  12,736
  13,438
  14,172
  14,939
Tax expense, $m
  238
  300
  366
  436
  509
  586
  667
  752
  840
  931
  1,269
  1,369
  1,472
  1,579
  1,690
  1,806
  1,926
  2,051
  2,181
  2,317
  2,458
  2,604
  2,757
  2,917
  3,084
  3,257
  3,439
  3,628
  3,826
  4,034
Net income, $m
  645
  812
  990
  1,178
  1,377
  1,586
  1,804
  2,032
  2,270
  2,518
  3,432
  3,700
  3,979
  4,269
  4,570
  4,882
  5,207
  5,546
  5,897
  6,263
  6,645
  7,042
  7,455
  7,887
  8,337
  8,807
  9,297
  9,810
  10,346
  10,906

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  14,785
  16,789
  18,920
  21,177
  23,555
  26,055
  28,673
  31,409
  34,264
  37,238
  40,334
  43,553
  46,899
  50,377
  53,990
  57,746
  61,650
  65,709
  69,931
  74,325
  78,900
  83,665
  88,631
  93,809
  99,210
  104,847
  110,733
  116,881
  123,307
  130,024
Adjusted assets (=assets-cash), $m
  14,785
  16,789
  18,920
  21,177
  23,555
  26,055
  28,673
  31,409
  34,264
  37,238
  40,334
  43,553
  46,899
  50,377
  53,990
  57,746
  61,650
  65,709
  69,931
  74,325
  78,900
  83,665
  88,631
  93,809
  99,210
  104,847
  110,733
  116,881
  123,307
  130,024
Revenue / Adjusted assets
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
Average production assets, $m
  6,599
  7,493
  8,445
  9,452
  10,513
  11,629
  12,797
  14,019
  15,293
  16,620
  18,002
  19,439
  20,932
  22,484
  24,097
  25,773
  27,516
  29,327
  31,212
  33,173
  35,215
  37,342
  39,558
  41,869
  44,280
  46,796
  49,423
  52,167
  55,035
  58,033
Working capital, $m
  797
  905
  1,020
  1,141
  1,270
  1,404
  1,545
  1,693
  1,847
  2,007
  2,174
  2,347
  2,528
  2,715
  2,910
  3,112
  3,323
  3,542
  3,769
  4,006
  4,253
  4,510
  4,777
  5,056
  5,347
  5,651
  5,969
  6,300
  6,646
  7,008
Total debt, $m
  3,898
  4,601
  5,349
  6,141
  6,976
  7,853
  8,772
  9,733
  10,735
  11,779
  12,865
  13,995
  15,170
  16,390
  17,659
  18,977
  20,347
  21,772
  23,254
  24,796
  26,402
  28,075
  29,818
  31,635
  33,531
  35,510
  37,575
  39,734
  41,989
  44,346
Total liabilities, $m
  5,190
  5,893
  6,641
  7,433
  8,268
  9,145
  10,064
  11,025
  12,027
  13,071
  14,157
  15,287
  16,462
  17,682
  18,951
  20,269
  21,639
  23,064
  24,546
  26,088
  27,694
  29,366
  31,109
  32,927
  34,823
  36,801
  38,867
  41,025
  43,281
  45,638
Total equity, $m
  9,596
  10,896
  12,279
  13,744
  15,287
  16,909
  18,609
  20,385
  22,237
  24,168
  26,177
  28,266
  30,437
  32,694
  35,040
  37,477
  40,011
  42,645
  45,385
  48,237
  51,206
  54,299
  57,521
  60,882
  64,387
  68,046
  71,866
  75,856
  80,026
  84,385
Total liabilities and equity, $m
  14,786
  16,789
  18,920
  21,177
  23,555
  26,054
  28,673
  31,410
  34,264
  37,239
  40,334
  43,553
  46,899
  50,376
  53,991
  57,746
  61,650
  65,709
  69,931
  74,325
  78,900
  83,665
  88,630
  93,809
  99,210
  104,847
  110,733
  116,881
  123,307
  130,023
Debt-to-equity ratio
  0.410
  0.420
  0.440
  0.450
  0.460
  0.460
  0.470
  0.480
  0.480
  0.490
  0.490
  0.500
  0.500
  0.500
  0.500
  0.510
  0.510
  0.510
  0.510
  0.510
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.530
Adjusted equity ratio
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  645
  812
  990
  1,178
  1,377
  1,586
  1,804
  2,032
  2,270
  2,518
  3,432
  3,700
  3,979
  4,269
  4,570
  4,882
  5,207
  5,546
  5,897
  6,263
  6,645
  7,042
  7,455
  7,887
  8,337
  8,807
  9,297
  9,810
  10,346
  10,906
Depreciation, amort., depletion, $m
  1,216
  1,259
  1,305
  1,354
  1,405
  1,458
  1,514
  1,573
  1,634
  1,698
  865
  935
  1,006
  1,081
  1,159
  1,239
  1,323
  1,410
  1,501
  1,595
  1,693
  1,795
  1,902
  2,013
  2,129
  2,250
  2,376
  2,508
  2,646
  2,790
Funds from operations, $m
  1,861
  2,071
  2,295
  2,532
  2,782
  3,044
  3,318
  3,605
  3,904
  4,216
  4,298
  4,635
  4,985
  5,350
  5,728
  6,121
  6,530
  6,956
  7,398
  7,858
  8,338
  8,837
  9,357
  9,900
  10,466
  11,057
  11,673
  12,318
  12,991
  13,696
Change in working capital, $m
  101
  108
  115
  122
  128
  135
  141
  147
  154
  160
  167
  174
  180
  187
  195
  202
  210
  219
  228
  237
  247
  257
  268
  279
  291
  304
  317
  331
  346
  362
Cash from operations, $m
  1,760
  1,963
  2,180
  2,410
  2,653
  2,909
  3,177
  3,458
  3,750
  4,056
  4,131
  4,461
  4,805
  5,162
  5,533
  5,919
  6,320
  6,737
  7,170
  7,621
  8,091
  8,580
  9,090
  9,621
  10,175
  10,753
  11,356
  11,987
  12,645
  13,333
Maintenance CAPEX, $m
  -277
  -317
  -360
  -406
  -454
  -505
  -559
  -615
  -674
  -735
  -799
  -865
  -935
  -1,006
  -1,081
  -1,159
  -1,239
  -1,323
  -1,410
  -1,501
  -1,595
  -1,693
  -1,795
  -1,902
  -2,013
  -2,129
  -2,250
  -2,376
  -2,508
  -2,646
New CAPEX, $m
  -836
  -894
  -951
  -1,007
  -1,062
  -1,115
  -1,169
  -1,221
  -1,274
  -1,327
  -1,382
  -1,437
  -1,493
  -1,552
  -1,613
  -1,676
  -1,742
  -1,812
  -1,885
  -1,961
  -2,042
  -2,127
  -2,216
  -2,311
  -2,411
  -2,516
  -2,627
  -2,744
  -2,868
  -2,998
Cash from investing activities, $m
  -1,113
  -1,211
  -1,311
  -1,413
  -1,516
  -1,620
  -1,728
  -1,836
  -1,948
  -2,062
  -2,181
  -2,302
  -2,428
  -2,558
  -2,694
  -2,835
  -2,981
  -3,135
  -3,295
  -3,462
  -3,637
  -3,820
  -4,011
  -4,213
  -4,424
  -4,645
  -4,877
  -5,120
  -5,376
  -5,644
Free cash flow, $m
  647
  752
  869
  997
  1,137
  1,288
  1,450
  1,621
  1,802
  1,993
  1,950
  2,159
  2,377
  2,604
  2,839
  3,084
  3,338
  3,602
  3,876
  4,160
  4,454
  4,760
  5,078
  5,408
  5,751
  6,108
  6,479
  6,866
  7,269
  7,690
Issuance/(repayment) of debt, $m
  667
  703
  748
  792
  835
  877
  919
  960
  1,002
  1,044
  1,086
  1,130
  1,175
  1,221
  1,268
  1,318
  1,370
  1,425
  1,482
  1,542
  1,606
  1,673
  1,743
  1,817
  1,896
  1,979
  2,066
  2,158
  2,255
  2,358
Issuance/(repurchase) of shares, $m
  580
  488
  393
  286
  167
  36
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  1,247
  1,191
  1,141
  1,078
  1,002
  913
  919
  960
  1,002
  1,044
  1,086
  1,130
  1,175
  1,221
  1,268
  1,318
  1,370
  1,425
  1,482
  1,542
  1,606
  1,673
  1,743
  1,817
  1,896
  1,979
  2,066
  2,158
  2,255
  2,358
Total cash flow (excl. dividends), $m
  1,894
  1,943
  2,010
  2,075
  2,139
  2,202
  2,369
  2,582
  2,804
  3,037
  3,037
  3,289
  3,551
  3,824
  4,108
  4,402
  4,709
  5,027
  5,358
  5,702
  6,060
  6,433
  6,821
  7,225
  7,647
  8,087
  8,545
  9,024
  9,525
  10,047
Retained Cash Flow (-), $m
  -1,224
  -1,300
  -1,383
  -1,464
  -1,544
  -1,622
  -1,699
  -1,776
  -1,853
  -1,930
  -2,009
  -2,089
  -2,172
  -2,257
  -2,345
  -2,437
  -2,534
  -2,634
  -2,740
  -2,852
  -2,969
  -3,093
  -3,223
  -3,360
  -3,505
  -3,658
  -3,820
  -3,990
  -4,170
  -4,359
Prev. year cash balance distribution, $m
  522
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  1,191
  643
  627
  611
  595
  580
  669
  806
  952
  1,107
  1,028
  1,200
  1,380
  1,567
  1,763
  1,965
  2,175
  2,393
  2,618
  2,850
  3,091
  3,340
  3,598
  3,865
  4,141
  4,428
  4,725
  5,034
  5,355
  5,688
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  1,142
  589
  546
  503
  461
  421
  452
  504
  547
  580
  488
  512
  525
  526
  517
  499
  473
  441
  403
  362
  320
  277
  236
  197
  161
  129
  101
  78
  58
  43
Current shareholders' claim on cash, %
  97.8
  96.3
  95.2
  94.4
  94.1
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0
  94.0

Alexion Pharmaceuticals, Inc. is a biopharmaceutical company. The Company is focused on the development and commercialization of therapeutic products. The Company's products include Soliris (eculizumab), Strensiq (asfotase alfa) and Kanuma (sebelipase alfa). The Company's clinical development programs include Soliris (eculizumab), cPMP (ALXN1101), SBC-103, ALXN1210 (IV) and ALXN1210 (Subcutaneous). Its Soliris is the therapeutic approved for patients with either paroxysmal nocturnal hemoglobinuria (PNH) or hemolytic uremic syndrome (aHUS). PNH and aHUS result from chronic uncontrolled activation of the complement component of the immune system. Its Strensiq is for the treatment of patients with Hypophosphatasia (HPP). Its product, Kanuma is for the treatment of patients with Lysosomal Acid Lipase Deficiency (LAL-D). It is a recombinant form of the human LAL enzyme, which is a replacement therapy that is approved for the treatment for patients with LAL-D.

FINANCIAL RATIOS  of  Alexion Pharmaceuticals (ALXN)

Valuation Ratios
P/E Ratio 70
Price to Sales 9.1
Price to Book 3.2
Price to Tangible Book
Price to Cash Flow 25.7
Price to Free Cash Flow 37.1
Growth Rates
Sales Growth Rate 18.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 16.4%
Cap. Spend. - 3 Yr. Gr. Rate 62.9%
Financial Strength
Quick Ratio 8
Current Ratio 0.1
LT Debt to Equity 35.9%
Total Debt to Equity 37.8%
Interest Coverage 8
Management Effectiveness
Return On Assets 3.4%
Ret/ On Assets - 3 Yr. Avg. 7.6%
Return On Total Capital 3.4%
Ret/ On T. Cap. - 3 Yr. Avg. 9.1%
Return On Equity 4.7%
Return On Equity - 3 Yr. Avg. 10.1%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 91.6%
Gross Margin - 3 Yr. Avg. 91.6%
EBITDA Margin 34.1%
EBITDA Margin - 3 Yr. Avg. 34.2%
Operating Margin 21.6%
Oper. Margin - 3 Yr. Avg. 27%
Pre-Tax Margin 18.7%
Pre-Tax Margin - 3 Yr. Avg. 25.6%
Net Profit Margin 12.9%
Net Profit Margin - 3 Yr. Avg. 16%
Effective Tax Rate 30.7%
Eff/ Tax Rate - 3 Yr. Avg. 42.2%
Payout Ratio 0%

ALXN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ALXN stock intrinsic value calculation we used $3551.1 million for the last fiscal year's total revenue generated by Alexion Pharmaceuticals. The default revenue input number comes from 0001 income statement of Alexion Pharmaceuticals. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our ALXN stock valuation model: a) initial revenue growth rate of 14.5% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for ALXN is calculated based on our internal credit rating of Alexion Pharmaceuticals, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Alexion Pharmaceuticals.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of ALXN stock the variable cost ratio is equal to 77.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for ALXN stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Alexion Pharmaceuticals.

Corporate tax rate of 27% is the nominal tax rate for Alexion Pharmaceuticals. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the ALXN stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for ALXN are equal to 162.3%.

Life of production assets of 20.8 years is the average useful life of capital assets used in Alexion Pharmaceuticals operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for ALXN is equal to 19.6%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $8893.1 million for Alexion Pharmaceuticals - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 222.501 million for Alexion Pharmaceuticals is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Alexion Pharmaceuticals at the current share price and the inputted number of shares is $27.7 billion.

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COMPANY NEWS

▶ Nielsen names David Anderson CFO, effective Sept. 10   [Sep-05-18 07:40AM  MarketWatch]
▶ Alexion to Present at Citis 13th Annual Biotech Conference   [Aug-29-18 04:30PM  Business Wire]
▶ Stocks Jump At Starting Bell As This Dow Stock Retakes Buy Point   [Aug-20-18 09:37AM  Investor's Business Daily]
▶ Vertex and Alexion Are Schooling Big Biotech   [Jul-26-18 02:42PM  Bloomberg]
▶ Alexion: 2Q Earnings Snapshot   [06:59AM  Associated Press]
▶ Alexion Reports Second Quarter 2018 Results   [06:30AM  Business Wire]
▶ 6 Stocks to Buy for Trade War Protection   [Jul-25-18 03:45PM  Kiplinger]
▶ 4 Biotechs on Verge of Big Breakouts   [Jul-09-18 06:00AM  Investopedia]
▶ 3 Big Biotechs That Can Beat the Market   [Jun-21-18 11:49AM  Investopedia]
▶ 5 Stocks That Are Screaming Buys Right Now   [07:52AM  TheStreet.com]
▶ Future home of PTC, Alexion could sell for $450M   [05:56AM  American City Business Journals]
▶ Why This Biotech Company Could Shock 2019 Sales Expectations   [Jun-19-18 04:21PM  Investor's Business Daily]
▶ Big Biotech Set for Earnings Blowout?   [Jun-15-18 10:37AM  Barrons.com]
▶ Why Alexion's Blockbuster Franchise Is Safe From Copycats For Now   [Jun-05-18 04:45PM  Investor's Business Daily]
▶ Mass. had the fastest-growing economy in the Northeast for 2017   [May-09-18 04:44AM  American City Business Journals]
▶ 3 Top Healthcare Stocks to Buy Right Now   [May-01-18 03:00PM  Motley Fool]
▶ Alexion Rockets As New Drug Proves Itself Against Blockbuster Soliris   [Apr-26-18 04:56PM  Investor's Business Daily]
▶ Drug Makers: A Dose of Robust Earnings   [10:05AM  Barrons.com]
▶ Alexion: 1Q Earnings Snapshot   [07:28AM  Associated Press]
▶ 3 Charts That Suggest Biotech Stocks Are Headed Lower   [Apr-25-18 01:25PM  Investopedia]
▶ [$$] New Biotech Grabs Series A for Rare Disease Treatments   [07:30AM  The Wall Street Journal]
▶ Alexion Slips On Reports Brazil Will Allow Copycats Of Blockbuster Soliris   [Apr-20-18 05:14PM  Investor's Business Daily]
▶ NYSE trader: Here's why stocks are up and headline risk is down   [Apr-18-18 12:56PM  Yahoo Finance Video]
▶ How Alexion Could Diversify From Its Cash Cow To Battle Valeant, Teva   [Apr-11-18 04:33PM  Investor's Business Daily]
▶ Vertex Is Worth More Than You Think   [12:22PM  Barrons.com]
▶ [$$] Alexion Makes Bid for Sweden's Wilson Therapeutics   [02:26AM  The Wall Street Journal]
▶ Alexion to Acquire Wilson Therapeutics   [01:57AM  Business Wire]
▶ 4 Biotech Stocks With Leaky Pipelines   [Apr-10-18 01:50PM  InvestorPlace]
▶ Edited Transcript of ALXN presentation 7-Mar-17 6:05pm GMT   [11:00AM  Thomson Reuters StreetEvents]
▶ Alexion Pharmaceuticals, Inc. Is Researching a Turnaround   [Apr-09-18 01:26PM  InvestorPlace]

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