Intrinsic value of Alexion Pharmaceuticals - ALXN

Previous Close

$122.12

  Intrinsic Value

$35.92

stock screener

  Rating & Target

str. sell

-71%

Previous close

$122.12

 
Intrinsic value

$35.92

 
Up/down potential

-71%

 
Rating

str. sell

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  18.43
  7.50
  7.25
  7.02
  6.82
  6.64
  6.48
  6.33
  6.20
  6.08
  5.97
  5.87
  5.78
  5.71
  5.64
  5.57
  5.51
  5.46
  5.42
  5.38
  5.34
  5.30
  5.27
  5.25
  5.22
  5.20
  5.18
  5.16
  5.15
  5.13
  5.12
Revenue, $m
  3,084
  3,315
  3,556
  3,805
  4,065
  4,335
  4,616
  4,908
  5,212
  5,529
  5,859
  6,203
  6,561
  6,936
  7,327
  7,735
  8,161
  8,607
  9,074
  9,561
  10,072
  10,606
  11,165
  11,751
  12,364
  13,007
  13,681
  14,387
  15,128
  15,904
  16,718
Variable operating expenses, $m
 
  2,379
  2,515
  2,656
  2,803
  2,956
  3,115
  3,280
  3,452
  3,631
  3,818
  3,509
  3,712
  3,923
  4,144
  4,375
  4,617
  4,869
  5,133
  5,409
  5,697
  5,999
  6,316
  6,647
  6,994
  7,358
  7,739
  8,138
  8,557
  8,996
  9,457
Fixed operating expenses, $m
 
  176
  181
  185
  190
  195
  199
  204
  210
  215
  220
  226
  231
  237
  243
  249
  255
  262
  268
  275
  282
  289
  296
  304
  311
  319
  327
  335
  343
  352
  361
Total operating expenses, $m
  2,417
  2,555
  2,696
  2,841
  2,993
  3,151
  3,314
  3,484
  3,662
  3,846
  4,038
  3,735
  3,943
  4,160
  4,387
  4,624
  4,872
  5,131
  5,401
  5,684
  5,979
  6,288
  6,612
  6,951
  7,305
  7,677
  8,066
  8,473
  8,900
  9,348
  9,818
Operating income, $m
  667
  760
  860
  964
  1,072
  1,185
  1,302
  1,423
  1,550
  1,683
  1,821
  2,468
  2,618
  2,775
  2,939
  3,110
  3,289
  3,477
  3,673
  3,878
  4,093
  4,318
  4,553
  4,800
  5,059
  5,331
  5,615
  5,914
  6,227
  6,555
  6,900
EBITDA, $m
  1,063
  1,476
  1,592
  1,712
  1,836
  1,966
  2,101
  2,242
  2,388
  2,541
  2,700
  2,866
  3,039
  3,220
  3,409
  3,606
  3,813
  4,029
  4,255
  4,491
  4,738
  4,998
  5,269
  5,554
  5,852
  6,165
  6,493
  6,836
  7,197
  7,575
  7,972
Interest expense (income), $m
  80
  109
  121
  133
  145
  158
  171
  185
  200
  215
  231
  247
  264
  282
  301
  320
  341
  362
  384
  407
  432
  457
  484
  511
  541
  571
  603
  637
  672
  709
  747
Earnings before tax, $m
  576
  651
  739
  831
  927
  1,027
  1,130
  1,238
  1,351
  1,468
  1,590
  2,221
  2,354
  2,493
  2,638
  2,790
  2,949
  3,115
  3,289
  3,471
  3,661
  3,861
  4,070
  4,289
  4,519
  4,759
  5,012
  5,277
  5,555
  5,847
  6,153
Tax expense, $m
  177
  176
  200
  224
  250
  277
  305
  334
  365
  396
  429
  600
  636
  673
  712
  753
  796
  841
  888
  937
  988
  1,042
  1,099
  1,158
  1,220
  1,285
  1,353
  1,425
  1,500
  1,579
  1,661
Net income, $m
  399
  475
  540
  607
  677
  749
  825
  904
  986
  1,071
  1,161
  1,621
  1,719
  1,820
  1,926
  2,037
  2,153
  2,274
  2,401
  2,533
  2,673
  2,818
  2,971
  3,131
  3,299
  3,474
  3,659
  3,852
  4,055
  4,268
  4,492

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,293
  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
  13,253
  12,850
  13,782
  14,750
  15,756
  16,802
  17,890
  19,023
  20,201
  21,429
  22,708
  24,041
  25,432
  26,883
  28,398
  29,980
  31,634
  33,362
  35,169
  37,059
  39,037
  41,108
  43,276
  45,546
  47,924
  50,416
  53,027
  55,764
  58,634
  61,642
  64,797
Adjusted assets (=assets-cash), $m
  11,960
  12,850
  13,782
  14,750
  15,756
  16,802
  17,890
  19,023
  20,201
  21,429
  22,708
  24,041
  25,432
  26,883
  28,398
  29,980
  31,634
  33,362
  35,169
  37,059
  39,037
  41,108
  43,276
  45,546
  47,924
  50,416
  53,027
  55,764
  58,634
  61,642
  64,797
Revenue / Adjusted assets
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
Average production assets, $m
  5,024
  5,401
  5,792
  6,199
  6,622
  7,062
  7,519
  7,995
  8,490
  9,006
  9,544
  10,104
  10,689
  11,298
  11,935
  12,600
  13,295
  14,021
  14,781
  15,575
  16,407
  17,277
  18,188
  19,142
  20,142
  21,189
  22,286
  23,437
  24,643
  25,907
  27,233
Working capital, $m
  1,755
  676
  725
  776
  829
  884
  942
  1,001
  1,063
  1,128
  1,195
  1,265
  1,339
  1,415
  1,495
  1,578
  1,665
  1,756
  1,851
  1,951
  2,055
  2,164
  2,278
  2,397
  2,522
  2,654
  2,791
  2,935
  3,086
  3,244
  3,410
Total debt, $m
  3,288
  3,445
  3,787
  4,142
  4,511
  4,895
  5,295
  5,710
  6,143
  6,593
  7,063
  7,552
  8,062
  8,595
  9,151
  9,732
  10,338
  10,973
  11,636
  12,330
  13,056
  13,816
  14,611
  15,444
  16,317
  17,232
  18,190
  19,195
  20,248
  21,352
  22,509
Total liabilities, $m
  4,559
  4,716
  5,058
  5,413
  5,782
  6,166
  6,566
  6,981
  7,414
  7,864
  8,334
  8,823
  9,333
  9,866
  10,422
  11,003
  11,609
  12,244
  12,907
  13,601
  14,327
  15,087
  15,882
  16,715
  17,588
  18,503
  19,461
  20,466
  21,519
  22,623
  23,780
Total equity, $m
  8,694
  8,134
  8,724
  9,337
  9,974
  10,636
  11,325
  12,041
  12,787
  13,564
  14,374
  15,218
  16,098
  17,017
  17,976
  18,977
  20,024
  21,118
  22,262
  23,459
  24,711
  26,021
  27,394
  28,831
  30,336
  31,913
  33,566
  35,299
  37,115
  39,020
  41,016
Total liabilities and equity, $m
  13,253
  12,850
  13,782
  14,750
  15,756
  16,802
  17,891
  19,022
  20,201
  21,428
  22,708
  24,041
  25,431
  26,883
  28,398
  29,980
  31,633
  33,362
  35,169
  37,060
  39,038
  41,108
  43,276
  45,546
  47,924
  50,416
  53,027
  55,765
  58,634
  61,643
  64,796
Debt-to-equity ratio
  0.378
  0.420
  0.430
  0.440
  0.450
  0.460
  0.470
  0.470
  0.480
  0.490
  0.490
  0.500
  0.500
  0.510
  0.510
  0.510
  0.520
  0.520
  0.520
  0.530
  0.530
  0.530
  0.530
  0.540
  0.540
  0.540
  0.540
  0.540
  0.550
  0.550
  0.550
Adjusted equity ratio
  0.619
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  399
  475
  540
  607
  677
  749
  825
  904
  986
  1,071
  1,161
  1,621
  1,719
  1,820
  1,926
  2,037
  2,153
  2,274
  2,401
  2,533
  2,673
  2,818
  2,971
  3,131
  3,299
  3,474
  3,659
  3,852
  4,055
  4,268
  4,492
Depreciation, amort., depletion, $m
  396
  716
  732
  748
  764
  782
  800
  818
  838
  858
  879
  398
  421
  445
  470
  496
  523
  552
  582
  613
  646
  680
  716
  754
  793
  834
  877
  923
  970
  1,020
  1,072
Funds from operations, $m
  950
  1,191
  1,271
  1,355
  1,441
  1,531
  1,625
  1,722
  1,824
  1,930
  2,040
  2,019
  2,139
  2,265
  2,396
  2,533
  2,676
  2,826
  2,983
  3,147
  3,318
  3,498
  3,687
  3,884
  4,092
  4,309
  4,536
  4,775
  5,025
  5,288
  5,564
Change in working capital, $m
  -136
  47
  49
  51
  53
  55
  57
  60
  62
  65
  67
  70
  73
  76
  80
  83
  87
  91
  95
  99
  104
  109
  114
  119
  125
  131
  137
  144
  151
  158
  166
Cash from operations, $m
  1,086
  1,144
  1,222
  1,304
  1,388
  1,476
  1,568
  1,663
  1,762
  1,865
  1,973
  1,949
  2,066
  2,188
  2,316
  2,450
  2,589
  2,735
  2,887
  3,047
  3,214
  3,389
  3,573
  3,765
  3,966
  4,177
  4,399
  4,631
  4,874
  5,130
  5,398
Maintenance CAPEX, $m
  0
  -198
  -213
  -228
  -244
  -261
  -278
  -296
  -315
  -334
  -355
  -376
  -398
  -421
  -445
  -470
  -496
  -523
  -552
  -582
  -613
  -646
  -680
  -716
  -754
  -793
  -834
  -877
  -923
  -970
  -1,020
New CAPEX, $m
  -333
  -377
  -392
  -407
  -423
  -440
  -457
  -476
  -495
  -516
  -538
  -560
  -584
  -610
  -637
  -665
  -695
  -726
  -760
  -795
  -831
  -870
  -911
  -954
  -1,000
  -1,047
  -1,097
  -1,150
  -1,206
  -1,264
  -1,326
Cash from investing activities, $m
  -287
  -575
  -605
  -635
  -667
  -701
  -735
  -772
  -810
  -850
  -893
  -936
  -982
  -1,031
  -1,082
  -1,135
  -1,191
  -1,249
  -1,312
  -1,377
  -1,444
  -1,516
  -1,591
  -1,670
  -1,754
  -1,840
  -1,931
  -2,027
  -2,129
  -2,234
  -2,346
Free cash flow, $m
  799
  569
  618
  669
  721
  776
  832
  891
  952
  1,015
  1,081
  1,013
  1,084
  1,158
  1,235
  1,315
  1,398
  1,485
  1,576
  1,671
  1,770
  1,873
  1,982
  2,095
  2,213
  2,337
  2,467
  2,603
  2,746
  2,895
  3,052
Issuance/(repayment) of debt, $m
  -375
  324
  342
  355
  369
  384
  399
  416
  433
  450
  469
  489
  510
  533
  556
  581
  607
  634
  663
  694
  726
  760
  796
  833
  873
  914
  958
  1,004
  1,053
  1,104
  1,158
Issuance/(repurchase) of shares, $m
  -393
  91
  50
  6
  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 from financing (excl. dividends), $m  
  -836
  415
  392
  361
  369
  384
  399
  416
  433
  450
  469
  489
  510
  533
  556
  581
  607
  634
  663
  694
  726
  760
  796
  833
  873
  914
  958
  1,004
  1,053
  1,104
  1,158
Total cash flow (excl. dividends), $m
  -44
  984
  1,010
  1,030
  1,091
  1,160
  1,232
  1,306
  1,384
  1,465
  1,550
  1,502
  1,594
  1,690
  1,791
  1,895
  2,005
  2,119
  2,239
  2,365
  2,496
  2,633
  2,777
  2,928
  3,086
  3,252
  3,425
  3,608
  3,799
  3,999
  4,210
Retained Cash Flow (-), $m
  -435
  -566
  -590
  -613
  -637
  -662
  -689
  -717
  -746
  -777
  -810
  -844
  -880
  -919
  -959
  -1,002
  -1,047
  -1,094
  -1,144
  -1,197
  -1,252
  -1,311
  -1,372
  -1,437
  -1,505
  -1,577
  -1,653
  -1,733
  -1,816
  -1,904
  -1,997
Prev. year cash balance distribution, $m
 
  1,126
  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
 
  1,544
  420
  417
  454
  497
  543
  590
  638
  688
  740
  658
  714
  772
  832
  894
  958
  1,025
  1,095
  1,168
  1,244
  1,323
  1,405
  1,491
  1,581
  1,674
  1,773
  1,875
  1,983
  2,095
  2,213
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
 
  1,481
  385
  363
  373
  386
  394
  398
  399
  395
  388
  313
  305
  293
  279
  262
  244
  223
  202
  180
  158
  137
  117
  98
  81
  65
  52
  40
  31
  23
  17
Current shareholders' claim on cash, %
  100
  99.6
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4

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 68.6
Price to Sales 8.9
Price to Book 3.1
Price to Tangible Book
Price to Cash Flow 25.2
Price to Free Cash Flow 36.3
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 $3084 million for the last fiscal year's total revenue generated by Alexion Pharmaceuticals. The default revenue input number comes from 2016 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 7.5% 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 72.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $172 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 3.5% 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 162.9%.

Life of production assets of 25.4 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 20.4%. 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 - $8694 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 224.684 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 $27.4 billion.

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Financial statements of ALXN
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