ALXN – Market expectations are for Uniform ROA to fall to levels not seen since 2010, while management remains confident in the progression of 1210 to replace Soliris

• Alexion Pharmaceuticals Inc. (ALXN:USA)currently trades near historical lows relative to UAFRS-based (Uniform) Earnings, with a 21.1x Uniform P/E, implying bearish expectations for the firm. However, management is confident in the release of their replacement for Soliris, as well as increases in their operating margin and EPS
• Specifically, management remains confident in the overall performance of 1210, and that they expect to begin regulatory filings this year. Additionally, management is confident in their operating margins and expectations for EPS growth and margins throughout the year