Ahead Of The Bell: Alexion Pharmaceuticals

NEW YORK (AP) — Leerink Swann analyst Howard Liang reaffirmed an "Outperform" rating for Alexion Pharmaceuticals Inc. Tuesday, citing the future revenue potential for its key drug Soliris.

Soliris, the company's only marketed product, treats a rare chronic disease called paroxysmal nocturnal hemoglobinuria, which causes a breakdown of red blood cells and leads to anemia. The drug has a good chance of gaining approval for two additional uses, Liang wrote in a note to clients.

Cheshire, Conn.-based Alexion recently reported positive study data for Soliris as a treatment for the blood cell condition hemolytic uremic syndrome and for kidney transplant patients.

"We believe these represent sizable commercial opportunities, especially in hemolytic uremic syndrome," Liang said. "Consultant commentary supports our view that Soliris may be a platform drug with multiple applications and the Soliris franchise could enjoy sustained long-term growth.

The hemolytic uremic syndrome market could be worth $400 million to $550 million annually, while the kidney transplant market could be worth $250 million annually, he said.

Soliris had sales of $259 million in 2008.

Shares of Alexion closed at $36.54 Monday.