EFTA01088033Set 9
2016-04-1921p9,988w
more outflows if repositioning continues.
Chart 10: ALXN product and pipeline portfolio NPV
$180
$160 $18
$140 $56
$120
$100
•
$80 $25
$60 $125
$40
$20
so
$20
ALXN ALXN ... Kanuma ■ Net cash ■ Pipeline
Source BarAMeir II 1)11:h Gant cteseaqh est males
NPV assumptions for marketed products
Each valuation scenario assumes ($8)/sh net cash NPV. The scenarios ... revenues through 2025 unimpeded
by biosimilar competition, with modest growth, translating to a Soliris NPV of 5125/sh.
Soliris, Strensiq. and Kanuma in this scenario account for over 100% of ALXN
https://www.justice.gov/epstein/files/DataSet%209/EFTA01088033.pdf