Cantor Fitzgerald Europe: Shire is better positioned than many believe

The haemophilia market could offer defensive growth, and Shire has an excellent commercial track record, according got Brian White and Paul Taylor, healthcare research analysts at Cantor Fitzgerald Europe.
Shire (BUY) – A matter of time – SHP LN (4,355p, TP 6,300p), Market Cap: £39,572m
There are periods in time where its acquisitive strategy has led to increased uncertainty over the Shire investment case. While Baxalta appears to have brought lower gross margins in an increasingly competitive therapeutic area, we suspect that Shire is better positioned than many currently believe, while addition of the nascent ophthalmology franchise and life cycle management efforts in HAE and in internal medicine could lead to further upside to forecasts. Consensus forecasts already suggest a worst case scenario we believe despite the outlook for many of the franchises looking more secure.