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  "documentTitle": "Alexion Pharmaceuticals, Inc. (ALXN)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott",
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  "presentationDate": "2020-05-12 00:00:00",
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  "notes": "This is a text-heavy page from a shareholder letter, likely part of a larger argument regarding management performance.",
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      "text": "By all key operating measures, Dr. Hantson and his team have taken meaningful steps to improve the business during his relatively short tenure.",
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      "text": "Long runway of volume-driven revenue growth (gMG, NMOSD, metabolic franchise 43% CAGR, pipeline with $3.7B peak risked revenues); Strong commercial positioning (patient loyalty, OneSource, KOL relationships).",
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      "text": "Strong cost controls delivering an 11% increase in operating margins since 2017; Measured and sensible capital deployment strategy; Improved governance; Well-managed market expectations with 12/13 revenue beats and 13/13 EPS beats.",
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      "text": "In addition and more importantly, the Company succeeded in obtaining the approval of ALXN1210, now Ultomiris, and launching its commercialization.",
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      "text": "As we have referenced previously, when Dr. Ludwig Hantson joined as CEO in early 2017, Alexion was in a period of significant turmoil and uncertainty.",
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      "kind": "quote",
      "text": "of our engagement, Elliott has been extremely complimentary of our Board, management team and business. We appreciate Elliott’s recognition of the uniqueness and strength of Alexion’s business.” — Alexion Pharmaceuticals",
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      "text": "13 Based on FY2019A operating margins; 14 Based on Bloomberg consensus; 15 Based on the midpoint of 2020 guidance; 16 Based on Elliott analysis",
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