Credit Suisse analyst Martin Auster notes that Alexion indicated that the European Patent Office has revoked the new Soliris formulation patent previously granted, following an opposition from potential competitors. The company expects to receive the written decision over the next few weeks, when it will likely appeal the outcome, a process that could take 3-5 years, Auster notes. The analyst believes investors currently assign limited protective value from this formulation patent, with no change to his thesis from a fundamental perspective. He reiterates an Outperform rating and $156 price target on the shares.