William Blair analyst John Sonnier expects 2017 to be a "formative year" for Portola Pharmaceuticals with potentially two new drug approvals. Portola is in the unique position of having two drugs under registrational review with U.S. and Europen regulators, Sonnier told investors earlier today in a research note. He believes approval of either of the two drug candidates, betrixaban or AndexXa, would drive "material upside" in the value of Portola shares. The FDA action date for betrixaban is June 24, and Sonnier estimates the drug, a potential treatment for prophylaxis of venous thromboembolism drug in mentally ill patients, is worth $60 per share. The analyst sees potential for approval of AndexXa, the company's novel factor Xa inhibitor antidote, late this year or in early 2018 and estimates the drug is worth "at least" $40 per share. Sonnier's sum-of-the-parts analysis yields a collective value of betrixaban and AndexXa of "at least" $100 per share. Portola is up 2%, or 47c, to $25.16 in early trading. The William Blair analyst keeps an Outperform rating on the name.