Alexion reports 3Q profit of $27.9M; raises 2010 guidance

ALEXION PHARMACEUTICALS REPORTED third-quarter profit of $27.9 million, or $0.30 per share, up from $26.7 million in the same quarter last year, the company said Thursday.
Posted 10/21/10

SMITHFIELD - Alexion Pharmaceuticals Inc. reported third-quarter net profit of $27.9 million, or $0.30 per share, up from $26.7 million, or $0.29 per share, in the same quarter last year, the company said Thursday, noting that it benefited from new patients for its Soliris drug in the U.S. and Europe.

Soliris treats paroxysmal nocturnal hemoglobinuria, a rare, life-threatening blood disorder, and is the sole revenue source for the company. Alexion launched the drug in Japan during the third quarter.

Revenue came in at $141.6 million for the three months ended Sept. 30. Analysts were expecting $137.3 million in revenue, according to Thomson Reuters.

Alexion also said that its two open-label Phase 2 studies investigating eculizumab as a treatment for patients with atypical Hemolytic Uremic Syndrome have “met the primary and key secondary endpoints with high clinical and statistical significance.”

The Cheshire, Conn.-based company saw $384.98 million in revenue for the nine months ended Sept. 30, compared to $276.15 million for the same period a year earlier. Net income for the nine months was $70.58 million, up from $58.04 million in 2009.

Alexion raised its 2010 financial guidance for revenues and non-GAAP earnings per share. Sales guidance for 2010 was moved up to a range of $536 million to $538 million, compared to the previous guidance of $515 million to $530 million. Earnings-per-share guidance was boosted to $1.73 to $1.75, from $1.63 to $1.68.

Alexion’s shares were up 5 percent at $71.80 in pre-market trade, according to Thomson Reuters which noted the company’s shares have gained 33 percent since its second-quarter results.

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