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Alexion beats, ups outlook on strong rare disease med sales

July 27, 2017

Alexion Pharmaceuticals Inc (ALXN.O) posted a better than expected second-quarter profit on Thursday and raised its full-year forecast on strong sales of its expensive rare disease treatment Soliris.

Shares of Alexion – which have been roiled by a scandal related to its sales practices for Soliris as well as management resignations – rose around 6 percent in before the bell trading.

Alexion said it had net income of $165 million, or 73 cents a share, in the quarter, up from $120 million, or 54 cents a share, last year.

Excluding items, the company said it earned $1.56 a share, beating Wall Street estimates by 30 cents, according to Thomson Reuters I/B/E/S.

It now expects full year earnings in the range of $5.40 to $5.55 a share. It had previously forecast earnings of $5.10 to $5.30 a share for the year.

Soliris treats two rare blood disorders and has a U.S. list price of about $480,000 per year. It faces looming competition.

Sales of Soliris were $814 million in the quarter, up 16 percent from last year. Sales volume increased 18 percent year-over-year, the company said.

Alexion’s chief executive officer and chief financial officer resigned in December, a month after the company announced it was investigating the allegations related to its sales practices.

http://reut.rs/2uGItSy

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