Alexion Pharmaceuticals Inc. (ALXN) posted better-than-expected third-quarter results, thanks to higher sales of its genetic disorder drug Soliris, from which the company derives all of its revenues. The company cited new patients starting on Soliris in the U.S. and Europe for driving the strong quarter. The pharma company also boosted full-year expectations for earnings and worldwide Soliris sales.
Soliris, which was approved by the FDA in March 2007 and the European Commission in June 2007, is the only drug specifically indicated for the treatment of paroxysmal nocturnal hemoglobinuria or PNH, a rare, debilitating and life-threatening blood disorder that can lead to anemia, fatigue, pain and difficulty in breathing.
Net income for the third quarter rose to $26.7 million or 29 cents per share from year-ago $19.7 million or 23 cents per share. Excluding stock-based compensation, the company earned 37 cents per share versus year-ago 29 cents. Analysts were looking for earnings of 21 cents per share. In the previous four quarters, the company has beat estimates by an average 155.2%.
Revenues increased 34% to $102.6 million from $76.5 million last year, and by 11% from $92.3 million in the previous quarter. The company said the impact from a stronger Euro in the third quarter was offset by Euro hedging rates previously set at lower levels. Analysts were looking for revenues $98.31 million. In the last three years, revenue has grown at an incredible clip from $1.56 million in 2006 to $259.1 million in 2008.
Alexion boosted full-year guidance for worldwide Soliris sales to $383 million to $385 million from prior projections of $368 million to $378 million. The company expects to achieve the sales target, despite an anticipated negative impact of about $3 million on fourth-quarter revenues, resulting from lower Euro hedging rates.
In tandem, the company also lifted its full-year non-GAAP earnings per share expectations to $1.15 to $1.18 from the previously announced range of $1.01 to $1.06. Analysts are looking for earnings of 76 cents per share.
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