Alexion Pharmaceuticals, Inc. (ALXN) Thursday reported a rise in profit for the third quarter, benefiting from higher revenues due to an increase in net product sales of Soliris, a drug indicated for the treatment of patients with paroxysmal nocturnal hemoglobinuria, a debilitating and life-threatening blood disorder.
Net income for the third quarter rose to $26.73 million or $0.29 per share from $19.69 million or $0.23 per share in the previous year. Results for the quarter include share-based compensation of $6.98 million.
On an adjusted basis, net income increased to $33.71 million or $0.37 per share from $25.68 million or $0.29 per share reported in the corresponding quarter last year.
On average, 14 analysts polled by Thomson Reuters expected the company to report earnings of $0.21 per share for the quarter. Analysts estimates typically exclude special items.
Total revenues for the quarter increased to $102.63 million from $76.50 million a year ago due to higher sales of Soliris. Analysts expected a revenue of $98.31 million for the quarter.
The company noted that third quarter of fiscal 2008 sales included recognition of $71.2 million from shipments of Soliris that occurred during that quarter and $5.3 million associated with shipments of Soliris in previous quarters.
Total operating expenses increased to $62.85 million from $46.94 million in the previous year.
Interest expense declined to $80 thousand from $566 thousand and foreign currency loss declined to $250 thousand from $566 thousand last year.
For the nine-month period, net income rose to $58.04 million or $0.65 per share from $17.81 million or $0.22 per share in the same period of the previous year. Total revenues for the period increased to $276.15 million from $181.70 million last year.
Looking forward, the company raised its earnings guidance to range of $1.15 to $1.18 per share from the previous guidance in the range of $1.01 to $1.06 per share for the fiscal 2009. Revenues are currently estimated to be in the range of $383 million to $385 million, compared to the previous guidance in the range of $368 million to $378 million.
Analysts currently expect the company to report earnings of $0.76 per share on revenues of $376.29 million for the full year.
ALXN is currently trading at $47.19, up 3.16 or 7.16%, on a volume of 901K shares on the Nasdaq.
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