Alexion (ALXN) Tops Q2 Earnings And Revenues (Revised)
Zacks Investment Research | Jul 27, 2016 11:33PM ET
Alexion Pharmaceuticals, Inc.’s (NASDAQ:ALXN) second-quarter 2016 earnings (including stock-based compensation expense) of 93 cents per share surpassed the Zacks Consensus Estimate of 91 cents. Earnings were, however, lower than the year-ago figure of $1.13.
Alexion’s revenues, on the other hand, soared 18.3% year over year to $753 million. The impact of currency headwinds on the top line was 3% ($18 million). The majority of the company’s revenues were generated by Soliris. The top line also surpassed the Zacks Consensus Estimate of $743 million.
Soliris Drives Growth
Soliris sales were up 10.2% to $701 million driven by steady growth in patients for both the approved indications – paroxysmal nocturnal hemoglobinuria and atypical hemolytic uremic syndrome. Sales volumes of Soliris were up 15% year over year.
Strensiq and Kanuma contributed $45 million and $6 million, respectively, to quarterly revenues.
Operating expenses (including stock-based compensation expense, and upfront and milestone payments related to license and collaboration deals, and other special items) were on the rise. Research and development (R&D) expenses were up 36.2%, while selling, general and administrative (SG&A) expenses rose 4.7%.
Outlook
Alexion has reiterated its guidance for total revenue and Soliris sales for 2016. The company continues to expect revenues in the range of $3.05–$3.1 billion, with Soliris contributing in the range of $2.83–$2.87 billion.
The company expects adjusted earnings per share in the range of $4.50–$4.65 (previous projection: at the low end of the $5.00–$5.20 band).
Revenues from the metabolic franchise, comprising Kanuma and Strensiq, are now expected in the range $200–$220 million ($180–$200 million expected previously). The company continues to expect R&D and SG&A expenses to be at the high end of the $650–$680 million band and the $760–$790 million band, respectively.h3 ALEXION PHARMA Price/h3
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