| US: Alexion rises as 4Q profit grows 82 percent
Found: Thu Feb 09 08:36:11 2012 PST
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Alexion rises as 4Q profit grows 82 percent Alexion rises as 4Q profit grows 82 percent - CNBC
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Alexion rises as 4Q profit grows 82 percent
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CHESHIRE, Conn. - Alexion Pharmaceuticals Inc. said Thursday its fourth-quarter profit climbed 82 percent on greater sales of its only approved drug, the blood disorder treatment Soliris.
Alexion said its income rose to $48.2 million, or 25 cents per share, from $26.5 million, or 14 cents per share. Excluding one-time items, Alexion said it earned 41 cents per share. Its revenue grew 46 percent from a year earlier, to $227.6 million from $156 million.
Analysts were forecasting a profit of 34 cents per share and revenue of $221.5 million, according to estimates compiled by FactSet. Shares of Alexion climbed $4.05, or 5.3 percent, to $80.74 in morning trading.
Soliris has been on the market since 2007 as a treatment for paroxysmal nocturnal hemoglobinuria, which causes a breakdown of red blood cells and leads to anemia. Alexion said most of its revenue growth came from greater sales of Soliris for use against PNH. In September, the Food and Drug Administration approved Soliris as a treatment for atypical hemolytic uremic syndrome, which often leads to kidney failure and death. The new approval also bumped Alexion's sales.
European Union regulators approved Soliris as a treatment for atypical hemolytic uremic syndrome, or aHUS, in late November. Alexion will begin marketing the drug for aHUS patients in Europe this year.
In late December Alexion agreed to buy drug developer Enobia Pharma Corp. for $610 million. Enobia is developing a treatment for hypophosphatasia, a metabolic disease that can cause skeletal deformity, severe muscle weakness, and progressive damage to vital organs. The deal closed Tuesday, and the price could increase to $1.08 billion based on regulatory and sales milestones.
For the full year, Alexion's profit rose 81 percent to $175.3 million, or 91 cents per share, from $97 million, or 52 cents per share, in 2010. Revenue increased 45 percent to $783.4 million from $541 million.
The company expects an adjusted profit of $1.60 to $1.70 per share in 2012 on sales of $1.04 billion to $1.07 billion. On average, analysts expect Alexion to report a profit of $1.65 per share and $1.04 billion in revenue.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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