Alexion Pharmaceuticals (Nasdaq: ALXN) reported a 28% growth for its second-quarter earnings, helped by an increase in revenues. The results also topped the Street view. The company revised up its full-year financial guidance, sending the stock northward in Wednesday’s premarket session.
Second-quarter revenues moved up 15% to $1.20 billion from the same period of last year and came in above analysts’ forecast. There was a 23% increase in sales volume. The results also benefitted from a sharp reduction in operating expenses, compared to the second quarter of 2018.
The New Haven, Connecticut-based pharma company said adjusted earnings rose 28% annually to $2.64 per share during the three-month period, beating estimates. On an unadjusted basis, the company reported earnings of $259.8 million or $2.04 per share, compared to a loss of $257.4 million or $2.05 per share in the prior-year quarter.
The results benefitted from a sharp reduction in operating expenses, compared to the second quarter of 2018
“We are well-positioned to continue our momentum in the second half of 2019, strengthening our four durable franchises in hematology and nephrology, neurology, metabolics and FcRn, advancing and expanding our pipeline, and serving more people living with rare diseases than ever before ,” said CEO Ludwig Hantson.
The management has revised up its full-year 2019 revenue guidance to the range of $4.7 billion to $4.8 billion from the previous outlook of $4.68-$4.75 billion. The guidance for SOLIRIS/ULTOMIRIS revenues has been raised to $4.1 billion to $4.13 billion. The company currently expects full-year earnings to be in the range of $8.13 per share to $8.41 per share. The revised forecast for adjusted earnings is between $9.65 per share and $9.85 per share.
During the quarter, the company received approval for additional indications of its flagship formulation SOLIRIS – for adults with neuromyelitis optica spectrum disorder – and ULTOMIRIS for adults with paroxysmal nocturnal hemoglobinuria.
Currently going through a phase of high volatility, shares of Alexion gained 25% so far this year. The stock, which declined about 7% over the past twelve months, gained sharply Wednesday morning following the earnings report.
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