Alexion doubles net income from last year, reduces investment in SBC-103
February 16, 2017Alexion Pharmaceuticals’s revenues for 2016 increased 18% compared to the previous year, bringing $3.1 billion, and that’s with a negative impact of foreign currency of 3% or $74 million, bringing net income of $399 million, way up from $144 million last year. Fourth quarter income was $93 million, compared to $67 million from the same period last year.
In the financial report on Thursday, it was shown that the largest portion of the revenue was brought to the company by Soliris sales, which sold for $2,843 million, while the Strensiq sales grew from $12 million in 2015 to $210 million in 2016.
David Brennan, the interim CEO said that growth was related to the global launches of Strensiq and Kanuma, a part of Alexion’s metabolic franchise. “We also achieved important regulatory milestones towards new indications for Soliris and initiated two registration studies for ALXN1210 to drive our future growth,” said Brennan.
He added: “Our 2017 guidance reflects double-digit revenue and EPS growth as we continue to grow our complement and metabolic franchises, prepare for the potential launches of Soliris in refractory gMG, and focus on our highest priority R&D programs.”
Dropping SBC-103 testing?
Alexion said that during the fourth quarter it recognized an impairment charge of $85 million related to SBC-103, an early stage, clinical indefinite-lived intangible asset from the Synageva acquisition. In February 2017, Alexion decided to reduce its investment in SBC-103 and it plans no additional studies. However, it said that the patients currently enrolled in the Phase 1/2 trial will continue to receive SBC-103.
