pharmaceutical daily

Alexion Quarter 2019 revenues 15% up

Alexion Pharmaceuticals

Alexion Pharmaceuticals

BOSTON–(BUSINESS WIRE)–Alexion Pharmaceuticals, Inc. (NASDAQ:ALXN) today announced financial results for the second quarter of 2019. Total revenues in the second quarter were $1,203.3 million, a 15 percent increase compared to the same period in 2018. The negative impact of foreign currency on total revenues year-over-year was 1 percent, or $15.1 million, inclusive of hedging activities. On a GAAP basis, diluted EPS in the quarter was $2.04, a 200 percent increase versus the prior year. The second quarter of 2018 included $803.7 million of expense related to the value of the in-process research and development asset acquired in connection with our acquisition of Wilson Therapeutics AB. Non-GAAP diluted EPS for the second quarter of 2019 was $2.64, a 28 percent increase versus the second quarter of 2018.

We delivered another strong quarter, with continued growth driven by the successful U.S. launches of ULTOMIRIS in PNH and SOLIRIS in gMG. We received three regulatory approvals over the last month, including SOLIRIS for NMOSD in the U.S., and ULTOMIRIS for PNH in Japan and the EU. In addition, the FDA granted priority review for ULTOMIRIS in atypical HUS,” said Ludwig Hantson, Ph.D., Chief Executive Officer of Alexion. “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.”

Second Quarter 2019 Financial Highlights

Research and Development

PHASE 3

PHASE 1/2

PRE-CLINICAL

2019 Financial Guidance

Alexion is increasing total revenues and EPS guidance. Full guidance updates are outlined below.

Previous (as of April 25, 2019)

Updated (as of July 24, 2019)

Total revenues

$4,675 to $4,750 million

$4,750 to $4,800 million

SOLIRIS/ULTOMIRIS revenues

$4,020 to $4,070 million

$4,095 to $4,130 million

Metabolic revenues

$655 to $680 million

$655 to $670 million

R&D (% total revenues)

GAAP

19% to 20%

17% to 19%

Non-GAAP

16% to 17%

14% to 16%

SG&A (% total revenues)

GAAP

23% to 24%

23% to 24%

Non-GAAP

20% to 21%

20% to 21%

Operating margin

GAAP

35% to 42%

42% to 43%

Non-GAAP

54% to 55%

55% to 56%

Earnings per share

GAAP

$6.76 to $7.96

$8.13 to $8.41

Non-GAAP

$9.25 to $9.45

$9.65 to $9.85

Updated 2019 financial guidance assumes a GAAP effective tax rate of 6 to 7 percent and a non-GAAP effective tax rate of 14 to 15 percent.

Alexion’s financial guidance is based on current foreign exchange rates net of hedging activities and does not include the effect of acquisitions, license and collaboration agreements, intangible asset impairments, litigation charges, changes in fair value of contingent consideration or restructuring and related activity outside of the previously announced activities that may occur after the issuance of this press release.

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