ALXN Alexion Pharmaceuticals Inc

By Austen Hufford

Alexion Pharmaceuticals Inc. reported profit and revenue rose as sales of two new drugs ramped up.

The company, which focuses on a narrow range of treatments for rare diseases, also said it expects double-digit revenue and earnings per share growth in the year ahead.

Alexion said in January that senior management pressured staff to get customers to order its flagship drug earlier than needed to meet financial targets. In December, former Chief Executive David Hallal and Chief Financial Officer Vikas Sinha left the company

For 2017, the company expects revenue of $3.4 billion to $3.5 billion and adjusted earnings per share of $5.00 to $5.25. Analysts expect revenue of $3.53 billion and earnings per share of $4.63.

The company also increased its share repurchase program to $1 billion. It last increased the repurchase authorization, also to $1 billion, in May 2015.

Shares rose 2.7% in morning trading.

Sales of Soliris, a treatment for serious genetic-based blood conditions that affect a very small percentage of the global population, rose to $749 million from $689 million a year ago.

Sales of Strensiq, which treats Hypophosphatasia, a rare genetic disorder characterized by the abnormal development of bones and teeth, were $71 million in the quarter, up from $12 million in the same quarter last year.

In December 2015, the FDA approved Kanuma as a treatment for a rare but deadly disease caused by an enzyme deficiency. It posted $11 million in sales.

Alexion posted a profit of $93 million, or 41 cents a share, compared with $67 million, or 29 cents a share, a year earlier. On an adjusted basis, per-share earnings grew to $1.26 from $1.04.

Revenue rose faster than operating expenses.

Revenue climbed 19% to $831 million.

Analysts surveyed by Thomson Reuters forecast per-share earnings of $1.25 on revenue of $836.6 million.

Write to Austen Hufford at austen.hufford@wsj.com

(END) Dow Jones Newswires

February 16, 2017 10:23 ET (15:23 GMT)

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