Alexion Shares Rise After Guidance Lift, Study Results
April 26 2018 - 8:42AM
Dow Jones News
By Allison Prang
Shares of Alexion Pharmaceuticals Inc. (ALXN) rose 6.5%
premarket after the company reported earnings for its latest
quarter, adjusted its guidance and released results for a Phase 3
study that aimed to see whether it could switch patients to a new
treatment.
Alexion's Phase 3 study was for treatment for a blood disorder
called paroxysmal nocturnal hemoglobinuria. The company said
Thursday the treatment--known as ALXN1210--was generally well
tolerated and that its safety profile was similar to Soliris, the
treatment for PNH also from Alexion that the company was
determining whether it could switch patients from.
The company also reported adjusted earnings for its latest
quarter of $1.68 a share. Analysts polled by Thomson Reuters were
expecting adjusted earnings of $1.50 a share.
Alexion increased its estimates for the year and now expects
revenue of $3.93 billion to $3.99 billion, up from prior guidance
of $3.85 billion to $3.95 billion. Adjusted earnings are now
expected to be $6.75 to $6.90 a share, compared with previous
estimates of $6.60 to $6.80 a share.
For the full year, Alexion now expects research and development
costs as a percentage of total revenue to be between 41% to 44%
compared with earlier forecasts of 20% to 22%.
In the past 12 months, shares have fallen 12%.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
April 26, 2018 08:27 ET (12:27 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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