Alexion Pharmaceuticals, Inc.
) second-quarter 2013 earnings (excluding special items but
including stock-based compensation expense) of 64 cents per share
beat the Zacks Consensus Estimate by 4 cents and the year-ago
adjusted earnings by 23 cents per share.
Higher product sales boosted second quarter earnings.
Including one-time items, second-quarter 2013 earnings came in at
48 cents per share, up 167%.
Alexion's revenues jumped 35% to approximately $370.1 million
in the second quarter of 2013 driven by strong Soliris sales.
Revenues surpassed the Zacks Consensus Estimate of $365
Adjusted operating expenses climbed 22.7% to $174.5 million in
the second quarter of 2013. The increase was attributable to a
rise in both research and development (R&D) expenses (up
12.8%) and selling, general and administrative (SG&A)
expenses (up 29.2%). The increase in R&D expenses was
attributable to the company's efforts to develop its
Alexion currently has several candidates in clinical
development focusing on different areas. The company is also
working on expanding Soliris' label into additional indications
like Shiga-toxin producing e. coli hemolytic uremic syndrome,
neuromyelitis optica and myasthenia gravis.
Alexion's pipeline also includes asfotase alfa
(hypophosphatasia), ALXN1102/ALXN1103 (hematology) and ALXN1007
(inflammatory disorders). We are impressed by Alexion's efforts
to develop its pipeline.
Apart from announcing financial results for the second
quarter, Alexion raised its outlook for 2013. The company raised
its revenue guidance to $1.520-$1.530 billion from the previous
forecast of $1.505-$1.520 billion.
The company also raised its adjusted earnings guidance for
2013 from $2.87-$2.97 per share to $2.97 to $3.02 per share.
Soliris should continue performing well, driving growth at
Alexion currently carries a Zacks Rank #3 (Hold). Companies
) appear to be more attractive with a Zacks Rank #1 (Strong
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