Alexion Pharmaceuticals said its profits and revenue soared during the first quarter of 2019, an increase driven largely by expanded sales of its blockbuster drug Soliris and a strong launch of that drug’s successor, Ultomiris.
For the period ended March 31, the rare-disease drugmaker reported adjusted net income of $545.5 million, or $2.39 per diluted share, up 42 percent from $380.6 million, or $1.68 a diluted share, in the first quarter of 2018.
First quarter revenue reached $1.14 billion, up 23 percent from $931 million a year ago.
The results beat Wall Street expectations. The consensus estimate was for earnings of $2.19 a share, adjusted for one-time gains and costs, and revenue of $1.11 billion, according to Zacks Investment Research.
“We had a great start to 2019, with a strong launch in Ultomiris’ first full quarter since FDA approval,” said Alexion CEO Ludwig Hantson in a statement. “We’ve also made significant progress executing and expanding our pipeline.”
That expansion included new drug development partnerships with Caeleum Biosciences, and Europe-based Affibody and Zealand Pharma inked during the quarter.
Much of the quarter’s revenue hike stemmed from sales of Alexion’s chief money-making drug Soliris, which jumped 20 percent to $962 million from $800 million in the first quarter of 2018.
Sales volume for Soliris was up 23 percent year-over-year, Alexion said. The drug earned regulatory approval in the U.S. and Japan to treat a new indication, generalized myasthenia gravis, in late 2017.
Meanwhile, Soliris’ successor, Ultomiris, brought in $24.6 million. Sales of the company’s two other commercial drugs, Strensiq and Kanuma, were up 18 and 20 percent, respectively.
Ultomiris, which has a more convenient dosing schedule than its predecessor, received FDA approval in December to treat paroxysmal nocturnal hemoglobinuria (PNH), an ultra-rare blood disorder. Alexion says it has the potential to become the new standard of care for the disease.
In a conference call with analysts, the company said it was on pace to reach its goal of converting 70 percent of Soliris’ PNH patients to Ultomiris by the end of 2020. It expects to receive regulatory approval to expand sales to Europe sometime in June after earning a positive recommendation last week from the European Medicine Agency’s Committee for Medicinal Products for Human Use.
Alexion raised its 2019 adjusted earnings and revenues guidance in anticipation of continued growth. It expects full-year revenue in the range of $4.68 to $4.75 billion, and earnings of $9.25 to $9.45 a share, up from $9.10 to $9.30.
The New Haven-born biotech moved its headquarters to Boston last year but still has a major research presence in the Elm City.
Contact Natalie Missakian at news@newhavenbiz.com
