Alexion Pharmaceuticals reported higher earnings and revenues during the first quarter of 2021 as it moves closer to being acquired by drug giant AstraZeneca.
The company said Friday its first-quarter revenue rose 13% over the same period last year, reaching $1.64 billion.
The company reported net income of $794 million, or $3.52 per diluted share, adjusted for one-time gains and expenses. That’s up from $728 million, or $3.22 a diluted share, during the first quarter of 2020.
The results beat Wall Street expectations. A consensus of analysts polled by Zacks Investment Research predicted earnings of $3.08 a share.
Non-adjusted earnings were $636 million, or $2.86 a diluted share, up from $557.6 million, or $2.50 a diluted share during the same period last year.
Alexion’s stock price rose on the news. It was trading at $170.55 as of late Friday morning, up from Thursday’s close of $165.58.
The earnings report comes as UK-based drug giant AstraZeneca continues to collect regulatory approvals for its plan to acquire the Boston-headquartered biotech to establish a rare disease unit in that city.
The deal cleared a key hurdle when it earned Federal Trade Commission approval earlier this month. Shareholders of both companies are slated to vote on the deal on May 11 and it is expected to close by September.
CEO Ludwig Hantson said Friday the company was starting off the year strong as it continues to advance a strategy to progress its commercial portfolio and development programs.
“We are well-positioned to build on our success and momentum as the year progresses and once we become part of AstraZeneca,” he said in a statement.
It is not yet known how the acquisition will impact Alexion’s New Haven research and development operation, which employs around 500 people.
Contact Natalie Missakian at news@newhavenbiz.com
