Alexion 4Q revenues, profits rise

Alexion Pharmaceuticals saw its fourth-quarter revenue jump 15% compared to a year ago, exceeding Wall Street expectations.

Fourth-quarter profits were also up 9%, when adjusted for one-time gains and losses, again beating analysts’ projections. 

The New Haven-born drug maker, which is being acquired by AstraZeneca in a $39 billion deal, announced its fourth-quarter and 2020 full-year earnings on Thursday.

The company said its quarterly revenue of $1.59 billion was up 15% over the $1.38 billion it brought in a year ago. Analysts polled by Zacks Investment Research expected fourth-quarter revenues of $1.51 billion. 

Alexion reported adjusted net income of $664.5 million, or $2.96 per diluted share, up from $611 million, or $2.71 per diluted share in the year-ago period.

That was higher than analysts’ prediction of $2.50 a share for the quarter, according to Zacks Investment Research.

For the year, Alexion said it brought in $6.07 billion in revenue, a 22 % increase over 2019.

Drug sales were up across the board, with Alexion’s blockbuster blood-disorder treatment Soliris bringing in $4.06 billion in 2020, a 3% increase over 2019. Sales for its successor drug Ultomiris also reached blockbuster status in 2020, bringing in $1.08 billion. That drug was first approved by the FDA in late 2018.

Now headquartered in Boston, Alexion continues to have a large Elm City research facility. The company is expected to become part of UK-based AstraZeneca during the third quarter of this year. 

Contact Natalie Missakian at news@newhavenbiz.com