New Haven biopharma Alexion said Thursday its first-quarter profits were largely flat from a year earlier, despite 17 percent revenue growth.
The company, which produces drugs for rare diseases, said its profits were affected by currency differences and macroeconomic problems in Latin America.
Alexion said its first quarter net income increased 0.8 percent to $92.1 million, or 41 cents per share, compared to $91.3 million, or 46 cents per share, for the first quarter of 2015. Its revenues grew to $701 million.
The results missed Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of $1.13 per share, according to AP.
David Hallal, Alexion’s CEO, said strong revenues by its core product Soliris helped the company offset its problems in Latin America.
The company reported non-GAAP income of $253.7 million, or diluted earnings per share of $1.11 per share, for the first quarter of 2016, compared to $261.9 million or $1.28 per share for the same timeframe in 2015.
