Alexion Pharmaceuticals’ stock soared Thursday as it reported higher-than-expected first quarter earnings and promising results from a study of its replacement for the company’s flagship drug Soliris.
For the quarter ended March 31, Alexion reported adjusted net income of $1.68 per share, up 22 percent from $1.38 a year ago and higher than analysts had predicted.
Revenues were up 7 percent compared to the first quarter of 2017, at $930.9 million, while sales of Soliris rose to $800 million, from $783.5 million a year ago, Alexion said.
The New Haven rare disease drug maker also announced that a Phase 3 study found its new drug ALXN1210 was on par with Soliris for patients with the rare blood disease paroxysmal nocturnal hemoglobinuria (PNH).
Alexion said the study found patients can safely switch from Soliris every two weeks to its new drug, ALXN1210, every eight weeks.
The company plans to seek regulatory approvals for the drug in the U.S. and Europe later this year.
Alexion’s stock, which had been falling over the last year, climbed 14.5 percent after the announcement, closing at $121.42 on Thursday.
The company announced last September it was cutting its workforce by 20 percent and relocating its headquarters and 400 workers to Boston later this year. It plans to keep 450 employees in a research center in New Haven.
Natalie Missakian can be reached at news@newhavenbiz.com
