Cheshire’s Alexion Pharmaceuticals Inc. has named Chief Operating Officer David L. Hallal as CEO, marking the drug maker’s second major shakeup since the October death of its chairman, Max Link.
Dr. Leonard Bell is stepping aside as CEO, a position he has held for 23 years. Bell will remain as chairman, a role he took over after Link’s passing.
The company characterized the move as a planned transition at a time of financial strength and growing sales.
Alexion hired Hallal, 48, in 2006 to initiate commercial operations. The company said he has played a key role in the launch of Soliris for several rare disorders and helping to build the company’s operations internationally.
He was appointed to the board of directors last year.
In a statement, Bell said Hallal has been “instrumental in driving the performance and building the culture for which we are known.”
Douglas Norby, lead director, praised Bell’s leadership as CEO.
“Since founding Alexion in 1992, Lenny has taken Alexion from a start-up venture to an S&P 500 company that is recognized as one of the most successful and innovative biotechnology companies in the world,” Norby said.
CEO shakeup follows record Soliris sales
Alexion announced Hallal’s appointment Thursday just moments after it posted record sales of its blockbuster drug Soliris for the recently concluded year.
Net sales of the drug were $2.23 billion last year, up from $1.55 billion in 2013. As a result, Alexion booked net income of $656.9 million, or $3.26 per diluted share, for the year. That’s up from $252.9 million, or $1.27 the year before.
For the fourth quarter, profits totaled $153.3 million, or 76 cents, up from a loss of $19 million.
The company said the sales gains were the result of steady additions of patients with rare blood disorders taking Soliris.
For 2015, Alexion expects sales ranging from $2.55 billion to $2.6 billion.
