Alexion Pharmaceuticals on Wednesday reported higher second-quarter profits on $1.2 billion in revenue, a 15-percent revenue increase compared to a year ago.
The results on both fronts beat Wall Street expectations.
For the period ended June 30, the rare-disease drug maker reported net income of $459.8 million, or $2.04 per diluted share, compared to a loss of $457.4 million, or $2.05 per diluted share, a year ago.
Adjusted for one-time gains and costs, net earnings came in at $2.64 per share, beating analysts’ forecast of $2.36 per share. Analysts had also projected second-quarter revenues of $1.17 billion, according to Zacks Investment Research.
The higher profits came as sales figures climbed across the company’s widening drug portfolio. Total net sales reached $1.2 billion, compared to $1 billion during the second quarter of 2018.
Alexion said its blockbuster drug Soliris raked in $981 million, up 9 percent from $898 million a year ago. Its newest drug, Ultomiris, which federal regulators approved in December, brought in $54.2 million during the quarter.
Sales of Alexion’s other commercial drugs, Strensiq and Kanuma, rose by 13 percent and 22 percent, respectively, compared to a year ago.
In a statement, Alexion CEO Ludwig Hantson attributed the revenue growth to the successful launch of Ultomiris and recent expansion of Soliris into a new treatment area, generalized myasthenia gravis.
The New Haven-born company, headquartered in Boston with a large Elm City research presence, revised its full-year earnings outlook upward to $9.60 to $9.85 per share and its revenue outlook to between $4.75 and $4.8 billion.
Alexion snagged three new regulatory approvals during the quarter, including a new disease indication for Soliris and fresh approvals in Japan and Europe for Ultomiris.
It also agreed in April to pay the federal government $13 million to settle allegations it violated the False Claims Act in a kickback scheme.
Alexion’s stock fell by around 4 percent to $117.41 shortly after markets opened Wednesday, but was trading at $121.30 as of late morning.
Contact Natalie Missakian at news@newhavenbiz.com
