Alexion Pharmaceuticals tops estimates

Alexion Pharmaceuticals Inc. took the costs of its recent acquisition of Wilson Therapeutics AB better than expected, surpassing analysts’ estimates for second-quarter earnings Thursday.

Alexion Pharmaceuticals Inc. reported Thursday that its second-quarter adjusted earnings per share increased 33% from a year on higher revenue.

The company reported adjusted earnings of $471 million, or $2.07 a share, compared to $356 million, or $1.56 a share a year earlier, beating the $1.72 average estimate of 18 analysts polled by FactSet.

On a non-adjusted basis, the company reported a net loss of $457 million, or $2.05 a share, during the quarter, compared to earnings of $165 million, or 73 cents a share, a year earlier. The large loss was attributed to an $804 million research-and-development expense related to its acquisition of Wilson Therapeutics AB, which closed in the second quarter. Nearly all of Wilson’s fair value related to a single asset, a drug to treat the genetic disorder Wilson disease which is now in phase-three development.

The company reported revenue for the quarter grew 14% to $1.05 billion.

Alexion raised its guidance for 2018 on adjusted per-share earnings to between $7.00 and $7.15. The company had previously given guidance of $6.75 to $6.90. But, the company lowered GAAP earnings per share guidance to between $1.25 and $1.50. The company had previously given guidance of $1.35 to $1.75.

Write to Nishant Mohan at [email protected]

Source: Read Full Article