Alexion Shares Rise After Guidance Lift, Study Results

   By Allison Prang 
 

Shares of Alexion Pharmaceuticals Inc. (ALXN) rose 6.5% premarket after the company reported earnings for its latest quarter, adjusted its guidance and released results for a Phase 3 study that aimed to see whether it could switch patients to a new treatment.

Alexion's Phase 3 study was for treatment for a blood disorder called paroxysmal nocturnal hemoglobinuria. The company said Thursday the treatment--known as ALXN1210--was generally well tolerated and that its safety profile was similar to Soliris, the treatment for PNH also from Alexion that the company was determining whether it could switch patients from.

The company also reported adjusted earnings for its latest quarter of $1.68 a share. Analysts polled by Thomson Reuters were expecting adjusted earnings of $1.50 a share.

Alexion increased its estimates for the year and now expects revenue of $3.93 billion to $3.99 billion, up from prior guidance of $3.85 billion to $3.95 billion. Adjusted earnings are now expected to be $6.75 to $6.90 a share, compared with previous estimates of $6.60 to $6.80 a share.

For the full year, Alexion now expects research and development costs as a percentage of total revenue to be between 41% to 44% compared with earlier forecasts of 20% to 22%.

In the past 12 months, shares have fallen 12%.

Write to Allison Prang at [e-mail]

(END) Dow Jones Newswires

April 26, 2018 08:27 ET (12:27 GMT)

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