Alexion 3Q profit surges, guidance increased

Alexion Pharmaceuticals' 3rd-quarter profit jumps 36 percent on Soliris, guidance increased

• On 11:03 am EDT, Thursday October 22, 2009

CHESHIRE, Conn. (AP) -- Alexion Pharmaceuticals Inc. said Thursday its third-quarter profit surged 36 percent on sales of its blood disorder treatment Soliris, its only marketed product.

The company earned $26.7 million, or 29 cents per share, up from profit of $19.7 million, or 23 per share, during the same period a year prior. Revenue, which all came from Soliris sales, rose 34 percent to $102.6 million from $76.5 million.

Analysts polled by Thomson Reuters expected profit of 21 cents per share on revenue of $98.3 million.

Soliris treats a rare chronic disease called paroxysmal nocturnal hemoglobinuria, which causes a breakdown of red blood cells and leads to anemia.

Alexion boosted its 2009 profit guidance to between $1.15 and $1.18 per share from prior guidance of $1.01 to $1.06 per share. The company now expects revenue to range from $383 million to $385 million, up from prior guidance of $368 million to $378 million.

Analysts expect full-year profit of 76 cents per share on revenue of $376.3 million.

Shares of Alexion rose $3.41, or 7.7 percent, to $47.54 in morning trading. The stock earlier reached a 52-week high of $47.61.