Alexion Pharmaceuticals, Inc. (NASDAQ: ALXN) (Alexion or the Company) today announced financial results for the three and six months ended June 30, 2012. Alexion reported net product sales of Soliris ® (eculizumab) of $274.7 million in the second quarter of 2012, compared to $185.7 million for the same period in 2011.
Revenue performance for the quarter reflected steady additions of new patients with paroxysmal nocturnal hemoglobinuria (PNH) commencing Soliris therapy in Alexion's core territories of the US, Western Europe and Japan, as well as in new countries. Revenues were further augmented by an increasing number of new patients with atypical hemolytic uremic syndrome (aHUS) commencing Soliris treatment, as well as by $3.3 million from shipments of Soliris that occurred in 2011.
Soliris is approved for patients with PNH in the US (2007), European Union (2007), Japan (2010) and other territories as the first and only treatment indicated for this ultra-rare, debilitating and life-threatening blood disease. Soliris is also approved as the first and only treatment for patients with aHUS, an ultra-rare, life-threatening, genetic disease, in the US (September 2011) and in the European Union (November 2011).
Alexion's non-GAAP operating results are equal to GAAP operating results adjusted for the impact of share-based compensation, costs associated with acquisitions, taxes that are not payable in cash (non-cash taxes) attributable to the utilization of US net operating losses, and taxes related to acquisition structuring. The following summary table is provided for investors' convenience:
|(in thousands, except per share amounts)|
|Three months ended||Six months ended|
|June 30||June 30|
|GAAP net income||$||36,258||$||34,745||$||81,671||$||61,575|
|Tax related to acquisition structuring||21,812||-||21,812||-|
|Non-GAAP net income||$||94,073||$||56,778||$||182,134||$||113,047|
|Shares used in computing diluted earnings per share (GAAP)||197,051||191,187||195,832||190,790|
|Shares used in computing diluted earnings per share (non-GAAP)||198,431||193,048||197,180||192,605|
|GAAP earnings per share - diluted||$||0.18||$||0.18||$||0.42||$||0.32|
|Non-GAAP earnings per share - diluted||$||0.47||$||0.29||$||0.92||$||0.59|