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Alexion Reports Second Quarter 2012 Results

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
2012   2011 2012   2011
Total revenues $ 274,719 $ 185,699 $ 519,452 $ 351,825
GAAP net income $ 36,258 $ 34,745 $ 81,671 $ 61,575
Share-based compensation 12,989 11,834 26,306 23,165
Acquisition-related costs 4,911 1,104 18,688 11,102
Non-cash taxes 18,103 9,095 33,657 17,205
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

Second Quarter 2012 Non-GAAP Financial Results:

The Company reported non-GAAP net income of $94.1 million, or $0.47 per share, in the second quarter of 2012, compared to non-GAAP net income of $56.8 million, or $0.29 per share, in the second quarter of 2011.

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