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Alexion Reports Third Quarter 2012 Results

Stocks in this article: ALXN

Alexion Pharmaceuticals, Inc. (NASDAQ: ALXN) (Alexion or the Company) today announced financial results for the three and nine months ended September 30, 2012. Alexion reported net product sales of Soliris ® (eculizumab) of $294.1 million in the third quarter of 2012, compared to $204.0 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.

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 patients with this ultra-rare, debilitating and life-threatening blood disease. Soliris is also approved in the US (September 2011) and in the European Union (November 2011) as the first and only treatment for patients with aHUS, an ultra-rare life-threatening genetic disease.

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, taxes related to acquisition structuring, impact of intellectual property settlements and intangible asset impairments. A full reconciliation of non-GAAP results is included later in this press release.

Third Quarter 2012 Non-GAAP Financial Results:

The Company reported non-GAAP net income of $120.7 million, or $0.60 per share, in the third quarter of 2012, compared to non-GAAP net income of $72.6 million, or $0.37 per share, in the third quarter of 2011.

As noted above, non-GAAP EPS in Q3 2012 excludes the $0.13 per share net benefit attributable to the intellectual property settlement and intangible asset impairment that occurred in Q3 2012. Non-GAAP EPS in Q3 2011 excludes the $0.09 per share benefit attributable to tax credits.

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