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Alexion Reports Fourth Quarter And Full Year 2012 Results

Stocks in this article: ALXN

Alexion Pharmaceuticals, Inc. (NASDAQ: ALXN) today announced financial results for the quarter and year ended December 31, 2012. For the three months ended December 31, 2012, Alexion Pharmaceuticals, Inc. ("Alexion" or the "Company") reported net product sales of Soliris® (eculizumab) of $320.5 million, compared to $227.6 million for the same period in 2011. The year-on-year increase in net product sales of 41 percent reflected steady additions of new patients with paroxysmal nocturnal hemoglobinuria (PNH) globally, and 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, European Union, Japan and other territories as the first and only treatment indicated for this ultra-rare, debilitating and life-threatening blood disease. Soliris is also approved for patients with aHUS in the US and European Union as the first and only treatment indicated for this 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 expense, acquisition-related costs, taxes related to acquisition structuring, intellectual property settlements, intangible asset impairments and non-cash taxes. A full reconciliation of non-GAAP results is included later in this press release.

Fourth Quarter Non-GAAP Financial Results:

The Company reported non-GAAP net income of $122.3 million, or $0.60 per share in Q4 2012, compared to non-GAAP net income of $80.5 million, or $0.41 per share, in Q4 2011.

Alexion's non-GAAP operating expenses for Q4 2012 were $163.2 million, compared to $111.2 million for Q4 2011. Non-GAAP research and development (R&D) expenses for Q4 2012 were $59.9 million, compared to $32.1 million for Q4 2011. Non-GAAP selling, general and administrative (SG&A) expenses for Q4 2012 were $103.3 million, compared to $79.1 million for Q4 2011.

Fourth Quarter GAAP Financial Results:

Alexion reported GAAP net income of $81.0 million, or $0.40 per share in Q4 2012, compared to Q4 2011 GAAP net income of $48.2 million, or $0.25 per share.

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