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Alexion Reports Fourth Quarter And Full Year 2012 Results

On a GAAP basis, operating expenses for Q4 2012 were $179.5 million, compared to $123.4 million for Q4 2011. GAAP R&D expenses for Q4 2012 were $63.4 million, compared to $34.4 million for Q4 2011. GAAP SG&A expenses for Q4 2012 were $112.6 million, compared to $86.6 million for Q4 2011. Acquisition-related costs for Q4 2012 were $3.4 million, compared to $2.3 million for Q4 2011.

Full Year 2012 Non-GAAP Financial Results:

The Company reported non-GAAP net income of $425.2 million in 2012, or $2.13 per share, compared to non-GAAP net income of $266.1 million, or $1.38 per share, in 2011.

Alexion's non-GAAP operating expenses for the full year 2012 were $556.2 million, compared to $403.2 million for 2011. Non-GAAP R&D expenses for 2012 were $208.9 million, compared to $127.7 million for the prior year. Non-GAAP SG&A expenses for 2012 were $347.3 million, compared to $275.5 million in 2011.

Full Year 2012 GAAP Financial Results:

Alexion reported GAAP net income of $254.8 million, or $1.28 per share, in 2012 compared to 2011 GAAP net income of $175.3 million, or $0.91 per share.

Alexion's GAAP operating expenses for the full year 2012 were $656.9 million, compared to $459.5 million for the prior year. GAAP R&D expenses for 2012 were $222.7 million, compared to $137.4 million in 2011. GAAP SG&A expenses for 2012 were $384.7 million, compared to $308.2 million for the prior year. Acquisition-related costs for 2012 were $22.8 million, compared to $13.5 million for 2011. In Q3 2012, the Company also recorded an intangible asset impairment of $26.3 million.

Balance Sheet:

As of December 31, 2012, the Company had $989.5 million in cash and cash equivalents compared to $540.9 million at December 31, 2011.

“In 2012, we continued to expand the global presence of our PNH operations as we also commenced our activities to transform the lives of patients suffering with aHUS,” said Leonard Bell, M.D., Chief Executive Officer of Alexion. “Throughout 2013, we will focus on serving more patients with PNH and aHUS globally, and at the same time, we will advance our nine lead development programs in severe and ultra-rare disorders with Soliris and four additional highly innovative therapeutics.”

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