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TheStreet Open House

Alexion Q2 Earnings: Beat And Raise

Stocks in this article: ALXN

CHESHIRE, Conn. ( TheStreet) -- Alexion Pharmaceuticals (ALXN) turned in another strong quarter of sales for its treatment of rare diseases, topping Wall Street's expectations and raising guidance for the remainder of the year.

Net product sales of Soliris totaled $370.1 million in the June quarter, and increase of 35 percent from the same period in 2012. This beat the consensus estimate of $366 million.

Alexion's Soliris is approved to treat to paroxysmal nocturnal hemoglobinuria (PNH), a rare blood disorders, and atypical hemolytic uremic syndrome (aHUS), a rare genetic disorder that causes blood clots in small blood vessels. Soliris is one of the most expensive medicines sold today, with an annual price tag of about $500,000.

Revenue guidance for the remainder of the year -- derived from Soliris sales -- was raised to a range of $1.5 billion to $1.52 billion, Alexion said. Current analyst consensus for Alexion revenue is set at $1.51 billion.

Alexion also said adjusted earnings for the year will be in the range of $2.97 to $3.02 per share versus current consensus of $2.95 per share.

Alexion made no mention in its earnings release about the speculation of an acquisition interest by Roche (RHHBY). In comments made today during its own earnings announcement, Roche CEO Severin Schwan said the company continues to focus on "bolt on acquisitions," but made no specific mention of an interest in acquiring Alexion.

There was no discussion of whether or not an Alexion bid, which would cost upwards of $25-30 billion, would be considered a "bolt on" deal.

Alexion adjusted net income in the June quarter was $147.2 million, or 73 cents per share, compared to net income of $94.1 million, or 47 cents per share, in the year-ago quarter.

-- Reported by Adam Feuerstein in Boston.

Adam Feuerstein writes regularly for TheStreet. In keeping with company editorial policy, he doesn't own or short individual stocks, although he owns stock in TheStreet. He also doesn't invest in hedge funds or other private investment partnerships. Feuerstein appreciates your feedback; click here to send him an email.

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