Alexion Pharmaceuticals, Inc. (NASDAQ:ALXN) today announced that it is revising upward its previously provided 2014 financial guidance for net product sales and non-GAAP earnings per share (EPS).
The Company will record increased revenue in 2014 related to an agreement that brings to conclusion discussions with the French government and which positively impacts prospective reimbursement of Soliris. The agreement also provides reimbursement for shipments of Soliris made prior to January 1, 2014. The agreement follows the 2012 French Transparency Commission designation, with the ASMR 2 rating, of the important medical benefit of Soliris treatment for patients with atypical hemolytic uremic syndrome (aHUS), and includes reimbursement of Soliris for treatment of patients with both paroxysmal nocturnal hemoglobinuria (PNH) and aHUS.
In the first quarter of 2014, the Company will record approximately $88 million of additional net product sales related to reimbursement for product sales in prior years. As a result of this agreement, the Company has also revised upward its 2014 revenue and non-GAAP EPS guidance to reflect its current expectation for additional Soliris net product sales during the remainder of 2014.
The Company is now providing the following upwardly revised 2014 guidance, which includes net product sales related to years prior to 2014 to be recorded in Q1 2014, as well as expectations for subsequent increased revenue during the remainder of 2014:
- 2014 net product revenue guidance is being increased from the prior range of $2.000 to $2.020 billion to the higher range of $2.150 to $2.170 billion, which includes the $88 million in net product sales related to years prior to 2014 to be recorded in Q1 2014.
- 2014 non-GAAP EPS guidance is being increased from the prior range of $3.70 to $3.80 to the higher range of $4.37 to $4.47, which includes 37 cents attributable to net product sales related to years prior to 2014 to be recorded in Q1 2014.
Alexion is reiterating the other elements of its 2014 financial guidance announced in its press release of January 30, 2014.