UPDATE 2-Alexion’s Q3 strong, drug moves ahead in new indication

* Q3 adj EPS 50 cents vs est 45 cents

* Q3 revenue $141.6 mln vs est $137.3 mln

* Raises 2010 adj EPS and revenue view

* Shares up 5 pct in pre-mkt trade
(Adds analyst comments; updates stock movement)

Oct 21 (BestGrowthStock) – Alexion Pharmaceuticals Inc (ALXN.O: )
posted a higher-than-expected rise in quarterly profit, and
signalled that its genetic disorder drug was moving closer to
approval in a new indication.

The company had said late on Wednesday two mid-stage trials
testing the drug Soliris for the treatment of atypical
hemolytic uremic syndrome (aHUS), a rare but serious disease
that can lead to kidney failure, met their main goals.

“While these results are not final, they suggest that the
efficacy and safety of the drug in this new indication has been
definitively confirmed, with only confirmation of the path and
timing for regulatory approval and commercialization still to
be established,” Sanford C. Bernstein analyst Geoffrey Porges
said.

Soliris is already approved for the treatment of paroxysmal
nocturnal hemoglobinuria (PNH), a rare genetic disorder that
can lead to anemia, fatigue, pain and difficulty in breathing,
and is the sole revenue source for the company.

The Cheshire, Connecticut-based biotech firm, which is
trying to develop Soliris as a treatment for multiple rare
diseases, has been repeatedly named as an attractive takeover
target by industry analysts given the success of Soliris in
PNH, and the drug’s blockbuster potential. [ID:nSGE6360KS]

Q3 PROFIT BEAT

Third-quarter net income was $27.9 million, or 30 cents a
share, compared to $26.7 million, or 29 cents a share in the
year-ago period. [ID:nASA00UYO]

Excluding special items, the company earned 50 cents a
share.

Revenue for the quarter rose 38 percent to $141.6 million.

Analysts were expecting earnings of 45 cents a share, on
revenue of $137.3 million, according to Thomson Reuters
I/B/E/S.

For 2010, the company now expects adjusted earnings of
$1.73-$1.75 a share, from its previous view of $1.63-$1.68 a
share.

Net product sales is expected to be between $536-$538
million, compared to the prior expectation of $515-$530
million.

The company’s shares, which have gained 33 percent since
its second-quarter results, were up 5 percent to $71.80 in
pre-market trade. They closed at $68.07 Wednesday on Nasdaq.
(Reporting by Esha Dey in Bangalore; Editing by Aradhana
Aravindan)

UPDATE 2-Alexion’s Q3 strong, drug moves ahead in new indication