NEW HAVEN: Even as the company prepares to head north to a new headquarters in Boston, the New Haven portfolio of drugs continues to power ahead for Alexion Pharmaceuticals, Inc. [NYSE:ALXN].
Sales for the company’s lead drug Soliris continues to generate new sales, and Strensiq and Kanuma, both drugs acquired by the company have seen significant sales increases as well.
Soliris® net product sales were $3,144.1 million, compared to $2,843.2 million in 2016, representing an 11 percent increase. Soliris volume increased 11 percent year-over-year.
Strensiq® net product sales were $339.8 million, compared to $209.4 million in 2016, representing a 62 percent increase. Strensiq volume increased 74 percent year-over-year.
Kanuma® net product sales were $65.6 million, compared to $29.1 million in 2016, representing a 125 percent increase. Kanuma volume increased 136 percent year-over-year.
Kanuma was purchased as part of an $8 billion acquisition in 2015 and has underperformed expectations. The company had reduced development of the drug and CEO Ludwig Hantson has discussed writing down the company’s investment.
In spite of the strong results and positive analyst recommendations the company’s stock continues to lag. The stock was down to $105 per share along with the declines in the broader market, it was $149 per share before the company announced its restructuring and headquarters move to Boston.
Activist Investors Elliot Management had pressured the company in a meeting in October to add bioscience experienced board members and has indicated its approval of new board placements made since then.
Total revenues for the full year of 2017 were $3.551 billion, a 15 percent increase compared to 2016. Total revenues in the fourth quarter were $909.7 million, a 9.5 percent increase compared to the same period in 2016. The company’s net profits were reduced by a $95 mllion charge related to the previously announced restructuring activities and $45.8 million related to U.S. tax reform.
Non-GAAP diluted EPS for the fourth quarter of 2017 was $1.48 per share, a 17 percent increase versus the prior year.