CHESHIRE — Earning a nearly $300 million profit on sales of less than $390 million is nice work if you can get it.
Last year Cheshire drug-developer Alexion Pharmaceuticals earned $295.2 million, or $3.26 a share, up from $33.2 million, or 39 cents a share, a year earlier. However, the lion’s share of that figure comes from a one-time tax benefit stemming from development of its treatment for a rare blood disorder.
Annual revenues rose 49 percent to $386.8 million from $259.1 million in 2008.
For the three months ended December 31, the developer and marketer of the drug Soliris earned $237 million, or $2.59 a share, up from $15.3 million, or 17 cents a share, compared to the same period of 2008. Without the tax benefit, Alexion said it earned $21.6 million, or 24 cents a share.
Soliris treats patients with paroxysmal nocturnal hemoglobinuria (PNH), a life-threatening blood disease.
Alexion said it continues to test new treatments for Soliris, including as an anti-rejection drug for transplanted kidneys.
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