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Alexion Pharmaceuticals in 4Q17 and Fiscal 2017

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Mar. 5 2018, Updated 12:14 p.m. ET

Alexion Pharmaceuticals’ revenue trends

In 4Q17, Alexion Pharmaceuticals (ALXN) generated revenues of $910 million, which reflected ~10% growth on a YoY (year-over-year) basis and ~6% growth on a quarter-over-quarter basis.

In 4Q17, Alexion Pharmaceuticals reported a GAAP (generally accepted accounting principles) diluted EPS (earnings per share) of $0.13, which is a 68% YoY decline. In 4Q17, Alexion Pharmaceuticals reported a non-GAAP diluted EPS of $1.48, which is ~17% YoY growth.

In fiscal 2017, Alexion Pharmaceuticals reported revenues of $3.6 billion, which is ~15% YoY growth.

In 2017, Alexion Pharmaceuticals reported a GAAP diluted EPS of $1.97, which is ~12% YoY growth. In 2017, Alexion Pharmaceuticals reported a non-GAAP diluted EPS of $5.86, which is 27% YoY growth.

In 4Q17, Alexion Pharmaceuticals reported an operating income and operating margin of $109 million and ~12%, respectively—compared to $128 million and ~15% in 4Q16.

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Alexion’s geographical revenue trends

In 4Q17, in the US, Europe, and Asia-Pacific markets, Alexion Pharmaceuticals generated revenues of $408.9 million, $265.1 million, and $92.9 million, respectively—compared to $353.5 million, $244.1 million, and $84.8 million in 4Q16.

In fiscal 2017, in the US, Europe, and Asia-Pacific markets, Alexion Pharmaceuticals generated revenues of $1.56 billion, $1.0 billion, and $349.4 million, respectively—compared to $1.26 billion, $961.3 million, and $318.1 million in 2016.

Expense trends

In 4Q17, Alexion Pharmaceuticals reported a GAAP cost of sales of $144.6 million—compared to $68 million in 4Q16. Expenses associated with the restructuring of ~$69.1 million were mainly due to the increased cost of sales.

In 4Q17, Alexion Pharmaceuticals reported GAAP R&D (research and development) and SG&A (selling, general, and administrative) expenses of $265 million and $296.4 million, respectively—compared to $205.9 million and $258.5 million in 4Q16.

In fiscal 2017, Alexion Pharmaceuticals reported a GAAP cost of product sales, R&D, and SG&A expenses of $424.2 million, $878.4 million, and $1.1 billion, respectively—compared to $258.3 million, $757 million, and $953 million in 2016.

In 4Q17, Alexion Pharmaceuticals’ peers in the rare disease drugs market, Vertex Pharmaceuticals (VRTX), BioMarin Pharmaceuticals (BMRN), and Shire (SHPG) reported revenues of $622.6 million, $385.3 million, and $4.1 billion, respectively.

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