Alexion Pharma beats by $0.51, beats on revs; lowers FY20 EPS below consensus, revs below consensus
- Reports Q1 (Mar) earnings of $3.22 per share, $0.51 better than the S&P Capital IQ Consensus of $2.71; revenues rose 26.7% year/year to $1.44 bln vs the $1.36 bln S&P Capital IQ Consensus.
- Clinical Trials: ALXN is committed to continuing clinical trials with as little interruption as possible, while also being sensitive to the local dynamics and pressures in many countries and locations where these trials are being conducted. While the COVID-19 impact varies by study and program, generally, ALXN expects there will be little timing impact on fully-enrolled trials and a timing shift of at least three months on trials that are enrolling patients and activating sites, or have not yet started to do so. In addition, all healthy volunteer studies have been temporarily paused.
- COVID-19 Development Program: ALXN is exploring the potential role of ULTOMIRIS and SOLIRIS for the treatment of severe COVID-19 and has recently initiated a Phase 3 randomized controlled trial of ULTOMIRIS in a subset of adults with COVID-19. ALXN has also donated supply of SOLIRIS for compassionate use and expanded access programs.
- Co issues lowers guidance for FY20, sees EPS of $10.45-$10.75 vs. prior outlook of $10.65-$10.85 and vs the $10.96 S&P Capital IQ Consensus; sees FY20 revs of $5.23-$5.33 bln vs. prior outlook of $5.50-$5.56 bln and vs. $5.51 bln S&P Capital IQ Consensus.