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Alexion Pharmaceuticals, Inc.$115.76$2.672.36%

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 Alexion Reports Third Quarter 2016 Results
   Thursday, October 27, 2016 6:30:16 AM ET

--- Soliris(R) (eculizumab) Revenue Growth Driven by Steady Number of New Patients with PNH and aHUS Treated Globally -

--- Robust Strensiq(R) (asfotase alfa) Launch Progresses with New Patients Starting on Treatment -

--- Kanuma(R) (sebelipase alfa) Launch Continues with New Patients Treated in Initial Countries -

--- Alexion to File Regulatory Submissions for Eculizumab for the Treatment of Patients with Refractory gMG in both the U.S. and Europe in Q1 2017 -

--- ALXN1210 PNH Registration Trial Initiated with Once Every Eight Week Dosing; Enrollment to Begin in Q4 -

--- ALXN1210 aHUS Registration Trial Initiated with Once Every Eight Week Dosing; Enrollment to Begin in Q4 -

--- ALXN1210 Subcutaneous Clinical Program Commenced with Dosing Underway in Healthy Volunteers in Phase I Study -

Alexion Pharmaceuticals, Inc. (ALXN ) today announced financial results for the third quarter of 2016. Total revenues grew to $799 million, a 20 percent increase, compared to $667 million for the same period in 2015. In the third quarter, the negative impact of foreign currency on total revenue was 2.5 percent or $16 million, net of hedging activities, compared to the same quarter last year. On a GAAP basis, diluted earnings per share (EPS) for the third quarter of 2016 was $0.42 per share, compared to a loss of $0.81 per share in the third quarter of 2015. Non-GAAP diluted EPS for the third quarter of 2016 was $1.23 per share. Non-GAAP diluted EPS was $1.08 per share in the third quarter of 2015, reflecting a reduction of $0.08 per share to conform to the current non-GAAP income tax expense definition.

"In Q3 2016, we delivered strong financial performance and served an increasing number of patients with PNH, aHUS, HPP and LAL-D, while also achieving significant R&D milestones," said David Hallal, Chief Executive Officer of Alexion. "As we continue to grow our complement and metabolic businesses, we are working with urgency to file our regulatory submissions for eculizumab for the treatment of patients with refractory gMG in both the U.S. and Europe, and to enroll patients with PNH and aHUS into the global ALXN1210 registration trials."

Third Quarter 2016 Financial Highlights

-- Soliris(R) (eculizumab) net product sales were $729 million, compared to $665 million in Q3 2015.

-- Strensiq(R) (asfotase alfa) net product sales were $61 million.

-- Kanuma(R) (sebelipase alfa) net product sales were $9 million.

-- GAAP R&D expense was $196 million, compared to $166 million in the same quarter last year. Non-GAAP R&D expense was $180 million, compared to $147 million in the same quarter last year.

-- GAAP SG&A expense was $230 million, compared to $213 million in the same quarter last year. Non-GAAP SG&A expense was $201 million, compared to $182 million in the same quarter last year.

-- GAAP diluted EPS was $0.42 per share, compared to a loss of $0.81 per share in the same quarter last year. Non-GAAP diluted EPS was $1.23 per share. Non-GAAP diluted EPS was $1.08 per share in the third quarter of 2015, reflecting a reduction of $0.08 per share to conform to the current non-GAAP income tax expense definition.

Product and Pipeline Updates

Complement Portfolio

-- Eculizumab- Refractory Generalized Myasthenia Gravis (gMG): Alexion plans to file regulatory submissions for eculizumab for the treatment of patients with refractory gMG in both the United States and Europe in the first quarter of 2017.

-- Eculizumab- Relapsing Neuromyelitis Optica Spectrum Disorder (NMOSD): The PREVENT study, a single, multinational, placebo-controlled registration trial of eculizumab in patients with relapsing NMOSD is on-going, with data expected in 2017.

-- Eculizumab- Delayed Graft Function (DGF): Data from the PROTECT study, a single, multinational, placebo-controlled registration trial of eculizumab in the prevention of DGF, are expected during the fourth quarter of 2016.

-- ALXN1210- PNH: Alexion has initiated a PNH registration trial of ALXN1210 administered intravenously every eight weeks. Enrollment is expected to begin in the fourth quarter of 2016.

-- ALXN1210- aHUS: Alexion has initiated an aHUS registration trial with ALXN1210 administered intravenously every eight weeks. Enrollment is expected to begin in the fourth quarter of 2016.

-- ALXN1210- Subcutaneous: Alexion has commenced dosing of a new formulation of ALXN1210 administered subcutaneously in healthy volunteers in a Phase I study.

-- ALXN1007: Alexion is evaluating higher doses of ALXN1007, a complement inhibitor that targets C5a, in a Phase 2 study of patients with graft-versus-host disease involving the lower gastrointestinal tract (GI-GVHD). The FDA and the European Commission granted orphan drug designation to ALXN1007 for the treatment of patients with GVHD.

Metabolic Portfolio

-- SBC-103: A Phase 1/2 study of SBC-103, a recombinant form of the NAGLU enzyme, in patients with mucopolysaccharidosis IIIB, or MPS IIIB, is on-going. Alexion has completed the planned dose escalation, with all patients now randomized to either a 5 mg/kg or 10 mg/kg dose. A natural history study to characterize the course of disease progression in patients with MPS IIIB is also ongoing.

-- cPMP Replacement Therapy (ALXN1101): Alexion is enrolling patients in a pivotal study to evaluate ALXN1101 in neonates with Molybdenum Cofactor Deficiency (MoCD) Type A.

Immuno-Oncology Program

-- Samalizumab (ALXN6000): Samalizumab is a first-in-class immunomodulatory humanized monoclonal antibody that blocks the key immune checkpoint protein, CD200. The Leukemia and Lymphoma Society announced the BEAT AML Master Trial, a multi-arm clinical trial in acute myeloid leukemia (AML), which will evaluate samalizumab as well as other potential therapies for the treatment of AML.

Preclinical Portfolio

-- Alexion has more than 30 diverse preclinical programs across a range of therapeutic modalities.

2016 Financial Guidance

Alexion expects 2016 total revenues to be at the upper end of our previously guided range of $3.05 to $3.10 billion. Alexion is reiterating its Soliris revenue guidance and based on the strength of the Strensiq launch is further increasing its Metabolic revenue guidance to $225 to $235 million.

R&D and SG&A expense guidance has been increased to reflect acceleration of the ALXN1210 programs and additional investment in the global infrastructure to support the launches of Strensiq and Kanuma, as well as an increase in legal expenses.

Alexion’s updated 2016 GAAP EPS guidance is expected to be in the range of $1.79 to $2.09 and non-GAAP EPS guidance is now expected to be at the upper end of the previously guided range of $4.50 to $4.65 per share.

Updated 2016 financial guidance is as follows:

                                                           Updated GAAP                                                         Updated Non-GAAP                        Prior Non-GAAP
                                                                                Guidance                                                            Prior GAAP Guidance                                                            Guidance                                                                     Guidance
                                                                 -------------------------------------                                           ------------------------                                           -------------------------------------                                           --------------------------------
Total revenues                                                    Upper end of $3,050 to $3,100 million                                          $3,050 to $3,100 million                                            Upper end of $3,050 to $3,100 million                                              $3,050 to $3,100 million
Soliris revenues                                                        $2,835 to $2,875 million                                                 $2,835 to $2,875 million                                                  $2,835 to $2,875 million                                                     $2,835 to $2,875 million
Metabolic revenues                                                        $225 to $235 million                                                     $200 to $220 million                                                      $225 to $235 million                                                         $200 to $220 million
Cost of sales                                                                   8% to 9%                                                                 8% to 9%                                                                  8% to 9%                                                                     8% to 9%
Research and development expense                                          $740 to $781 million                                                     $708 to $779 million                                                      $680 to $690 million                                                   High end of $650 to $680 million
Selling, general and administrative expense                               $913 to $955 million                                                     $883 to $935 million                                                      $790 to $810 million                                                   High end of $760 to $790 million
Interest expense                                                              $100 million                                                             $100 million                                                              $100 million                                                                 $100 million
Effective tax rate                                                             32% to 34%                                                               32% to 34%                                                              15.5% to 16.5%                                                               15.5% to 16.5%
Earnings per share                                                           $1.79 to $2.09                                                           $1.91 to $2.26                                                      Upper end of $4.50 to $4.65                                                        $4.50 to $4.65
Diluted shares outstanding                                                     228 million                                                              228 million                                                               230 million                                                                  230 million
                                                                                                                                                                                                                                                                                                     

Alexion’s 2016 financial guidance is based on current foreign exchange rates net of hedging activities and does not include the effect of business combinations, license and collaboration agreements, asset acquisitions, intangible asset impairments, changes in fair value of contingent consideration or restructuring activity that may occur after the day prior to the date of this press release.

Conference Call/Webcast Information:

Alexion will host a conference call/audio webcast to discuss its third quarter 2016 results at 10:00 a.m. Eastern Time. To participate in this call, dial 888-487-0355 (USA) or 719-325-2123 (International), passcode 9676571 shortly before 10:00 a.m. Eastern Time. A replay of the call will be available for a limited period following the call. The replay number is 888-203-1112 (USA) or 719-457-0820 (International), passcode 9676571. The audio webcast can be accessed on the Investor page of Alexion’s website at: http://ir.alexionpharm.com .

About Alexion

Alexion is a global biopharmaceutical company focused on developing and delivering life-transforming therapies for patients with devastating and rare disorders. Alexion developed and commercializes Soliris(R) (eculizumab), the first and only approved complement inhibitor to treat patients with paroxysmal nocturnal hemoglobinuria (PNH) and atypical hemolytic uremic syndrome (aHUS), two life-threatening ultra-rare disorders. As the global leader in complement inhibition, Alexion is strengthening and broadening its portfolio of complement inhibitors, including evaluating potential indications for eculizumab in additional severe and ultra-rare disorders. Alexion’s metabolic franchise includes two highly innovative enzyme replacement therapies for patients with life-threatening and ultra-rare disorders, Strensiq(R) (asfotase alfa) to treat patients with hypophosphatasia (HPP) and Kanuma(R) (sebelipase alfa) to treat patients with lysosomal acid lipase deficiency (LAL-D). In addition, Alexion is advancing the most robust rare disease pipeline in the biotech industry with highly innovative product candidates in multiple therapeutic areas. This press release and further information about Alexion can be found at: www.alexion.com.

[ALXN-E]

This press release contains forward-looking statements, including statements related to guidance regarding anticipated financial results for 2016, assessment of the Company’s financial position and commercialization efforts, medical benefits and commercial potential for Soliris, Strensiq and Kanuma, medical and commercial potential of each of Alexion’s product candidates, launch expectations for Strensiq and Kanuma, and plans for regulatory filings and clinical programs for our product candidates. Forward-looking statements are subject to factors that may cause Alexion’s results and plans to differ from those expected, including for example, decisions of regulatory authorities regarding marketing approval or material limitations on the marketing of our products, delays, interruptions or failures in the manufacture and supply of our products and our product candidates, progress in establishing and developing commercial infrastructure, failure to satisfactorily address matters raised by the FDA and other regulatory agencies, the possibility that results of clinical trials are not predictive of safety and efficacy results of our products in broader patient populations in the disease studied or other diseases, the risk that strategic transactions will not result in short-term or long-term benefits, the possibility that current results of commercialization are not predictive of future rates of adoption of Soliris in PNH, aHUS or other diseases, the possibility that clinical trials of our product candidates could be delayed or that additional research and testing is required by regulatory agencies, including for ALXN1210, the adequacy of our pharmacovigilance and drug safety reporting processes, the risk that third party payors (including governmental agencies) will not reimburse or continue to reimburse for the use of our products at acceptable rates or at all, risks regarding government investigations, including investigations of Alexion by the SEC and DOJ investigations, the risk that anticipated regulatory filings are delayed, the risk that estimates regarding the number of patients with PNH, aHUS, HPP and LAL-D are inaccurate, the risks of shifting foreign exchange rates, and a variety of other risks set forth from time to time in Alexion’s filings with the U.S. Securities and Exchange Commission, including but not limited to the risks discussed in Alexion’s Quarterly Report on Form 10-Q for the period ended June 30, 2016 and in our other filings with the U.S. Securities and Exchange Commission. Alexion does not intend to update any of these forward-looking statements to reflect events or circumstances after the date hereof, except when a duty arises under law.

In addition to financial information prepared in accordance with GAAP, this press release also contains non-GAAP financial measures that Alexion believes, when considered together with the GAAP information, provide investors and management with supplemental information relating to performance, trends and prospects that promote a more complete understanding of our operating results and financial position during different periods. The non-GAAP results exclude the impact of the following GAAP items: share-based compensation expense, fair value adjustment of inventory acquired, amortization of purchased intangible assets, changes in fair value of contingent consideration, acquisition-related costs, restructuring expenses, upfront and milestone payments related to licenses and collaborations and adjustments to income tax expense. These non-GAAP financial measures are not intended to be considered in isolation or as a substitute for, or superior to, the financial measures prepared and presented in accordance with GAAP and should be reviewed in conjunction with the relevant GAAP financial measures. Please refer to the attached Reconciliations of GAAP to non-GAAP Financial Results and GAAP to non-GAAP 2016 Financial Guidance for explanations of the amounts adjusted to arrive at non-GAAP net income and non-GAAP earnings per share amounts for the three and nine month periods ended September 30, 2016 and 2015 and projected twelve months ended December 31, 2016.

(Tables Follow)

                                                                                                                                                    
                                                                                                                              ALEXION PHARMACEUTICALS, INC.
                                                                                                                TABLE 1: CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                                                                                                        (in thousands, except per share amounts)
                                                                                                                                       (unaudited)
                                                                                                                                                                                            
                                                                                                               Three months ended                                                                                                Nine months ended
                                                                                                                  September 30                                                                                                     September 30
                                                                          --------------------------------------------------------------------------------------------                     ---------------------------------------------------------------------------------------------
                                                                                          2016                                  2015                                                    2016                                  2015
                                                                          -------------------------------------                     ----------------------------------                     ------------------------------------                     ------------------------------------
Net product sales                                                               $ 798,524                                             $  665,791                                              $ 2,251,495                                              $ 1,902,107
Other revenue                                                                         582                                 846                                 1,765                                 1,073  
                                                                          ------------------------------------                      ---------------------------------                      -----------------------------------                      -----------------------------------
    Total revenues                                                                799,106                                                666,637                                                2,253,260                                                1,903,180
Cost of sales                                                                      71,095                                                 54,057                                                  190,708                                                  175,463
Operating expenses:
  Research and development                                                        195,687                                                165,664                                                  551,288                                                  518,437
  Selling, general and administrative                                             230,128                                                212,520                                                  694,491                                                  621,019
  Amortization of purchased intangible assets                                      82,036                                                 36,608                                                  242,185                                                   36,608
  Change in fair value of contingent consideration                                 40,290                                                 29,684                                                   30,676                                                   45,707
  Acquisition-related costs                                                --                                                  6,075                                                    2,313                                                   35,852
  Restructuring expenses                                                              564                               7,461                                 1,741                                30,737  
                                                                          ------------------------------------                      ---------------------------------                      -----------------------------------                      -----------------------------------
    Total operating expenses                                                      548,705                             458,012                             1,522,694                             1,288,360  
                                                                          ------------------------------------                      ---------------------------------                      -----------------------------------                      -----------------------------------
    Operating income                                                              179,306                                                154,568                                                  539,858                                                  439,357
Other income and expense:
  Investment income                                                                 4,626                                                  1,967                                                    8,049                                                    7,077
  Interest expense                                                                (24,807 )                                              (19,971 )                                                (72,490 )                                                (24,593 )
  Foreign currency (loss) gain                                                     (1,011 )                                                2,795                                (3,740 )                                                  1,755  
                                                                          ------------------------------------                      ---------------------------------                      -----------------------------------                      -----------------------------------
    Income before income taxes                                                    158,114                                                139,359                                                  471,677                                                  423,596
  Income tax expense                                                               63,776                             323,116                               165,113                               345,815  
                                                                          ------------------------------------                      ---------------------------------                      -----------------------------------                      -----------------------------------
    Net income (loss)                                                           $  94,338                          $ (183,757 )                                            $   306,564                           $    77,781  
                                                                          ======= ======= ====================                      === ======== ====================                      ==== ========= ====================                      ==== ========= ====================
  Earnings (loss) per common share
   Basic                                                                        $    0.42                          $    (0.81 )                                            $      1.37                           $      0.37  
                                                                          ======= ======= ====================                      === ======== ====================                      ==== ========= ====================                      ==== ========= ====================
   Diluted                                                                      $    0.42                          $    (0.81 )                                            $      1.35                           $      0.37  
                                                                          ======= ======= ====================                      === ======== ====================                      ==== ========= ====================                      ==== ========= ====================
  Shares used in computing earnings per common share
   Basic                                                                          224,180                             226,228                               224,454                               209,373  
                                                                          ====================================                      =================================                      ===================================                      ===================================
   Diluted                                                                        226,088                             226,228                               226,560                               211,808  
                                                                          ====================================                      =================================                      ===================================                      ===================================
                                                                                                                                                                                                            
                                                                                                                                                                                                                                                                                                             
                                                                                                                                                        ALEXION PHARMACEUTICALS, INC.
                                                                                                                                        TABLE 2: RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL RESULTS
                                                                                                                                                  (in thousands, except per share amounts)
                                                                                                                                                                 (unaudited)
                                                                                                                                                                                                                                                                                                             
                                                                                                                                                                                                                                                                                                             
                                                                                                                                                                   Three months ended                                                                                                      Nine Months Ended
                                                                                                                                                                      September 30                                                                                                           September 30
                                                                                                                   ------------------------------------------------------------------------------------------------------------------                     ----------------------------------------------------------------------------------
                                                                                                                                   2016                                                               2015                                                            2016                                                2015
                                                                                                                   ------------------------------------                     ---------------------------------------------------------                     -----------------------------                     --------------------------------
                                                                                                                                                                                                                                                                                                             
                     GAAP net income (loss)                                                                                           $         94,338                                         $       (183,757 )                                                            $ 306,564                                         $     77,781
                                                                                                                                                                                                                                                                                                             
                      Before tax adjustments:
                       Cost of sales:
                        Share-based compensation                                                                                                 2,704                                                    1,470                                                                  8,185                                                4,223
                        Fair value adjustment in inventory acquired (1)                                                                          6,585                                                        -                                                                  8,442                                                    -
                       Research and development expense:
                        Share-based compensation                                                                                                14,232                                                   19,087                                                                 43,811                                               43,500
                        Upfront and milestone payments related to licenses and collaborations                                                    1,489                                                        -                                                                  4,539                                              114,250
                       Selling, general and administrative expense:
                        Share-based compensation                                                                                                29,405                                                   30,499                                                                 99,213                                              113,130
                       Amortization of purchased intangible assets (2)                                                                          82,036                                                   36,608                                                                242,185                                               36,608
                       Change in fair value of contingent consideration                                                                         40,290                                                   29,684                                                                 30,676                                               45,707
                       Acquisition-related costs (3)                                                                                                 -                                                    6,075                                                                  2,313                                               35,852
                       Restructuring expenses                                                                                                      564                                                    7,461                                                                  1,741                                               30,737
                      Adjustments to income tax expense (4) (5)                                                               9,660                               302,244                           19,042                           274,363
                                                                                                                   -------------------- --------------                      -------------------- -------------- --------------------                      -------------------- -------                      -------------------- ----------
                                                                                                                                                                                                                                                                                                             
                     Non-GAAP net income                                                                                              $        281,303                                         $        249,371                                           $ 766,711                                         $    776,151
                                                                                                                   ==================== ==============                      ==================== ============== ====================                      ==================== =======                      ==================== ==========
                                                                                                                                                                                                                                                                                                             
                     GAAP earnings (loss) per share - diluted                                                                         $           0.42                                         $          (0.81 )                                                            $    1.35                                         $       0.37
                                                                                                                   ==================== ==============                      ==================== ============== ====================                      ==================== =======                      ==================== ==========
                     Non-GAAP earnings per share - diluted (5)                                                                        $           1.23                                         $           1.08                                           $    3.36                                         $       3.62
                                                                                                                   ==================== ==============                      ==================== ============== ====================                      ==================== =======                      ==================== ==========
                                                                                                                                                                                                                                                                                                             
                     Shares used in computing diluted earnings per share (GAAP)                                             226,088                               226,228                          226,560                           211,808
                                                                                                                   ==================== ==============                      ==================== ============== ====================                      ==================== =======                      ==================== ==========
                     Shares used in computing diluted earnings per share (non-GAAP)                                         228,008                               230,875                          228,464                           214,146
                                                                                                                   ==================== ==============                      ==================== ============== ====================                      ==================== =======                      ==================== ==========
                                                                                                                                                                                                                                                                                                             
                                                                                                                                                                                                                                                                                                             
                     (1) Inventory fair value adjustment associated with the
                     amortization of Kanuma inventory step-up related to the purchase
                     accounting for Synageva.
                                                                                                                                                                                                                                                                                                             
                     (2) In the third quarter of 2015, the Company initiated
                     amortization of its purchased intangible assets due to the
                     regulatory approvals for Strensiq & Kanuma.
                                                                                                                                                                                                                                                                                                             
                     (3) The following table summarizes acquisition related costs:
                                                                                                                                                                                                                                                                                                             
                                                                                                                                                                   Three months ended                                                                                                      Nine Months Ended
                                                                                                                                                                      September 30                                                                                                           September 30
                                                                                                                   ------------------------------------------------------------------------------------------------------------------                     ----------------------------------------------------------------------------------
                                                                                                                                   2016                                                               2015                                                            2016                                                2015
                                                                                                                   ------------------------------------                     ---------------------------------------------------------                     -----------------------------                     --------------------------------
                     Acquisition-related costs:
                     Transaction costs                                                                                                $ --                                         $ --                                                              $     375                                         $     26,799
                     Integration costs                                                                               --                                 6,075                            1,938                             9,053
                                                                                                                   -------------------- --------------                      -------------------- -------------- --------------------                      -------------------- -------                      -------------------- ----------
                                                                                                                                      $ --                                         $          6,075                                           $   2,313                                         $     35,852
                                                                                                                   ==================== ==============                      ==================== ============== ====================                      ==================== =======                      ==================== ==========
                                                                                                                                                                                                                                                                                                             
                     (4) Alexion’s non-GAAP income tax expense definition excludes the
                     tax effect of pre-tax adjustments to GAAP net income and
                     intercompany transactions with our captive foreign partnership
                     which would become due and payable only upon liquidation of a
                     substantial portion of our non-US business interests.
                                                                                                                                                                                                                                                                                                             
                     (5) Previously reported non-GAAP tax expense and diluted EPS have
                     been modified to conform to the current non-GAAP income tax
                     definition adopted in Q2 2016. Previously reported non-GAAP EPS
                     was $1.16 and $3.87 for the three and nine months ended September
                     30, 2015, respectively.
                                                                             
                                                                          ALEXION PHARMACEUTICALS, INC.
                                                         TABLE 3: RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL GUIDANCE
                                                                     (in millions, except per share amounts)
                                                                                   (unaudited)
                                                                                                  
                                                                                                                                Twelve months ended
                                                                                                                                 December 31 2016
                                                                                                 --------------------------------------------------------------------------
                                                                                                                  Low                            High
                                                                                                 -------------------------------------                     ----------------------
GAAP net income                                                                                        $     408                                                    $        477
  Before tax adjustments:
    Cost of sales:
      Share-based compensation                                                                                12                                                              10
      Fair value adjustment in inventory acquired                                                             12                                                              10
    Research and development expense:
      Share-based compensation                                                                                65                                                              55
      Upfront and milestone payments related to licenses and collaborations                                   26                                                               5
    Selling, general and administrative expense:
      Share-based compensation                                                                               145                                                             123
    Amortization of purchased intangible assets                                                              322                                                             322
    Change in fair value of contingent consideration                                                          36                                                              36
    Acquisition-related costs                                                                                  2                                                               2
    Restructuring expenses                                                                                     2                                                               2
  Adjustments to income tax expense                                                                            5                                                              28
                                                                                                                                         
                                                                                                 -------------------------------------                     ----------------------
Non-GAAP net income                                                                                    $   1,035                                 $      1,070
                                                                                                 ======= ======= ====================                      ========== ==========
                                                                                                                                                            
Diluted GAAP earnings per share                                                                        $    1.79                                 $       2.09
                                                                                                 ======= ======= ====================                      ========== ==========
Diluted Non-GAAP earnings per share                                                                    $    4.50                                 $       4.65
                                                                                                 ======= ======= ====================                      ========== ==========
                                                                                                                                                            
Shares used in computing diluted earnings per share (GAAP)                                                   228                                          228
                                                                                                 ====================================                      ======================
Shares used in computing diluted earnings per share (non-GAAP)                                               230                                          230
                                                                                                 ====================================                      ======================
                                                                  
                                                                                                 Twelve months ended
                                                                                                  December 31 2016
                                                                                      ------------------------------------
                                                                                          Low        High
                                                                                      ----------                     ----------
GAAP income tax expense as a percentage of GAAP pre-tax income                           34 %                           32 %
Tax effect of pre-tax adjustments to GAAP net income                                   (6.5 %)                        (4.5 %)
Tax effect of intercompany transactions                                               (11.0 %)                       (12.0 %)
                                                                                      ----- ---                      ----- ---
Non-GAAP income tax expenses as a percentage of non-GAAP pre-tax                       16.5 %                         15.5 %
income
                                                                                                                                 
                                                                                                                             ALEXION PHARMACEUTICALS, INC.
                                                                                                                                   TABLE 4: REVENUES
                                                                                                                                    (in thousands)
                                                                                                                                      (unaudited)
                                                                                                                                                                                                               
                                                                                                                                    Three months ended                                                                                    Nine months ended
                                                                                                                                       September 30                                                                                         September 30
                                                                                                  ---------------------------------------------------------------------------------------                     ------------------------------------------------------------------------
                                                                                                                2016                               2015                                                    2016                       2015
                                                                                                  ---------------------------------                     ---------------------------------                     ------------------------------------                     ---------------
Soliris                                                                                             $ 728,851                                             $ 665,404                                              $ 2,094,516                                              $ 1,901,720
Strensiq                                                                                               60,531                                                   357                                                  138,914                                                      357
Kanuma                                                                                                  9,142                                 30                                18,065                                    30
                                                                                                  --------------------------------                      --------------------------------                      -----------------------------------                      ---------------
          Total net product sales                                                                     798,524                                               665,791                                                2,251,495                                                1,902,107
Royalty revenue                                                                                           582                                846                                 1,765                                 1,073
                                                                                                  --------------------------------                      --------------------------------                      -----------------------------------                      ---------------
               Total other revenue                                                                        582                                846                                 1,765                                 1,073
                                                                                                  --------------------------------                      --------------------------------                      -----------------------------------                      ---------------
                    Total revenues                                                                  $ 799,106                          $ 666,637                           $ 2,253,260                           $ 1,903,180
                                                                                                  === ======= ====================                      === ======= ====================                      ==== ========= ====================                      ==== =========
                                                                                         
                                                                  ALEXION PHARMACEUTICALS, INC.
                                                         TABLE 5: CONDENSED CONSOLIDATED BALANCE SHEETS
                                                                         (in thousands)
                                                                           (unaudited)
                                                                                                                                 
                                                                                September 30,                                             December 31,
                                                                  --------------------------------------                        ------------------------------
                                                                                    2016                                                      2015
                                                                  -----------------------------------------                     --------------------------------
Cash and cash equivalents                                                $    761,989                                                    $            1,010,111
Marketable securities                                                         550,882                                                                   374,904
Trade accounts receivable, net                                                676,837                                                                   532,832
Inventories                                                                   363,058                                                                   289,874
Prepaid expenses and other current assets                                     241,768                                                                   208,993
Property, plant and equipment, net                                            931,060                                                                   697,025
Intangible assets, net                                                      4,467,726                                                                 4,707,914
Goodwill                                                                    5,037,444                                                                 5,047,885
Other assets                                                                  262,698                                                228,343
                                                                  ----------------------------------------                      --------------------------------
  Total assets                                                           $ 13,293,462                                 $           13,097,881
                                                                  ======== ========== ====================                      ========== ====================
                                                                                                                                 
Accounts payable and accrued expenses                                    $    530,083                                                    $              460,708
Deferred revenue                                                               63,402                                                                    20,504
Current portion of long-term debt                                             122,942                                                                   166,365
Other current liabilities                                                      36,066                                                                     6,234
Current portion of contingent consideration                                    81,848                                                                    55,804
Long-term debt, less current portion                                        3,129,384                                                                 3,254,536
Facility lease obligation                                                     224,442                                                                   151,307
Contingent consideration                                                      126,056                                                                   121,424
Deferred tax liabilities (1)                                                  343,794                                                                   528,990
Other liabilities                                                             131,342                                                 73,393
                                                                  ----------------------------------------                      --------------------------------
  Total liabilities                                                         4,789,359                                              4,839,265
                                                                  ----------------------------------------                      --------------------------------
  Total stockholders’ equity (1)                                            8,504,103                                              8,258,616
                                                                  ----------------------------------------                      --------------------------------
  Total liabilities and stockholders’ equity                             $ 13,293,462                                 $           13,097,881
                                                                  ======== ========== ====================                      ========== ====================
                                                                                                                                            
(1) In March 2016, the FASB issued a new standard intended to
simplify certain aspects of the accounting for employee
share-based payments. We elected to early adopt this standard
during the third quarter of 2016. The adoption of the new standard
requires recognition of excess tax benefits regardless of whether
the benefit reduces taxes payable in the current period. As a
result, $237,850 associated with previously unrecognized excess
tax benefits was recorded as a deferred tax asset and an increase
in retained earnings as of the beginning of 2016.

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20161027005458r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20161027005458/en/

SOURCE: Alexion Pharmaceuticals, Inc.

Alexion Pharmaceuticals, Inc. 
Media 
Stephanie Fagan, 475-230-3777 
Senior Vice President, Corporate Communications 
or 
Kim Diamond, 475-230-3775 
Executive Director, Corporate Communications 
or 
Investors 
Elena Ridloff, CFA, 475-230-3601 
Vice President, Investor Relations


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