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What: Shares of biopharmaceutical company Alexion Pharmaceuticals (NASDAQ: ALXN) climbed 10% today after its quarterly results and outlook topped Wall Street expectations.
So what: The stock was hammered in October on concerns over slowing growth, but a wide first-quarter beat -- adjusted EPS of $0.65 versus the consensus of $0.61 -- coupled with upbeat guidance, is quickly easing those concerns. In fact, sales of its key blood disorder drug Soliris spiked 38% to $338.9 million during the quarter, reigniting investor optimism over its mega blockbuster potential going forward.
Now what: Management now sees full-year adjusted EPS of $2.87-$2.97 on $1.51 billion-$1.52 billion, nicely above its prior view of $2.82-$2.92, and $1.49 billion-$1.51 billion. "The upward revision reflects continued global growth of Soliris in PNH and growth from the ongoing launch of Soliris in the US," said the company in a statement. More important, with the stock still off about 20% from its 52-week highs, biotech-savvy investors might have some room left to gain from that growth.
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