WASHINGTON (dpa-AFX) - Biopharmaceutical company Alexion Pharmaceuticals, Inc.'s (ALXN) profit for the first quarter rose to $159.4 million or $0.79 per share from last year's $82.2 million or $0.41 per share. The company said its results included an increase of $0.31 per share related to the reimbursement of prior-year shipments.
On a non-GAAP basis, profit totaled $312.6 million or $1.53 per share. On average, 17 analysts polled by Thomson Reuters expected earnings per share of $1.26 for the quarter. Analysts' estimates typically exclude special items.
Quarterly net product sales increased 67 percent to $566.6 million from last year's $338.9 million. Excluding the impact of $87.8 million for reimbursement of shipments, net product sales grew 41 percent to $478.8 million. Analysts had a consensus revenue estimate of $560.22 million for the quarter.
In addition, Alexion said it now expects 2014 non-GAAP earnings per share of $4.75 to $4.85, compared with prior forecast range of $4.37 - $4.47. However, Alexion reiterated its 2014 revenue guidance of $2.15 billion - $2.17 billion.
The Street currently expects the company to earn $4.49 per share for the year, on revenues of $2.17 billion.
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