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Alexion Pharmaceuticals reports YOY increase in Q3 profit

Alexion Pharmaceuticals Inc. said its non-GAAP net income for the third quarter of 2019 was $2.79 per share, up from $2.02 in the third quarter of 2018.

The S&P Global Market Intelligence consensus normalized EPS estimate for the third quarter was $2.48.

The Boston-based drugmaker said its third-quarter non-GAAP net income totaled $635.8 million, an increase from $460.1 million in the year-ago period.

Net product sales rose to $1.26 billion on an annual basis from $1.03 billion, and non-GAAP research and development expenses increased to $186.1 million from $162.3 million spent in the third quarter of 2018.

On a GAAP basis, the company reported $467.6 million, or $2.08 per share, in net income compared to $330.9 million, or $1.47 per share, in the same period a year ago.

In reporting its results, the company updated its earnings forecast for the year. The company, which is in the process of acquiring Achillion Pharmaceuticals Inc. for $930 million, expects to post $10.25 to $10.40 in non-GAAP EPS — up from its previous guidance of $9.65 to $9.85.

GAAP EPS for the year is now expected to be between $8.58 and $8.78 as opposed to $8.13 and $8.41 previously.

The S&P Global Market Intelligence consensus normalized EPS estimate for the year is $10.14.

In other news, the company said its board approved a new share repurchase authorization of $1 billion. The repurchase program does not have an expiration date, and Alexion said it is not obligated to acquire a particular number of shares of common stock.