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July 24, 2014

Alexion profits soar on higher Soliris sales

Alexion website

Cheshire drug maker Alexion Pharmaceuticals Inc. said its profits shot up 74 percent in the second quarter, thanks to more patients taking its drug Soliris for ultra-rare blood disorders.

Alexion netted $166.5 million, or 83 cents per diluted share, up from $95.9 million, or 48 cents, in the second quarter last year.

Analysts polled by Yahoo Finance had expected earnings of $1.07. Alexion's stock price fell 3.7 percent as of 11:32 a.m. Thursday.

The year-over-year increase in profits was due to a 38 percent increase in Soliris sales. The drug brought in $512.5 million in revenue, up from $3701.1 million a year prior.

Alexion revised its 2014 revenue guidance upwards to a range of $2.18 billion to $2.20 billion. Its prior expectation had been between $2.15 billion and $2.17 billion.

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