Alexion Pharmaceuticals Inc., of Cheshire, Conn., reported that first quarter net product sales increased 67 percent to $566.6 million, compared to $338.9 million in the same period last year. Excluding the impact of $87.8 million for reimbursement of prior year shipments, net product sales went up 41 percent to $478.8 million. The GAAP earnings per share increased 93 percent to 79 cents per share from the same period last year. Sales of Soliris (eculizumab) "comfortably beat expectations," wrote Wells Fargo analyst Brian Abrahams in a research report. Alexion chalked up $566.6 million, including reimbursement of prior year shipments related to an agreement with the French government of $87.8 million, an increase of 67 percent from the same period in 2013. As of March 31, Alexion had $1.6 billion in cash and equivalents. Shares of Alexion (NASDAQ:ALXN) gained $3.78 to close Thursday at $156.01.
Amag Pharmaceuticals Inc., of Waltham, Mass., reported 17 percent total net revenue growth in the first quarter, compared to the first quarter of 2013. U.S. net Feraheme (ferumoxytol) sales increased 12 percent to $17.4 million, and Amag ended the quarter with $385.5 million in cash and investments. The growth in U.S. product sales was driven by increased use of Feraheme for the treatment of iron deficiency anemia in chronic kidney disease patients and an increase in net revenue per gram of Feraheme from the first quarter of 2013, Amag said. The company's shares (NASDAQ:AMAG) closed Thursday at $18.05, down 31 cents.