NEW YORK (AP) — Alexion Pharmaceuticals raised its 2014 guidance on Monday, saying the national health agency of France will reimburse it for past sales of its drug Soliris.
Alexion said it concluded discussions with the French government about the reimbursement rate, and it will get about $88 million in reimbursement payments covering sales made before the start of this year. The company will record that revenue in the first quarter.
The Cheshire, Conn., company is now forecasting adjusted income of $4.37 to $4.47 per share and $2.15 billion to $2.17 billion in revenue. It previously forecast net income of $3.70 to $3.80 per share and $2 billion to $2.02 billion in revenue.
Analysts expected net income of $3.98 per share and $2.05 billion in revenue, according to FactSet.
Shares of Alexion Pharmaceuticals Inc. rose $7.82, or 4.7 percent, to $175.87 in morning trading.
Soliris is approved as a treatment for a life-threatening condition called paroxysmal nocturnal hemoglobinuria, which causes a breakdown of red blood cells and leads to anemia, and atypical hemolytic uremic syndrome, which often leads to kidney failure and death. Alexion is trying to win additional marketing approvals to boost its sales.