Alexion Pharmaceuticals Inc. reported a first quarter net loss of $4.2 million or 11 cents a share compared to $32.7 million or 92 cents a share the previous year. The loss is smaller than expected.
For the three months ending March 31 the company reported total revenues of $45.6 million compared to a total revenue of $6.3 million for the same period in 2007.
Analysts forecasted a loss of 43 cents a share before special items on a revenue of $40.7 million according to Reuters.
Revenue for the first period was triggered for sales of Soliris, which contributed with $45.5 million, a drug approved by the U.S. Food and Drug Administration for the treatment of patients with paroxysmal nocturnal hemoglobinuria or PHN a blood disease.
The Cheshire, Conneticut-based company increased its forecast for 2008 net sales of the drug Soliris to a range of $215 million to $225 million from a range of $200 million to $215 million. Analysts forecast is of $213.6 million in revenue for the year.
Shares of Alexion Pharmaceuticals rose 3.23 percent to $70.87 on the Nasdaq on Wednesday.