March 10 (Reuters) - Alexion Pharmaceuticals Inc revised its profit and sales outlook for the year after the French government agreed to raise reimbursement payments for the company’s lead drug, Soliris.
The company’s shares rose nearly 3 percent before the bell.
Alexion said it would record about $88 million of additional sales in the first quarter as reimbursement related to Soliris sales in prior years.
The drugmaker raised its full-year adjusted earnings forecast to $4.37-$4.47 per share from its previous estimate of $3.70-$3.80 per share.
Alexion also raised its sales outlook to $2.15-$2.17 billion from its previous forecast of $2.00-$2.02 billion.
Analysts on average were expecting a profit of $3.89 per share on sales of $2.03 billion, according to Thomson Reuters I/B/E/S.
Soliris is the only approved treatment for two rare, life-threatening blood disorders.
Chestire, Connecticut based Alexion’s stock closed at $168.05 on Friday on the Nasdaq.