The Key Reason Alexion Pharmaceuticals, Inc. Vaulted 13% Higher in July

The Key Reason Alexion Pharmaceuticals, Inc. Vaulted 13% Higher in July

Shares of Alexion Pharmaceuticals (NASDAQ: ALXN), a biotech company with a keen focus on developing therapies to treat ultra-rare diseases, moved steadily higher by 13% during the month of July, according to data from S&P Global Market Intelligence. The catalyst behind the double-digit move higher appears to be the company's second-quarter earnings results. 

For the quarter, Alexion reported $912 million in total sales, a 21% increase from the prior-year quarter. The increase was predominantly due to growth from Soliris, its blockbuster rare-disease drug that's the priciest prescription medicine in the world.

Soliris sales came in at $814 million, a 16% increase from Q2 2016, with approximately $35 million derived from favorable order timing. Sales of Strensiq also impressed, with 84% year-on-year sales growth, to $83 million. Comparatively, Wall Street had been looking for only $846.2 million in second-quarter sales.

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Source: Fool.com