Baird Says Alexion Pharmaceuticals Guidance Is Conservative

Alexion Pharmaceuticals, Inc. ALXN shares gained Thursday after posting higher-than-expected earnings but cutting its outlook on currency concerns.

The company changed hands recently at $188 a share, up nearly 6 percent.

Baird's Christopher J. Raymond said that excluding the impact of currency translations, the company's outlook for profit and revenue was higher than its previous guidance.

Raymond maintained a Buy rating and $216 target.

U.S. sales accounted for just 36 percent of Alexion's total as of last year, with another 33 percent from Europe.

On Thursday, the company said foreign exchange translations will cut both earnings and revenue in 2015 by about 5 percent. Previously the company had forecast a 2.5 percent impact on profit and 5 percent on revenue.

Full-year 2015 adjusted earnings will be $5.60 to $5.80 a share on revenue of $2.55 billion to $2.6 billion, the company said Thursday.

That compares with adjusted 2014 profit of $5.21 on revenue of $2.234 billion.

Raymond believes Alexion's current outlook represents "a worst-case scenario."

Also Thursday, Alexion named 48-year-old David L. Hallal as chief executive effective April 1, replacing its 55-year-old founder Leonard Bell, who will retire.