Alexion Pharmaceuticals, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Earnings Guidance for the Full Year 2015 and Tax Rate Guidance for the Years 2016 and 2017; Reports Impairment Charges for the Fourth Quarter Ended December 31, 2014
For the full year, the company reported net product sales of $2,233,733,000 compared to $1,551,346,000 for the same period in 2013. Operating income was $868,706,000 against $528,010,000 a year ago. Income before income taxes was $872,107,000 against $526,269,000 a year ago. Net income was $656,912,000 or $3.26 per diluted share compared to $252,895,000 or $1.27 per diluted share, in fourth quarter of 2013. Non-GAAP net income was $1,065,921,000 or $5.21 per diluted share in compared to non-GAAP net income of $624,206,000 or $3.08 per diluted share in the fourth quarter of 2013.
For the fourth quarter, the company reported impairment of intangible assets was $8,050,000 against $33,521,000 a year ago.
For the full year 2015, worldwide net product sales are expected to be within a range of $2.55 to $2.6 billion, which includes an approximately negative 5%, or $135 million, foreign exchange impact compared to 2014 exchange rates. Non-GAAP earnings per share for the year are expected to be $5.60 to $5.80, which includes an approximately $0.30 negative foreign exchange impact compared to 2014 exchange rates. On a constant currency basis, the company's non-GAAP EPS guidance would have been approximately $0.30 higher. The non-GAAP effective tax rate is expected to be approximately 7% to 9%. 2015 pretax operating results are expected to deliver similar margins compared to 2014.
The company now anticipated that its tax rate will be 12% to 13% in 2016
The company now anticipated that its tax rate will be 14% to 16% in 2017.