Alexion’s stock rises after upbeat revenue outlook, plan to buy back at least $3 billion in stock through 2023

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Shares of Alexion Pharmaceuticals Inc. rose 1.5% in premarket trading Tuesday, after the biopharmaceutical company said it expects to raise its 2020 revenue guidance by more than $200 million, when it reports third-quarter results, which is projected by FactSet to be around Oct. 22. In July, Alexion said it expected 2020 revenue of $5.55 billion to $5.60 billion, while the current FactSet consensus is $5.68 billion. The company said given the confidence in its commercial platform, multiple drug launches in the coming years and a renewed drug pipeline, it expects to buy back at least $3 billion worth of its stock through 2023. Based on Monday’s stock closing price of $115.25, that buyback target would represent at least 26.0 million shares, or about 12% of the shares outstanding. Separately, the company said its pipeline includes more than 20 development programs, with the potential for 10 promising launches by 2023. The stock has gained 6.6% year to date through Monday, while the S&P 500 has advanced 5.5%.
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