At least nine biotechs and pharmas reported earnings last week. Despite beating the Street's EPS and revenue estimates, Alexion Pharmaceuticals Inc. (NASDAQ:ALXN) was off 8% on the week, losing $1.5 billion in market value. On its conference call, CFO Vikas Sinha noted that growth between 4Q and 1Q may be slow "due in part to fewer treatment days and low meaningful new country launches in Q1." The company also said that 1Q13 R&D will include $10 million associated with the production of asfotase alfa, which met the primary endpoint in a Phase II trial last year to treat hypophosphatasia (HPP). Incyte Corp. (NASDAQ:INCY) gained 20%, adding nearly $500 million in market value last week, after beating the Street's EPS and revenue estimates. The company reported revenues for Jakafi/Jakavi ruxolitinib to treat myelofibrosis of $43.3 million, up from $2 million in 4Q11. The drug was launched in the U.S. in November 2011. (A) Fiscal 3Q earnings; Mcap in $M

Company

4Q12 EPS est

4Q12 EPS actual

Outcome

Growth from 4Q11

2/15 cls

Wk chg

% chg

Mcap chg

2/15 Mcap

Acorda Therapeutics Inc. (NASDAQ:ACOR)

$0.18

$0.09

Missed bv $0.09

-74%

$29.76

$0.34

1%

$13.5

$1,178.4

The non-GAAP EPS figures include share based compensation expenses. 4Q12 revenues of $81.5M were up 12% from $72.6M in 4Q11. Sales of Ampyra dalfampridine, which is approved to improve walking ability in multiple sclerosis patients, increased 27% to $72.7M. SG&A jumped 28% to $45.6M. The company introduced 2013 Ampyra revenue guidance of $285-$315M. Acorda expects 2013 SG&A of $170-$180M and R&D of $60-$70M. 2012 SG&A was $168.9M, while R&D was $53.9M.