Baxalta 1st-qtr earnings beat expectations

US biopharma company Baxalta (NYSE: BXLT) today announced that first-quarter 2016 revenues came in at $1.5 billion, reflecting a year over year increase of 10%. Excluding the impact of foreign currency, sales advanced 18%.

Baxalta, a 2015 spin-out from Baxter and now the subject of a $32 billion takeover transaction by Ireland-headquartered Shire (LSE: SHP), reported first quarter net income of $326 million, or $0.47 per diluted share, which compares favorably to the company’s previously-issued guidance of $0.44 to $0.46 per diluted share and slightly better than consensus forecasts for EPS of $0.46.

“Baxalta’s strong financial performance continues to highlight the attractive growth prospects that exist across the portfolio,” said Ludwig Hantson, chief executive and president, Baxalta, adding: “As we embark on the next phase of our journey, the outstanding contributions of our team will result in enhanced access to differentiated therapies that improve patient care and promising new treatments that address unmet medical needs.”