Alexion Pharmaceuticals Adds New CFO From Biogen

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Shares of Alexion Pharmaceuticals Inc. (NASDAQ: ALXN) saw a handy gain early on Wednesday after the company announced that there would be changes in its leadership. The company announced that Paul J. Clancy will be assuming the chief financial officer role effective July 31, 2017. Clancy was previously the CFO of Biogen Inc. (NASDAQ: BIIB) for the past 10 years.

Prior to Biogen, Clancy spent 13 years with PepsiCo in various executive positions. Clancy will succeed Dave Anderson, who will continue to serve as CFO until July 31, 2017. To ensure a smooth transition, Anderson will then become a senior advisor to the CEO and will remain with Alexion until the end of August.

Clancy, while at Biogen in his CFO role, delivered 16% average annual revenue growth and 25% average annual non-GAAP earnings per share growth over the past decade.

Ludwig Hantson, CEO of Alexion, commented:

I couldn’t be more pleased to welcome Paul to Alexion. Paul is a world-class CFO who has distinguished himself in the biopharmaceutical industry. He brings deep experience and a proven track record of managing a global organization, executing successful financial and capital allocation strategies to deliver long-term shareholder value, and cultivating strong relationships with the investment community. He is an outstanding addition to our team and we look forward to his leadership, insights and partnership as we position Alexion for its next stage of growth.

Shares of Alexion closed Tuesday up 1% at $108.00, with a consensus analyst price target of $155.00 and a 52-week trading range of $96.18 to $145.42. Following the announcement, the stock was up 5% at $113.51 in early indications Wednesday.

Biogen shares closed Tuesday at $261.42, in a 52-week range of $223.02 to $333.65. The consensus price target is $318.59. Shares were last seen down 1.7% at $257.00 in early trading indications.