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Filed by Alexion Pharmaceuticals, Inc.
Pursuant to Rule 425 under the Securities Act of 1933
and deemed filed pursuant to Rule 14a-12
under the Securities Exchange Act of 1934
Subject Company: Alexion Pharmaceuticals, Inc.
(Commission File No. 000-27756)
Date: April 30, 2021
April 30, 2021 Monika living with gMG First Quarter 2021 Earnings
Forward Looking statements Disclosures This communication contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. You can generally identify forward-looking statements by the use of forward-looking terminology such as “anticipate,”
“believe,” “continue,” “could,” “estimate,” “expect,” “explore,” “evaluate,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” or “will,” or the negative thereof or other variations thereon or comparable
terminology. These forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond Alexion’s and AstraZeneca’s control. Statements in this communication regarding Alexion,
AstraZeneca and the combined company that are forward-looking, including anticipated benefits of the proposed transaction, the impact of the proposed transaction on Alexion’s and AstraZeneca’s businesses and future financial and operating
results, the amount and timing of synergies from the proposed transaction, the terms and scope of the expected financing for the proposed transaction, the aggregate amount of indebtedness of the combined company following the closing of the
proposed transaction, are based on management’s estimates, assumptions and projections, and are subject to significant uncertainties and other factors, many of which are beyond Alexion’s and AstraZeneca’s control. In addition, this
communication includes forward-looking statements regarding Alexion, including statements regarding: future revenue (including global revenues in 2025 and beyond); expanding patient population (including future US neurology patients
increasing by 4x); 10 product launches by 2023; future clinical trial developments (including the timing of commencement and completion of trials); anticipated timing of filing for regulatory approval and receiving regulatory approval and
launching products; potential benefits of products and products in development; anticipated benefits of the enhanced commercial model, timing of future product releases; patient conversion ambitions; goals with respect to expanding
addressable neurology patient population; the value creation strategy; the building blocks to achieving Alexion’s 2025 revenue ambition; new patient support model has potential to reduce barriers and length of time to start therapy;
anticipated increased demand for Alexion products for the rest of the year (as COVID-19 vaccination rates rise and access restrictions ease); and potential peak sales for Alexion products. Alexion-related forward-looking statements are also
subject to significant uncertainties and other factors, many of which are beyond Alexion’s and AstraZeneca’s control. These factors include, among other things, market factors, competitive product development and approvals, pricing controls
and pressures (including changes in rules and practices of managed care groups and institutional and governmental purchasers), clinical trial results, delays in clinical trials, decisions of government regulators to approve and reimburse for
our products; economic conditions such as interest rate and currency exchange rate fluctuations, judicial decisions, claims and concerns that may arise regarding the safety and efficacy of in-line products and product candidates, changes to
wholesaler inventory levels, ability to implement commercial and patient models; variability in data provided by third parties, changes in, and interpretation of, governmental regulations and legislation affecting domestic or foreign
operations, including tax obligations, changes to business or tax planning strategies, difficulties and delays in product development, manufacturing or sales including any potential future recalls, patent positions and the ultimate outcome of
any litigation matter. Additional information concerning these risks, uncertainties and assumptions can be found in Alexion’s and AstraZeneca’s respective filings with the SEC, including the risk factors discussed in Alexion’s most recent
Annual Report on Form 10-K, as updated by its Quarterly Reports on Form 10-Q, in AstraZeneca’s most recent Annual Report on Form 20-F and in each company’s future filings with the SEC. Important risk factors could cause actual future results
and other future events to differ materially from those currently estimated by management, including, but not limited to, the risks that: a condition to the closing the proposed acquisition may not be satisfied; a regulatory approval that may
be required for the proposed acquisition is delayed, is not obtained or is obtained subject to conditions that are not anticipated; AstraZeneca is unable to achieve the synergies and value creation contemplated by the proposed acquisition;
AstraZeneca is unable to promptly and effectively integrate Alexion’s businesses; management’s time and attention is diverted on transaction related issues; disruption from the transaction makes it more difficult to maintain business,
contractual and operational relationships; the credit ratings of the combined company declines following the proposed acquisition; legal proceedings are instituted against Alexion, AstraZeneca or the combined company; Alexion, AstraZeneca or
the combined company is unable to retain key personnel; and the announcement or the consummation of the proposed acquisition has a negative effect on the market price of the capital stock of Alexion or AstraZeneca or on Alexion’s or
AstraZeneca’s operating results. No assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do occur, what impact they will have on the results of operations,
financial condition or cash flows of Alexion or AstraZeneca. Should any risks and uncertainties develop into actual events, these developments could have a material adverse effect on the proposed transaction and/or Alexion or AstraZeneca,
AstraZeneca’s ability to successfully complete the proposed transaction and/or realize the expected benefits from the proposed transaction. You are cautioned not to rely on Alexion’s and AstraZeneca’s forward-looking statements. These
forward-looking statements are and will be based upon management’s then-current views and assumptions regarding future events and operating performance, and are applicable only as of the dates of such statements. Neither Alexion nor
AstraZeneca assumes any duty to update or revise forward-looking statements, whether as a result of new information, future events or otherwise, as of any future date.Amounts may not foot due to rounding.
Important Additional Information Disclosures In connection with AstraZeneca’s proposed acquisition of Alexion (the “proposed
transaction”), AstraZeneca filed with the U.S. Securities and Exchange Commission (“SEC”) a registration statement on Form F-4 which includes a proxy statement of Alexion and a prospectus of AstraZeneca. The registration statement was
declared effective by the SEC on April 12, 2021, and mailing of the definitive joint proxy statement/prospectus to the shareholders of Alexion occurred on or about April 12, 2021. Each of Alexion and AstraZeneca may also file other relevant
documents with the SEC regarding the proposed transaction. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE DEFINITIVE JOINT PROXY STATEMENT/ PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT MAY BE FILED WITH THE SEC, AS WELL AS ANY
AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders will be
able to obtain free copies of the registration statement and the definitive proxy statement/prospectus and other documents containing important information about Alexion, AstraZeneca and the proposed transaction through the website maintained
by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by Alexion will be available free of charge on Alexion’s website at http://www.alexion.com or by contacting Alexion’s Investor Relations Department by email at
InvestorRelations@alexion.com. Copies of the documents filed with the SEC by AstraZeneca will be available free of charge on AstraZeneca’s website at https://www.astrazeneca.com/investor-relations.html or by contacting AstraZeneca’s Investor
Relations department by email at global-mediateam@astrazeneca.com. Participants in the Solicitation Alexion, AstraZeneca, their respective directors and certain of their executive officers and other employees may be deemed to be participants
in the solicitation of proxies from Alexion’s shareholders in connection with the proposed transaction. Information about Alexion’s directors and executive officers is available in Alexion’s proxy statement for its 2020 annual meeting of
shareholders, which was filed with the SEC on March 26, 2020, Alexion’s Annual Report on Form 10-K/A for the fiscal year ended December 31, 2020, which was filed with the SEC on February 16, 2021, and other documents subsequently filed by
Alexion with the SEC. Information about AstraZeneca’s directors and executive officers is available in AstraZeneca’s Form 20-F filed with the SEC on February 16, 2021, and other documents subsequently filed by AstraZeneca with the SEC. Other
information regarding the participants in the proxy solicitationsand a description of their direct and indirect interests, by security holdings or otherwise, are contained in the definitive joint proxy statement/prospectus filed with the SEC
on April 12, 2021 and other relevant materials to be filed with the SEC regarding the proposed transaction when they become available. Free copies of these documents may be obtained as described in the paragraphs above. No Offer or
Solicitation This communication is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any saleof
securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made, except by means of
a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.
Our next chapter Introduction & Advances shared mission of following the science and using innovative approaches
to develop life-changing medicines for patientsStrengthens AstraZeneca’s presence in immunology by adding Alexion’s strong pipeline and unique complement technology platformsCombined company to have broad global coverage from primary to
specialty careAstraZeneca plans to create rare disease business unitCombined organization will be well positioned to accelerate innovation and deliver enhanced value for our shareholders, patients and rare disease communities we
serve Competition clearances achieved in U.S., Canada, Brazil, Russia & other countries globally(1)Shareholder Votes To Be Held May 11th, 2021 NEW APRIL 16th (1) Competition clearances achieved in the following countries (dates of
achievement): Brazil (March), Canada (March), Colombia (March), Russia (April), Turkey (April), U.S. (April). AstraZeneca has posted competition clearances as they are received on their website at
https://www.astrazeneca.com/investor-relations/astrazeneca-to-acquire-alexion.html PROPOSED ASTRAZENECA ACQUISITION OF ALEXION EXPECTED TO CLOSE IN 3Q 2021
Committed to our Mission Introduction Sumaira living with NMOSD Albie living with LAL-D Jesse living with gMG Our
Mission: Transform the lives of people affected by rare diseases and devastating conditions by continuously innovating and creating meaningful value in all we do Bunny living with PNH Aira living with HPP Justice living with aHUS
Progress continues against Strategic ambitions Introduction Expand Neurology U.S. Patient Volume 4x (by 2025 to ~7,500
U.S. Patients) (2) 10 Launches By 2023 Best-In-Class ULTOMIRIS Conversion $9-10B in Global Revenues in 2025(Standalone Alexion) (1) (1)At constant currency, as previously laid out at October 2020 Investor Day; (2)Ambition Baseline
- 12/31/19 1,885 patients (4x growth ambition includes only gMG and NMOSD indications for SOLIRIS & ULTOMIRIS);
Financial Update
First quarter 2021 key performance metrics FINANCIAL Update Total Revenues GAAP(1) Operating Margin GAAP(1)
EPS attributable to Alexion $1.636B 39% $2.86 +13% +14% vs 1Q20 C5 (SOLIRIS + ULTOMIRIS) sales grew 10% YoY driven by growth in Neurology & continued strength in the PNH and atypical HUS businessesMetabolic sales grew 17% YoY
driven by increase in volumeANDEXXA sales contributed $29M in 1Q21(2) Non-GAAP EPS growth primarily driven by topline strength partially offset by increases in R&D spend Non-GAAP(1) EPS attributable to Alexion $3.52 +9% vs
1Q20 Non-GAAP(1) Operating Margin 59% -282 bps vs 1Q20 vs 1Q20 vs 1Q20 Non-GAAP operating margin decrease driven by Portola-related expenses & increased R&D spend GAAP operating margin decrease primarily driven by acquired
IPR&D expense resulting from the consolidation of Caelum in 1Q21(3) (1)A reconciliation of GAAP to non-GAAP financial results is provided in the appendix and is available at www.alexion.com. Net Income used to determine Non-GAAP EPS
attributable to Alexion excludes Caelum non-controlling interest. See Note 10 in Alexion 10Q filed April 30, 2021(2)ANDEXXA refers to both ANDEXXA and ONDEXXYA revenues in the U.S. and EU (3)For more details on the Caelum consolidation, see
Note 10 in Alexion 10Q filed April 30, 2021. -926 bps GAAP EPS growth primarily driven by topline strength
net product sales By Geography(1) (1) Net Product Revenues only, excluding other revenues $1,445 FINANCIAL
Update $1,445 $1,588 +13% YoY $1,592 $1,636
Soliris® and ULTOMiris® net product sales SOLIRIS Net Product Sales SOLIRIS: YoY revenue growth driven by Neurology, offset
by continued conversion of PNH & aHUS business to ULTOMIRISULTOMIRIS: Continued strength driven primarily by conversion from SOLIRIS in PNH and aHUS in top three markets (U.S., DE, JP) as well as new patient starts FINANCIAL
Update ULTOMIRIS Net Product Sales $223 Total C5 Franchise Net Product Sales $1,246 $1,028 ULTOMIRIS Sales >25% of Total C5 Sales as of 1Q21
Metabolic & ANDEXXA net product sales Metabolic Net Product Sales FINANCIAL Update ANDEXXA Net Product
Sales Metabolics:+17% YoY revenue growth YoY & QoQ growth driven primarily by volume and benefit from order timing ANDEXXA:Decrease in QoQ revenue due to reduced volume (1) Q1 net product revenues as previously reported by
Portola(2) Net product revenues recognized by Portola in 2Q 2020 have not been adjusted for consistency with Alexion accounting policies and are not included in Alexion’s 2Q 2020 quarterly results. Alexion has relied upon the amounts as
publicly reported by Portola for all periods prior to the acquisition and, with respect to the second quarter of 2020 upon information that was made available to Alexion in the accounting records of Portola. (1) (2) Legacy Portola
1q 2021 financial performance – Yoy comparison $ Millions, Except EPS GAAP (1) Non-GAAP (1) GAAP (1) Non-GAAP (1) ∆
Non-GAAP (1) Total Revenue $1,636 $1,636 $1,445 $1,445 +13% SOLIRIS® Revenue $1,028 $1,028 $1,023 $1,023 +/-0% ULTOMIRIS® Revenue $347 $347 $223 $223 +56% STRENSIQ® Revenue $198 $198 $172 $172 +15% KANUMA®
Revenue $35 $35 $27 $27 +30% ANDEXXA® Revenue $29 $29 - - - COGS% of Total Revenue $1258% $1147% $1128% $1098% -56bps R&D% of Total Revenue $28918% $26716% $20114% $18613% +346 bps SG&A% of Total
Revenue $34321% $29218% $32022% $25918% -8 bps Operating Income $636 $963 $696 $891 +8% Operating Margin 39% 59% 48% 62% -282 bps Effective Tax Rate 19% 16% 16% 16% -74 bps Earnings Per Share attributable to
Alexion $2.86 $3.52 $2.50 $3.22 +9% 1Q ‘21 1Q ‘20 Financial Update (1)A reconciliation of GAAP to non-GAAP financial results is provided in the appendix and is available at www.alexion.com. (2)Free Cash Flow (FCF) defined as cash
flow from operations less purchases of property, plant and equipment $ Millions Q1 2021 Q1 2020 ∆ Free Cash Flows (2) $617 $537 +15%
R&D Update
Value-Creating Pipeline Continues to Expand R&D Update Ph3 to Initiated 1Q ‘21 ULTOMIRIS(2nd Generation
C5) ALXN1720(3rd Generation C5) SOLIRIS LEAD and EXPAND IV (ALS) SC Weekly IV (gMG) IV (NMOSD) IV (HSCT-TMA) SC (DM)(2) IV (CM-TMA) IV (Renal Basket) IV (GBS) Japan Only SC (gMG)
(2) ALXN1840 ALXN1830(Anti-FcRn) CAEL-101 AG10 ALXN2040(Factor D) ALXN2050(Factor D) ANDEXXA CERDULATINIB DIVERSIFY IV (AL Amyloidosis)(4) Oral (Wilson) SC FcRn (WAIHA)(3) SC FcRn (gMG)(3) Oral (PNH with EVH) Oral (PNH
Monotherapy) Oral (ATTR-CM) Japan Only(5) Oral (Renal Basket) ANDEXXA-S (Urgent Surgery) Lymphoma (CTCL, PTCL, FL) Oral (Geographic Atrophy) Estimated TLR 1H ’22(1) Estimated Filing 3Q ‘21 Estimated TLR 2H ’21(1) Estimated TLR 2H
’22(1) Estimated TLR 2H ’22(1) Estimated TLR 3Q ’21(1) Ph3 Initiated 4Q ‘20 HV TLR 2H ‘21(1) Ph3 Initiated 4Q ‘20 Estimated TLR 1H ’22(1) Estimated TLR 2H ‘22 Ph2 to Initiate 2H ‘21 Ph3 to Initiate 1H ‘21 Ph2 Initiated 4Q ‘20 Ph2
to Initiate 1H ‘21 Estimated TLR 1H ‘21(1) Ph2 to Initiate 2H ‘21 HV TLR 2H ‘21(1) PHASE 1 PHASE 2 PHASE 3 (1)TLR: Topline readout; (2)1720 currently in HV Ph1 with topline readout estimated 2H ‘21 and subsequent DM and gMG trials to
begin after that; (3)1830 Ph1 HV program to reinitiate for SC formulation with WAIHA and gMG Ph2 programs to follow in 2021; (4)Structured as option to acquire Caelum; (5)Exclusive license to develop & commercialize in Japan. Note:
Further detail on clinical stage pipeline included in appendix. ALXN1820 (Anti-Properdin) SC HV Study Initiated 1Q ‘21 ALXN1850 SC (HPP) To Initiate 2Q ‘21 Ph2 to Initiate 2H ‘21 Ph2 to Initiate 2H
‘21 Hematology Metabolics Nephrology Ophthalmology Cardiology Neurology Acute Care Other/TBD IV (DM) Ph2/3 to Initiate 2H ‘21 Oral (gMG) Ph2 to Initiate 2H ‘21 NEW NEW
On Track to 10 Launches by 2023 R&D Update (1) Commercial estimate (2) Prevalence of ALS-United States, 2015 MMWR
Morb Mortal Wkly Rep. 2018 Nov 23; 67(46): 1285-1289 (3) Jodele S, Davies SM, Lane A, et al. Diagnostic and risk criteria for HSCT-associated thrombotic microangiopathy: a study in children and young adults. Blood. 2014;124(4):645–653. (4)
Aligned with our Phase 3 PREVENT criteria (5) Alexion estimated market opportunity incremental to existing aHUS market (6) Saito T, Arimura K, No M. Result report of the National Epidemiology Survey secondary questionnaire survey on
Guillain-Barré syndrome, Ministry of Health, Labour and Welfare specific disease, Immunologic neurological disease investigation sub-group Year 2000 Research Report, 2000;83-84. (7) Quock, T. P., et al. Epidemiology of AL amyloidosis: a
real-world study using U.S. claims data. Blood Adv. 2018; 2(10):1046-1053 (8) Eidos Therapeutics (9) Poujois, A., et al. Characteristics and prevalence of Wilson’s disease: A 2013 observational population-based study in France. Clin Res
Hepatol Gastroenterol. 2018 Feb;42(1):57-6 (10) Risitano AM, et al. Blood.2009;113(17):4094-4100 LEAD AND EXPAND IN COMPLEMENT DIVERSIFY INTO NEW GROWTH AREAS GBSJapan Only gMG ALS NMOSD HSCT-TMA CM-TMA AL Amyloidosis Wilson
Disease ATTR-CMJapan Only PNH with EVH ALXN1840 ALXN2040 PNH / aHUS WEEKLY SC Best in Class C5 InhibitorULTOMIRIS Ph3 TrialEnrollment Complete Best in ClassC5 InhibitorULTOMIRIS First in Class C5
InhibitorULTOMIRIS U.S. Diagnosed Population(2) U.S. Target Population(4) U.S. Diagnosed Population(3) Ph3 TrialEnrollmentUnderway First and OnlyC5 InhibitorULTOMIRIS Ph3 TrialTo Initiate 1H ‘21 ~2K Addt U.S. Opportunity(5) <2K JP
Diagnosed Population(6) First and Only C5 InhibitorSOLIRIS Best in Class C5 InhibitorULTOMIRIS Ph3 TrialInitiated1Q ‘21 ~10K U.S. Diagnosed Population(7) <6K JP Diagnosed Population(8) ~5K U.S. Diagnosed Population(9) First and
OnlyTargeted Therapy Ph3 TrialInitiated3Q ‘20 First and OnlySmall Molecule Ph3 TrialTarget Enrollment Achieved Potential Superiority vs Standard of Care Ph3 TrialOn-Going; Data 3Q ‘21 Address PatientsSuffering from EVH Ph3
TrialEnrollmentUnderway Ph3 TrialTo File in U.S.3Q ‘21 First in Class SC InfusionC5 Inhibitor <6K EachU.S. Ultra-Rare Population U.S. Target Population(1) <10% of U.S. PNH Population(10) ~20K ~15K ~5K ~4.5K Ph3
TrialEnrollment Complete NEW Ph3 TrialEnrollment Complete NEW NEW NEW
Continuing legacy of rare disease innovation with Key pipeline developments R&D Update Redefining Treatment Goals
in Wilson Disease With ALXN1840 Expanding Innovative Factor D Platform Into Neurology With ALXN2050 In gMG Designed to demonstrate whole-body decoppering properties & neurological symptom impactRepresents an innovative paradigm shift in
treatment of Wilson disease from circulating copper management to full-body tissue decopperingPotential for a once-daily, easily compliant therapy that addresses a broad range of Wilson symptoms, from liver damage to neurological
impairmentsExecuting global protocol amendment to revise primary and key secondary endpoints:Aligned With Regulatory FeedbackRevised endpoints developed through proactive engagement with global regulatorsMinimizes Impact To ProgramDoes not
impact conduct of on-going study & data generated, but does shift TLR to 3Q 2021Study remains powered for superiority Strengthens Value Of ALXN1840 & Potential To Transform Standard Of Care In Wilson Disease Complement inhibition
proven as an effective mechanism for treatment of gMG in SOLIRIS REGAIN Phase 3 programFactor D approach yields potential therapeutic benefit via Alternative Pathway (AP) inhibition, and/or via direct effect on the neuromuscular junction
ALXN2050 demonstrated ability to achieve >90% inhibition of alternative pathway; in vitro data suggest AP inhibition can result in sufficient terminal complement suppression for gMG disease controlALXN2050 has excellent tissue penetration
in the Peripheral Nervous System gMG market research suggests strong patient and physician interest in an orally administered product to potentially replace current IST & steroid use, early in the treatment paradigmPhase 2 program to
initiate 2H 2021 Potentially Market-Disrupting Factor D Approach With Oral Administration
Commercial Update
Sustainable PNH & aHUS Franchises with best-in-class Ultomiris conversion Commercial Update Oct 2019U.S. aHUS
ULTOMIRISApproval Jun 2020EU aHUS ULTOMIRISApproval Sep 2020JP aHUS ULTOMIRISApproval 3Q 2020 PNH >70% Conversion In Top Three Markets Achieved ~2/3s of Global Revenues On Track foraHUS > 70% Conversion In Top Three Markets
Within Two Years(1) Once Weekly SC Formulation U.S. FilingRapid, Patient Friendly Device with Potential to be First SC On-Body Device Option for Both PNH & aHUS 3Q 2021 (1)aHUS ambition of 70% of total patients on ULTOMIRIS within 2
years of each market’s launch; (2)TE = Thromboembolism, a blood clot which cause organ damage and death, Hb = hemoglobin, retics = reticulocytes, an immature red blood cell; (3) Jang, et al., 2016; and Lee, et al., 2013 Achieving Our
ULTOMIRIS Conversion Ambitions C5 Inhibition Is The Established Standard Of Care In PNH Uncontrolled terminal complement activity is driver of early mortality in PNH through Intravascular Hemolysis (IVH)IVH is the driver of morbidity &
mortality in PNH(3) LDH is the proven IVH biomarker of PNH disease controlLDH > 1.5x associated with significantly increased risk of thrombosis and mortality(2)Hemoglobin not predictive of TE risk/mortalityOnly ULTOMIRIS provides
immediate, complete and sustained terminal complement inhibition over 8 weeksOver a decade of patient safety experience with SOLIRIS & ULTOMIRISC5 Portfolio Evolution Offers Convenient AdministrationQ8W IV ULTOMIRIS administration; QW
subcutaneous option filing with FDA later this year May 2021UK PNH Reimbursement NEW
On Track to 2025 4x US Neuro Patient Ambition; further expanding our reach in neurology Commercial Update (1)Ambition
Baseline - 12/31/19 1,885 patients (4x growth ambition includes only gMG and NMOSD indications for SOLIRIS & ULTOMIRIS); (2)gMG and NMOSD patients on SOLIRIS as of 3/31/21 U.S. Neurology Patients (gMG & NMOSD) Estimated ULTOMIRIS
launch in gMG 2H 2022 Emerging Portfolio Expands Addressable AChR+ gMG Market (1) 4x Ambition~7,500 1Q212,640 (2) 1Q net patient adds impacted by promotional access limitations related to COVID-19;Introduced new patient support
model to improve patient experience, reduce barriers, & shorten start timesNew patient queue accelerating in March & April as re-opening progresses; remain committed to 4x Growth Ambition ALXN1720 ALXN2050 Q2W
IV Q8W IV ~5-8K ~20K SC Oral 60-80K Total U.S. gMG Patients(85% of which are AChR+) Ambition Baseline
Commercial Excellence extends Beyond Complement Commercial Update +28% ‘17-20 CAGR Metabolic Portfolio Continues
Consistent Growth Trajectory Metabolic Franchise (STRENSIQ & KANUMA) Revenues Execution across franchise continues, with demand continuing to fuel strong growth, particularly in STRENSIQLaunch preparation & capability building
underway in anticipation of expected 2022 ALXN1840 Wilson Disease launch Executing Against ANDEXXA Re-Powered Launch Strategy Optimizing new and existing top tier accountsDriving ACCESS through formularies and bleeding protocolsRaising
AWARENESS with clinical and economic championsGenerating DEMAND in network and referral centers CMS proposed extending NTAP for a 4th year (beginning Oct ‘21)(1)Geographic Expansion Efforts ContinueGermany reimbursement (Feb); UK for GI
bleeds (May)Japan filed with launch expected late 2021Meaningful Progress In Label ExpansionIn the US, sBLA filed to add reversal of enoxaparin and edoxaban to label with approval expected in 2H21Phase 2 Urgent Surgery program on track to
initiate in 2Q21 1Q$232 $M (1) Please see our 1Q21 Earnings Q&A document on ir.Alexion.com for more details.
Looking Ahead
On Track to achieve 2021 objectives Looking Ahead PROPOSED ASTRAZENECA ACQUISITION OF ALEXION EXPECTED TO CLOSE IN 3Q 2021
LEAD IN COMPLEMENT EXPAND IN COMPLEMENT DIVERSIFY Into New Growth Areas >70% aHUS ULTOMIRIS converted in U.S. (2H)ULTOMIRIS once-weekly SC filing (3Q)ALXN1720 Ph1 top line data (2H) gMG Ph3 ULTOMIRIS top line data (2H)gMG
ULTOMIRIS filing (2H)NMOSD & ALS Ph3 ULTOMIRIS full enrollment (2H)Continued progress towards 4X Neuro Ambition(1)ULTOMIRIS Hematology & Nephrology(2) enrollment progress (FY) Ph3 ALXN1840 top line data (3Q)ALXN1840 filing in Wilson
Disease (2H)Ph2 ALXN2040 Geographic Atrophy initiation (2H)ANDEXXA growth (FY) (1)Ambition for 4x U.S. treated Neuro patients by year-end 2025 set with 12/31/19 baseline of 1,885 patients and 2,588 net patients on SOLIRIS as of year-end
2020; (2)Refers to ULTOMIRIS HSCT-TMA and CM-TMA Ph3 and Renal Basket Ph2 Trials Establish ULTOMIRIS as standard of careContinue to innovate for patientsDevelop and launch next generation C5 Expand presence in Neurology Focus new
ULTOMIRIS expansion on direct to Ph3 and rapid proof of concept studies Expand rare disease focus with novel assetsGrow acute care presence with ANDEXXA
Rachel living with gMG Appendix
LatE-Stage Pipeline APPENDIX Identifier MoA RoA Indication Phase Study Start Study
End SOLIRIS(eculizumab) Anti-C5 antibody Q2W IV Guillain Barre Syndrome Ph3 Initiated 1Q ‘21 Not yet disclosed ULTOMIRIS (ravulizumab) Anti-C5 antibody Q1W SC Paroxsymal Nocturnal Hemoglobinuria (PNH)Atypical Hemolytic Uremic
Syndrome (aHUS) Ph3 Initiated 1Q ‘19 TLR 2Q ‘20Filing 3Q ’21 Q8W IV Generalized Myasthenia Gravis (gMG) Ph3 Initiated 1Q ‘19 TLR 2H ‘21 Neuromyelitis Optica Spectrum Disorder (NMOSD) Ph3 Initiated 4Q ‘19 TLR 1H
‘22 Amyotrophic Lateral Sclerosis (ALS) Ph3 Initiated 1Q ‘20 TLR 1H ‘22 Hematopoetic Stem Cell Transplant Thrombotic Microangiopathy (HSCT-TMA) Ph3 Initiated 4Q ’20 Not yet disclosed Complement Mediated Thrombotic
Microangiopathy (CM-TMA) Ph3 Initiating 1H ’21 Not yet disclosed Adults with COVID-19 who are hospitalized with severe pneumonia or ARDS Ph3 Initiated 2Q ‘20 TLR 1Q ‘21 Renal Basket Study Ph2 Initiated 4Q ’20 Not yet
disclosed Dermatomyositis (DM) Ph2/3 Initiating 2H ‘21 Not yet disclosed ALXN1720 Anti-C5 Bi-Specific minibody SC Generalized Myasthenia Gravis (gMG)1 Ph1 HV Reinitiated 3Q ’20 TLR 2H ‘21 Dermatomyositis
(DM)1 ALXN1840 (fka WTX-101) Copper chelator Oral Wilson Disease (WD) Ph3 Initiated 1Q ’18 TLR 2H ‘21 ALXN1830(fka SYNT001) Anti-FcRn antibody SC Warm Autoimmune Hemolytic Anemia (WAIHA)2 Ph1 HV Reinitiated 1Q ‘21 TLR 1H
‘21 Generalized Myasthenia Gravis (gMG)2 CAEL-101 AL/AL fibril reactive antibody IV Amyloid Light-Chain (AL) Amyloidosis Ph3 Initiated 3Q ’20 TLR 2H ‘22
Late-Stage Pipeline (Continued) APPENDIX Identifier MoA RoA Indication Phase Study Start Study
End ALXN2040(danicopan / fka ACH-4471) Factor D inhibitor (small molecule) TID Oral PNH with Extravascular Hemolysis (PNH w/ EVH) Ph3 Initiated 4Q ’20 TLR 2H ‘22 TBD Geographic Atrophy (GA) Ph2 Initiating 2H ’21 Not yet
disclosed ALXN2050(fka ACH-5228) Factor D inhibitor (small molecule) BID Oral Paroxsymal Nocturnal Hemoglobinuria (PNH) Ph2 Initiated 4Q ’19 TLR 2H ‘21 Renal Basket Study Ph2 Initiating 1H ’21 Not yet
disclosed Generalized Myasthenia Gravis (gMG) Ph2 Initiating 2H ’21 Not yet disclosed ANDEXXA(andexanet alfa) Reversal of Factor Xa Inhibition (recombinant inactivated Factor Xa) IV Urgent Surgery Ph2 Initiating 1H ‘21 Not
yet disclosed cerdulatinib SYK/JAK kinase inhibitor Oral Lymphoma (CTCL, PTCL, FL) Ph2 PTLA Acquisition TLR 1H ‘21
our value creation strategy APPENDIX LEAD AND EXPAND IN COMPLEMENT DIVERSIFY INTO NEW GROWTH AREAS Secure and grow
our base business Drive new growth opportunities outside C5 LEADEstablish ULTOMIRIS as the new standard of carePNHaHUSNeurology in 2022/2023Develop and launch next-generation innovative C5 formulations EXPANDExpand presence in Neurology
Focus new ULTOMIRIS expansion opportunities on direct-to-Phase 3, rapid Proof of Concept DIVERSIFYExecute novel asset development to expand rare disease focusGrow acute care presence with ANDEXXA
Standalone ALXN Targeting $9-10B in Global Revenues in 2025 APPENDIX (1)Ambition Baseline - 12/31/19 1,885 patients;
(2)2025 $9-10B target is at constant currencies (9/30/20 levels); (3)llustrative, non risk-adjusted revenues, peak sales year varies by program Key Building Blocks To Achieving 2025 Revenue Ambition Sustainable PNH and Growing aHUS &
Metabolic Businesses Initial Revenue Contribution From 10 Launches By 2023 Expand Neurology U.S. Patient Volume 4x (to ~7,500 U.S. Patients) (1) Grow ANDEXXA Utilization $6BGlobal Revenues $9-10BGlobal Revenues(2) > 10%
CAGR PNH (~30%) PNH (~15%) 2025 2020 2023 >$10B+in pipeline peak sales potential(3) Beyond 2025 1 2 3 4
Development-Stage Pipeline with >$10B+ in Potential Peak Sales APPENDIX ULTOMIRISNew IndicationsALS (2023)HSCT-TMA
(2023)CM-TMA (2023) $500M to $1B $1.0B+Combined $500M to $2.0B+ ALXN1840Wilson Disease (2022) CAEL-101(1)AL Amyloidosis (2023)AG10ATTR-CM (2023) Japan Only ALXN1830WAIHA (2023+)gMG (2023+) Factor D(2)PNH (2023+)GA (2023+)Renal
(2023+) LEAD and EXPAND in complement DIVERSIFY into new growth areas (sourced through BD) $1.0B+ ANDEXXAFactor Xa (2020)Urgent Surgery (2023+) SOLIRISGBS (2023) Japan Only ALXN1720DM (2023+)gMG
(2023+) $1.0B+ <$100M $2 to $3B $1 to $4B Illustrative only; timing shown represents launch year; based on non-adjusted peak revenue estimates for incremental market opportunity; (1)Structured as an option to acquire Caelum;
(2)Factor D represents both ALXN2040 and ALXN2050 7 BlockbusterFranchises
ULTOMIRIS Conversion Dynamic: Two Key Considerations APPENDIX Conversion Loading Dose Dynamic Quarter-on-quarter
(QoQ) Variability ULTOMIRIS vs. SOLIRIS U.S. Annual Cost Per Patient Maintenance Dosing Year 1: Loading dose + Maintenance Dosing SOLIRIS indication-specific dosing: aHUS, gMG, NMOSD labeled dose higher than PNHDrives
indication-specific pricing differences when comparing SOLIRIS vs. ULTOMIRIS pricingULTOMIRIS weight-based dosing ULTOMIRIS every 8 week infusion schedule drives variability in quarterly patient treatment costs Expect quarterly variability
to be negligible on year-over-year (YoY) revenue comparisons Note: pricing discounts are approximations, not exact Infusion Timing Drives QoQ Variability Patient Sample 1: Loading dose + 2 Maintenance Infusions Patient Sample 2:
Loading dose + 1 Maintenance Infusion Loading dose Maintenance Infusion
Diversity, Inclusion, and Belonging (DI&B) APPENDIX Diversity is a fact. Inclusion is an act. Belonging is a pact.
Ignite an inclusive environment where people belong because of their uniqueness and unleash their individuality and diversity to spur innovative breakthroughs for patients. One of only 3 S&P 500 Companies with majority women at the
executive level Our DI&B Differentiators Chief Diversity Officer, core-member of the management team, reports into the CEO DI&B Advisory Board co-chaired by 2 management team members 900+ global employees directly involved in
DI&B governance, network and ARGs “DI&B Innovation Pods” drive key topics e.g., supplier diversity, clinical trials diversityGlobal DI&B Flex Day paid time off to celebrate and meet diverse needs of diverse employees 53% of
Alexion’s total workforce are female; 64% of Alexion’s management team are female(1)Modern Family Benefits, enhanced to respond to our employees’ needsThree-tier Listening and Learning Programs offer interactive and experiential diversity
learning and engagementDI&B Webpage on Alexion.com to showcase DI&B efforts and commitment externally MassBio CEO Pledge signed for a More Equitable and Inclusive Life Sciences Industry We’ve Doubled our Alexion Resource Groups
(ARGs) A unique structure to drive intersectionality and foster allyship and inclusion Black Professionals Network (BPN) Women in Leadership ( WIL) and WIL Allies Be You LGBTQ+ BUILD A DIVERSE AND INCLUSIVE ORGANIZATION OF THE FUTURE
ENSURE A COMPELLING DI&B CORPORATE BRAND REPUTATION ADVANCE OUR CULTURE OF DIVERSITY, INCLUSION & BELONGING OUR STRATEGY Alexion Asians and Allies Voces Unidas Veterans & Allies in Service Council (VASC) No Limits No
Labels, DiverseAbility Awareness Support Network
CSR and ESG at Alexion APPENDIX “At Alexion, we work to change lives for the better – ours, people living with rare
diseases and the communities we serve – and our commitment to being a responsible corporate citizen helps make it possible.”CEO LUDWIG HANTSON (Alexion’s Inaugural CSR Report Published in 2020) Recognition 1st Decile Rank(Pharmaceuticals
& Biotech) Double Digit Growth #1 ESG Risk Rating(Biotech) Ranked161 out of 400 (Top 40%) Alexion’s CSR/ESG material topics align most closely with the following UN Sustainable Development Goals:
Appendix Let me tell you About Alexion A Culture of Social Responsibility AboutThis Report Material CSR Topics UN Sustainable
Development Goals A Look Inside Alexion’s 2020 CSR Report 1 LetterFrom Ludwig Hantson 2 AboutAlexion 3 ServeCommunities and Sustain Our Planet 4 TransformPatient Lives 5 AdvanceOur People and Our Company 6 RedefineLiving with
a Rare Disease or Devastating Condition 7 Ethics & ComplianceOur Foundation 8 Reporting IndexGlobal Reporting Initiative & SASB About Alexion Sincerely Inspired. Every Day. CSR-STAR Aspirations and Metrics Download
Alexion’s newly released 2020 CSR Report at csr.alexion.com and explore our updated Environmental, Social, and Governance (ESG) disclosures. CSR and ESG at Alexion
appendix Alexion 2020 CSR Report: Content snapshots A conversation on thePatient and Employee Experience What it’s like Living with
a Rare Disease and Working at Alexion Accelerating Results for Patients Incorporating Patient Input The pleasure of Serving Communities What a time to launch the Alexion Charitable FoundationACF Grants: Rare Belonging® and Local
Needs Volunteering in a virtual world 2020 Global Week of Service Engaging with Communities around the globe How we work toward Sustaining Our PlanetSustainability data Taking Actions around the
world Helping to navigate The Patient Journey in Trying TimesCollaborating with Patient Organizations Making significant strides in Access to Medicines Expanding availability through Partnerships for Growth Communicating Safety and
Efficacy Advancing Our High-Quality Standards Working to Prevent Counterfeit Drugs Download Alexion’s newly released 2020 CSR Report at csr.alexion.com and explore our updated Environmental, Social, and Governance (ESG) disclosures.
appendix Alexion 2020 CSR Report: Content snapshots At the Forefront: Diversity, Inclusion & Belonging Strengthening Diversity
in Recruiting Expanding Diversity in Clinical TrialsAdapting Work During the Global PandemicFostering a Purpose-Driven CultureA Giant LEAP for Humankind Preparing the Next Generation of Leaders Our Rare Leader Development
Portfolio Building a World Class Team Championing Brain Health Alexion’s Brain Health MovementPrioritizing Occupational Health and SafetyThe Role of CSR inAdvancing Our Company Investing in Environmental, Social
Governance PioneeringBreakthroughs for the Rare Community Advancing Revolutionary Diagnostics Innovative Medicines Another World-Record Diagnosis Learning from and Responding to COVID-19 Exploring Options
for Treating Severe COVID-19 CasesDiversifying Our Portfolio in 2020 CollaboratingOn SolutionsEnabling External Research Creating and Maintaining Patient Registries A Rare Perspective Integrity Matters: Being True to Who
We AreMaintaining Our Culture of Integrity Integrity Matters Week Cultivating Compliance Thought LeadershipFacilitating Exceptional Corporate GovernanceGoverning Our Political Activities Holding Our Suppliers to High
Standards Collaborating on Supplier ESG Standards Supporting Supplier Diversity Ensuring IT & Cybersecurity Preparing Employees for Data Security Download Alexion’s newly released 2020 CSR Report at csr.alexion.com and explore our
updated Environmental, Social, and Governance (ESG) disclosures.
Alexion’s Current Indications APPENDIX Indication Description Links PNH Paroxysmal Nocturnal
Hemoglobinuria Chronic, debilitating, and potentially life-threatening ultra-rare blood disorder, with an average age of onset in the early 30s more info aHUS atypical Hemolytic Uremic Syndrome Ultra-rare, genetic, chronic, potentially
life-threatening disease. Chronic uncontrolled complement activation results in thrombotic microangiopathy (TMA) more info gMG Generalized Myasthenia Gravis Debilitating, chronic, and progressive autoimmune neuromuscular disease. more
info NMOSD Neuromyelitis Optica Spectrum Disorder Rare, devastating, complement-mediated disorder of the central nervous system characterized by relapses where each individual attack results in cumulative disability including blindness and
paralysis, and sometimes premature death (primarily affects women) more info HPP Hypophosphatemia Inherited, progressive, ultra-rare metabolic disease in which patients experience devastating effects on multiple systems of the body, and
face debilitating or life-threatening complications more info LAL-D Liposomal Acid Lipase Deficiency Genetic, chronic, and progressive ultra-rare metabolic disease in which infants, children, and adults experience continuous, uncontrolled
accumulation of cholesteryl esters (CEs) and triglycerides (TGs) that may lead to multi-organ damage and premature death more info ANDEXXA Coagulation factor Xa reversal (recombinant) Reversal agent for life-threatening bleeds induced by
factor Xa inhibitors more info
Alexion Pipeline Indications - I APPENDIX Indication Description Links WD Wilson Disease Rare, chronic, genetic,
and potentially life-threatening liver disorder of impaired copper transport. The disorder is characterized by build-up of intra-cellular hepatic copper. Untreated, Wilson disease leads to various combinations and severity of hepatic,
neurologic, and psychiatric symptoms, and can be fatal. ALA AL (Light-chain) Amyloidosis A protein misfolding disorder in which B-cells produce incomplete and light chain antibodies which clump in certain organs / tissues (including
heart, lungs, kidneys, nervous system, and liver, eventually causing organ damage and death. more info PNH-EVH Paroxysmal Nocturnal Hemoglobinuria with Extravascular Hemolysis Chronic, debilitating, and potentially life-threatening
ultra-rare blood disorder, with an average age of onset in the early 30s. EVH occurs when C3 opsonization of red blood cells causes macrophages to destroy those cells in tissue. DM Dermatomyositis Progressive autoimmune condition that
causes skin changes and muscle weakness. Symptoms can include a red skin rash around the eyelids, red bumps around the joints, and muscle weakness in the arms and legs. Dermatomyositis is most common in adults between ages 40 and 60, or in
children between ages 5 and 15. more info HSCT-TMA Hematopoetic Stem Cell Transplant Thrombotic Micro-Angiopathy Thrombotic microangiopathy (TMA) is a disorder that may occur following hematopoietic stem cell transplant (HSCT), often
presenting in the setting of multiple triggers, including endothelial insult, immune dysregulation, and uncontrolled complement activation. The TMA has a significant impact to multiple organs, typically resulting in severe organ dysfunction
and long-term morbidity. Mortality in patients with HSCT-TMA is approximately 60% with severe TMA approaching 90%.
Alexion Pipeline Indications - II APPENDIX Indication Description Links CM-TMA Complement-Mediated Thrombotic
Micro-Angiopathy Caused by abnormalities of regulation of the alternative pathway of complement activation. The indication describes a group of severe and chronic ultra-rare diseases that can cause progressive injury to vital organs— via
damage to the walls of blood vessels and blood clots—potentially leading to organ failure and premature death. CM-TMA affects both adults and children and represents the population of patients with aHUS with or without
triggers. COVID-19 Severe Acute Respiratory Distress Syndrome in COVID-19 patients Patients with severe illness include those who are hospitalized with severe pneumonia or acute respiratory distress syndrome. Evidence suggests that acute
lung injury associated with COVID-19 may be mediated in part by complement pathway whereby elevated C5 ultimately leads to severe pneumonia, blood clots and multi-organ dysfunction in many advanced COVID patients. WAIHA Warm Auto-Immune
Hemolytic Anemia Rare autoimmune disorder caused by pathogenic Immunoglobulin G (IgG) antibodies that react with and cause the premature destruction of red blood cells at normal body temperature. The disease is often characterized by
profound, and potentially life-threatening anemia and other acute complications. ATTR-CM Transthyretin Amyloidosis (ATTR) with Cardiomyopathy (ATTR-CM) A progressive, fatal disease caused by the accumulation of misfolded tetrameric
transthyretin (TTR) amyloid in the heart. Caused by the destabilization of TTR due to inherited mutations or aging, symptoms usually manifest later in life (age 50+), with median survival of three to five years from diagnosis.
Alexion Pipeline Indications - III APPENDIX Indication Description Links LN Lupus Nephritis An inflammatory renal
disease that is a severe complication of systemic lupus erythematosus (SLE), in which deposits of immune complexes (e.g., IgG and complement) accumulate in the kidney and lead to injury. Approximately 30% SLE patients develop LN, and up to
30% of patients are refractory to treatment and progress to end stage renal disease requiring dialysis/transplant within 15 years . There are no FDA approved therapies for LN. PMN Primary Membranous Nephropathy Rare autoimmune disease
characterized by autoantibodies to the podocyte membrane antigens PLA2R (~85%) and THSD7A (~5%) that causes nephrotic syndrome and chronic kidney disease. Approximately 30% of patients will progress to end stage renal disease within 10 years
of diagnosis. IgAN IgA Nephropathy (IgAN) A heterogenous disease in terms of clinical manifestations and progression and is the most common cause of primary glomerulonephritis. In IgAN, locally deposited immune complexes lead to
activation of the complement cascade & downstream endothelial organ damage. The Lectin and Alternative Pathways are believed to be the main driver of disease progression, which includes end stage renal disease and need for dialysis or
transplant. C3G Complement 3 Glomerulopathy Ultra-rare, heterogenous renal disease characterized by uncontrolled continued activation of fluid and/or solid phase alternative pathway causing C3 deposition and inflammation, leading to
kidney damage . ALS Amyotrophic lateral sclerosis A rare neurological disorder of progressive deterioration of nerve cells (motor neurons) in the brain and the spinal cord that control muscles throughout the body. Loss of motor neurons
and muscle strength leads to loss of independence, paralysis and death, typically due to respiratory insufficiency.
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