MOUNTAIN VIEW, Calif. (AP) — MAP Pharmaceuticals Inc. said Tuesday that it made a profit in the third quarter after receiving two payments from its partner, Allergan Inc.
MAP said it earned $11.2 million, or 35 cents per share, and it reported $23.9 million in revenue. A year ago the company took a loss of $14.2 million, or 53 cents per share and reported no revenue.
Analysts expected MAP to report a profit of 35 cents per share and revenue of $23.2 million, according to FactSet.
MAP and Allergan are collaborating on the drug Levadex, an inhaled migraine treatment Levadex. MAP said in August that the Food and Drug Administration accepted its marketing application for Levadex, which triggered a $20 million payment from Allergan. The company also recognized $3.9 million in revenue from a previous payment from Allergan during the quarter.
Allergan agreed to pay MAP $60 million upfront and as much as $97 million in milestone payments. The companies will also share profits on sales if the drug is approved. The FDA is scheduled to make a decision on Levadex by March 26.
Shares of MAP Pharmaceuticals rose 18 cents to $14.09 in morning trading.