Cephalon Earnings Rise in First Quarter
Wed, 05/06/2009 - 4:40am
FRAZER, Pa. (AP) — Biotechnology drugmaker Cephalon Inc. reported Tuesday its first quarter profit surged over 80 percent on lower costs and higher sales of drugs to treat sleep disorders and leukemia. The company posted net income of $43.8 million, or 75 cents per share, compared with $30.44 million, or 41 cents per share in the same period last year. Sales increased to $514 million in the period thanks to 19 percent growth in the company's lead product Provigil, which is used to treat narcolepsy, and cancer treatments. Excluding one time events the company would have earned $1.47. Analysts polled by Thomson Reuters expected earnings per share of $1.27. Sales of the company's powerful pain relievers fell 3 percent due to new competition from lower-priced generics. Looking ahead to the second quarter, Cephalon said it now expects earnings per share between $1.40 and $1.50 per share on revenue between $515 million and $535 million. Analysts are looking for earnings per share of $1.41 Shares of Cephalon fell $1.89, or 2.9 percent, to $63.99 in afterhours trading.