OSI Pharmaceuticals Trims 2010 Revenue Outlook
Tue, 12/22/2009 - 3:30am
MELVILLE, N.Y. (AP) — OSI Pharmaceuticals Inc. on Tuesday trimmed its 2010 revenue outlook citing a potential regulatory roadblock to the cancer drug Tarceva. However, the drug developer still expects growth of 10 percent or more in adjusted earnings per share. The company now expects 2010 revenue to grow by a percentage in the mid-teens. On Dec. 3, the company laid out an outlook for revenue growth in the high teens over the next several years, while reaffirming 2009 revenue guidance of about $425 million. Analysts polled by Thomson Reuters expect 2009 revenue of about $418.8 million and 2010 revenue of about $476.3 million. The outlook reduction comes a week after a Food and Drug Administration advisory panel recommended against expanding approval of the company's lung cancer drug Tarceva to patients who are already responding to chemotherapy. The drug is already approved as a treatment for patients whose cancer has spread despite chemotherapy treatment. The FDA is not required to follow the advice of its panels, though it usually does. A decision on Tarceva is expected by Jan. 18. Tarceva is also sold as a treatment for pancreatic cancer and in partnership with Roche's Genentech unit.