Drug developer Santarus Inc. reported a fourth-quarter profit Wednesday due to a boost in milestone payment for approval of an over-the-counter version of the acid reflux drug Zegerid.
The company earned $24.5 million, or 40 cents per share, compared with a loss of $10.2 million, or 19 cents per share, during the same period a year prior. Revenue surged to $62.4 million from $37.5 million.
Analysts polled by Thomson Financial expected profit of 21 cents per share.
During the quarter, the company received a $20 million milestone payment for the Food and Drug Administration approval of Zegerid OTC. Meanwhile, costs and expenses fell 23 percent to $36.5 million
For the full year, the company earned $32.1 million, or 54 cents per share, compared with a loss of $18.5 million, or 36 cents per share, in 2008. Revenue rose to $172.5 million from $130.2 million.
Looking ahead, the company expects revenue between $170 million and $175 million in 2010.