Cephalon 2nd qtr loss narrows on Provigil sales
NEW YORK, Aug 8 (Reuters) - Drug maker Cephalon Inc. (NasdaqNM:CEPH - news) said on Tuesday its second-quarter loss narrowed by more than 32 percent, beating Wall Street expectations, on increased sales of its narcolepsy drug Provigil tablets.
The company reported a net loss of $9.1 million, or a loss of $0.27 per diluted share, compared to a loss of $11.5 million, or a loss of $0.40 per diluted share, in the year-earlier period. Revenues surged to $19.7 million from $10.7 million.
Wall Street analysts on average forecasted that Cephalon would record a loss $0.41 per share, according to First
Call/Thomson Financial.
The West Chester, Pa.-based company, which specialises in treatments for sleep disorders and neurological disorders, said Provigil sales jumped to $15.3 million from $5.5 million.
The drug, however, suffered a setback in late July after tests showed the drug failed to reduce attention deficit hyperactivity in adults, causing its stock to tumble more than 35 percent.
Research and development expenses in the quarter climbed to $14.5 million from $10.2 million in the period, due to increased expenses associated with the marketing of Provigil and epilepsy seizure treatment drug Gabitril, which is sold in a licensing agreement with Abbott Laboratories (NYSE:ABT - news).
Would think that the stock would be doing something better than this today....
damn....
chris |
