IVAX 1Q EPS 21c Vs 15c
DOW JONES NEWSWIRES
April 29, 2004
Ivax Corp.'s (IVX) first-quarter profit jumped 46.1% as strong demand for its products and a hefty milestone payment pushed quarterly revenue to record levels. Citing the quarter's performance and its expectations for the rest of the year, the generic drugmaker reaffirmed its outlook for 2004 earnings.
In a press release Thursday, the pharmaceutical company reported net income for the quarter ended March 31, rose to $42.3 million, or 21 cents a share, from $29 million, or 15 cents a share, a year earlier. The latest quarter's profit topped Wall Street's expectations of 18 cents a share, according to Thomson First Call, which polled nine analysts.
Revenue for the period rose to $425.2 million from $317.7 million last year. The company attributed the 33.8% rise to increased demand, new product launches, increased sales in the U.S. and Europe of its branded respiratory products, and a $25.5 million milestone payment earned through a product collaboration agreement. The company expects milestone payments to continue making significant contributions to future revenue and earnings.
For the year, Ivax reconfirmed its October projection for earnings per share of 89 cents or more in 2004. First Call's mean estimate is 95 cents a share.
The company expects full-year results to benefit from the approval of its generic version of Bristol-Myers Squibb Co.'s (BMY) diabetes drug Glucovance, which has annual U.S. sales of $500 million. Ivax plans to trigger its 180 days of market exclusivity for the generic drug with a second-quarter launch.
The company also sees a benefit from European marketing approval to market Paxene as a treatment for metastatic breast and ovarian cancer. Paxene is the equivalent of Bristol-Myers' Taxol, with annual European sales of $400 million to $600 million.
It also launched amlodipine in the U.K. in the first quarter. The drug is the generic equivalent of Isitin/Norvasc, Pfizer Inc.'s (PFE) treatment for hypertension and angina with annual U.K. sales of $330 million.
For 2003, Ivax recorded earnings from continuing operations of 50 cents a share.
Ivax plans to discuss first-quarter results in a Webcast conference call at 10 a.m. EDT Thursday.
Ivax Corp. - Miami
1st Quar March 31:
2004 2003
Revenue $425,191,000 $317,693,000
Net income 42,341,000 38,985,000
Avg shrs (diluted) 202,123,000 196,653,000
Shr earns
Net income .21 .15
Early Thursday, Ivax shares traded at $23.76 on the American Stock Exchange, down 74 cents, or 3%.
Company Web site: ivax.com |
