Wild ride today, with anticipation ahead of H&Q countered by disappointment over '06 guidance, which is toward the low end of the analysts' range . . .
>>BOSTON, Jan 10 (Reuters) - MGI Pharma Inc. (MOGN.O: Quote, Profile, Research) , a drug development company, said on Tuesday it expects revenue in 2006 to range between $370 million and $385 million, lower than analysts' expectations.
Analysts on average expect the company to report revenue of $397.1 million, according to Reuters Estimates. The company will report its fourth quarter and full 2005 results on February 8.
MGI's shares fell 1.2 percent, or 22 cents, to $17.76 in midday trading on Nasdaq.
The company, which makes and develops products to treat cancer and other stubborn diseases, said it expects to report a 2006 gross profit of between $237 million and $250 million and operating income of between $7 million and $20 million.
Unaudited figures showed that sales of Aloxi, the company's treatment for chemotherapy-induced nausea and vomiting, rose 56 percent in 2005 to $248 million, including fourth-quarter sales of $67 million.
The company said it expects to recognize about $8.5 million in fourth-quarter 2005 sales of Gliadel Wafer, a brain cancer treatment, and $34 million for the full year. That's up 22 percent over 2004 sales, MGI said.<<
Glad I'm hedged, and thus feeling little world pain, but that won't help my contest portfolio.
Cheers, Tuck |
