Weak Showing at MedImmune
By TSC Staff
7/20/2006 7:37 AM EDT
MedImmune (MEDI) posted a weak second quarter, missing Wall Street targets.
The Gaithersburg, Md., biotech lost $63 million, or 26 cents a share, for the quarter ended June 30. That compares with a year-ago loss of $44 million, or 18 cents a share. Revenue fell to $72.9 million from $88.5 million a year earlier. Excluding share-based compensation expense, the loss was 27 cents a share. Analysts surveyed by Thomson Financial were looking for a 24-cent loss on sales of $83.5 million.
MedImmune reported total product sales of $66 million, including $33 million in worldwide sales of respiratory virus drug Synagis and $25 million in sales of cancer treatment side-effect drug Ethyol. This compares to $85 million in total product sales in the 2005 second quarter, which included $51 million in worldwide sales of Synagis and $23 million in sales of Ethyol.
In the latest quarter, sales of Synagis to the company's international distributor, Abbott International, grew to $10 million from $7 million in 2005, while U.S. sales of $24 million were down from the $43 million reported in the 2005 quarter.
"As we prepare for the 2006-07 season, we are focused on returning Synagis to a pattern of growth, as well as the potential launch of CAIV-T in 2007 and the introduction of Numax in 2008," said CEO David Mott. "As part of our preparations, we have taken significant steps to bolster our commercial operations since the beginning of 2006. Specifically, we have added seven new vice presidents and senior vice presidents with substantial industry experience to key leadership positions; we have realigned every functional area within the commercial organization; and we have completed the anticipated 125-person expansion of our infectious disease sales organization, which now includes 425 pediatric-focused specialty sales professionals."
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