MARLBOROUGH, Mass. (AP) ¿ Drugmaker Sepracor Inc. said Thursday its profit jumped nearly fivefold in the first quarter as a large research and development charge came off its books.
The company, which makes respiratory and central nervous disorder treatments, also recorded a tax benefit and lowered its spending.
Sepracor reported a profit of $35.2 million, or 31 cents per share. Excluding one-time costs and including a tax gains, Sepracor said it earned $96.8 million, or 85 cents per share. Its revenue grew 3 percent, to $330.2 million from $320.8 million.
Analysts polled by Thomson Reuters had forecast a profit of 69 cents per share with $328.6 million in revenue.Sepracor earned $7.1 million, or 6 cents per share, in the first quarter of 2008. During that quarter, it recorded a research and development charge of $39.2 million after buying the U.S. rights to several respiratory products made by Swiss drugmaker Nycomed. In the latest quarter, the company also cut general and administrative spending by about $35 million, and pared its research and development spending. Sepracor maintained its full-year forecasts, predicting an adjusted profit of $2.10 to $2.70 per share and revenue of $1.15 billion to $1.25 billion. Analysts are expecting $2.43 per share and $1.21 billion in revenue. In morning trading, Sepracor shares picked up 29 cents, or 2 percent, to $14.72.