This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Sepracor 1Q Profit Climbs Almost Fivefold

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.

Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
AAPL $132.54 0.00%
FB $80.54 0.00%
GOOG $540.11 0.00%
TSLA $247.73 0.00%
YHOO $43.48 0.00%

Markets

DOW 18,232.02 -53.72 -0.29%
S&P 500 2,126.06 -4.76 -0.22%
NASDAQ 5,089.3620 -1.4320 -0.03%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs