Icos Shares Shed 15%

Shares of Icos(ICOS Quote) dropped sharply Wednesday, a delayed response to the company's second-quarter earnings report issued Tuesday after market had closed.

The stock lost 15.8%, or $6.25, to close at $33.24. The stock had dropped as low as $31.92 for the Bothell, Wash.-based company, which is betting on a new impotence treatment, Cialis, to propel its sales.

The drug was launched in the European Union during the first quarter. Icos and its joint venture partner Eli Lilly(LLY Quote) are still awaiting approval from U.S. regulators. The companies expect U.S. approval by the end of this year. ...