Sepracor's Falling Profit Beats Estimates

Sepracor(SEPR Quote) beat per-share earnings expectations but reported a decline in profit and revenue Tuesday, in addition to announcing plans to slash 300 jobs.

The Marlborough, Mass.-based drug company earned $42.9 million, or 37 cents a share, in the third quarter, compared to $64.4 million, or 56 cents a share, a year ago. It reported revenue of $283.9 million, a 1.9% decrease from $289.3 million in the year-ago quarter. Analysts surveyed by Thomson Financial had expected 26 cents a share on revenue of $289 million.

Revenue from insomnia treatment Lunesta increased 14% to $160.9 million from $141.6 million in the 2006 quarter. Sales of Xopenex, an inhaler for brochospasm, fell to $94.4 million from $125.4 million in 2006, due to a new reimbursement rate from the Centers for Medicare and Medicaid Services. ...