MedImmune Repeats Profit, Revenue Guidance
At its annual shareholders' meeting Thursday,
MedImmune
(MEDI)
reiterated the financial guidance the biotech company issued last month.
For 2003, the company expects total revenue of $1.08 billion to $1.13 billion, which would represent growth of 27% to 33% over 2002, and earnings of 84 cents to 89 cents a share, compared with a loss of $4.40 a share last year. On an adjusted basis, excluding various items, the company expects to earn 88 cents to 93 cents for this year.
MedImmune expects to report a loss of a penny a share to a profit of 1 cent a share for the quarter ending June 30, and on an adjusted basis, the company believes it will report anywhere from break-even to net income of 2 cents a share.
On average, analysts polled by Thomson First Call are expecting the company to earn 1 cent in the second quarter and 90 cents for the year.
Shareholders also approved all proposals outlined in MedImmune's 2003 proxy statement, including the re-election of the board of directors and the ratification of PricewaterhouseCoopers as the company's auditors.
Shares of MedImmune were up $1.12, or 3.4%, to $33.90.