Noven Pharma Beats, Bounces

Net income jumps even though revenue slips at the small drugmaker.
By TSC Staff ,

Noven Pharmaceuticals

(NOVN) - Get Report

shares rose more than 5% in Thursday premarket trading as the company easily beat fourth-quarter earnings estimates.

The company had a profit of $5.7 million, or 24 cents a share, compared with $3 million, or 13 cents a share, in the year-ago period. The consensus estimate was 10 cents a share, according to Thomson One Analytics.

Revenue for the quarter ended Dec. 31 was $11.8 million compared to $13.3 million a year ago. The decline primarily reflects lower unit sales of the company's menopausal hormone therapy products.

The company said it earned $7.2 million from its U.S.-based joint venture with Swiss drugmaker

Novartis

(NVS) - Get Report

, a 95% increase from a year ago.

Noven expects 2004 earnings of 40 cents to 45 cents a share, which bookend analysts' consensus expectations of 42 cents a share.

Shares were up 55 cents, or 5.4%, to $18.60 before the open.

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