reported fourth-quarter earnings today that beat Wall Street's lowered estimates by a penny, but the company estimated that 2001 earnings will fall short of analysts' expectations.
For the fourth quarter ended Dec. 31, Chiron reported income from continuing operations of $30 million , or 15 cents a share. Thirteen analysts surveyed by
First Call/Thomson Financial
expected the company, which is based in Emeryville, Calif., to report earnings of 14 cents a share. Chiron earned $25.9 million, or 14 cents a share, in the same period one year ago.
The biotechnology company posted fourth-quarter revenue of $259.5 million, up from $193.6 million last year.
Chiron also said it expects 2001 earnings of 85 cents a share. Analysts surveyed by First Call/Thomson Financial are expecting the company to earn 87 cents a share. The company projected revenue of $1 billion to $1.1 billion for 2001. The company anticipates higher profits in the second half of 2001 because of the seasonality of the vaccine business and the expected launch of the Procleix system in the U.S.