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beat Wall Street's expectations for the third quarter, even as research and development spending increased 27.5% from the year-ago period.

The Miami-based drug maker reported net income for the third quarter of $30.7 million, or 19 cents a diluted share, compared with $16.9 million, or 11 cents a share, in the same period a year ago.

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Wall Street expected the company to earn 15 cents a share for the quarter, according to a

First Call/Thomson Financial

survey of six analysts.

Revenue rose 11.7% to $182.4 million from $163.3 million in the year-ago period.