Aspreva Drops After Warning

The stock falls more than 9%.
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Drug developer

Aspreva Pharmaceuticals


warned investors Friday that its third-quarter revenue will be lower than had been expected.

However, the company reiterated its full-year top line estimate of more than $200 million, thanks to 20% to 25% growth in prescriptions of its immune system-suppressing drug CellCept.

Still, stockholders were focused on the warning, and Aspreva's shares slid 9.6% to $22.50.

The company expects to report $48 million in revenue for the third quarter, while analysts were calling for about $54.3 million. Aspreva cited the negative impact of foreign-exchange rates and reconciliation payments to


related to a collaboration agreement.