Drugmakers Andrx, Ivax Report Higher Profits - TheStreet

Drugmakers Andrx, Ivax Report Higher Profits

Both companies say revenue rose in the second quarter, as well.
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Two drugmakers,

Andrx

(ADRX)

and

Ivax

(IVX)

, posted higher second-quarter earnings on Wednesday.

Andrx swung to a profit of $14.5 million, or 20 cents a share, compared with a loss of $29.8 million, or 42 cents a share, in the same quarter last year. The 2002 quarter included a $60 million charge for settling antitrust litigation.

Revenue rose to $272.4 million from $180.5 million, thanks mainly to sales of generic drugs, like clones of Claritin and Prilosec, but it recorded $6.9 million in sales of Altocor, the company's cholesterol drug.

For Andrx, it was the company's second quarterly profit in a row after a series of losses, and it met expectations on Wall Street, according to a poll conducted by Thomson First Call.

Meanwhile, Ivax posted net income of $41.3 million, or 21 cents a share, for its second quarter, compared with $31.7 million, or 16 cents a share, in the same quarter last year. The results beat analysts' expectations of 17 cents.

Revenue from the company's North American and European operations increased 26% over last year, and revenue from its Latin American operations grew by 4%. Total revenue was $343 million, a 22% increase over $280.4 million in the second quarter last year.

Shares of Andrx were recently up $3.22, or 16%, to $23.39, while shares of Ivax were down $1.05, or 6%, to $17.10.