Ivax Posts Record Revenue

The drugmaker also sees profit rise more than 16% on the success of generic drugs.
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Shares of

Ivax Corp

(IVX)

rose Wednesday after the company said second-quarter profit increased more than 16%, thanks largely to the launch of new generic drugs.

The company earned $48.1 million, or 24 cents a share, vs. $41.3 million, or 21 cents a share, in the year-ago period.

The 2004 quarterly results include a one-time expense of $8.5 million for the restructuring of debt, which will reduce interest expense in the future. The company's second-quarter 2003 earnings included 10 cents a share from continuing operations and 11 cents a share from discontinued operations

Analysts were expecting the Miami-based drugmaker to earn 21 cents a share, according to Thomson First Call.

Revenue rose 35% to a record $463.9 million from $342.9 million a year earlier. Sales growth was broad-based, gaining at least 25% in the U.S., Europe and Latin America, the company said.

"There is every reason to believe that our current trend of increasing earnings growth will continue, in which case we will exceed our guidance for the year," the company said.

Shares rose 80 cents, or 3.9%, to $21.15, having hit an intraday high of $22.10.