reported first-quarter net income of $41.2 million, or 24 cents per share, matching Wall Street's consensus estimate.
Total revenue in the quarter was $110.9 million, a miss but not unexpected, given weak sales of the cancer drug Rituxan reported last week by
(Idec and Genentech share Rituxan revenue.) U.S. Rituxan sales totaled $310 million in the quarter. Analysts' expectations were for $120 million in revenue.
Sales of Idec's other cancer drug, Zevalin, totaled $5.7 million for the quarter, also below expectations. Zevalin was launched last year but the drug's adoption has been slow.