swung to a profit in the third quarter thanks to strong sales of its asthma drug Xopenex and its sleep aid Lunesta.
Shares were up 5% to $51.76 Thursday.
Sepracor's revenue of $289.3 million in the third quarter exceeded the $274.9 million expected by analysts surveyed by Thomson First Call. Pharmaceutical product sales were $280.1 million, of which $138.5 million were from Xopenex and $141.6 million were from Lunesta.
Revenue also included $8.3 million due to changes in rebates from the Department of Veterans Affairs.
Sepracor earned $64.4 million, or 56 cents a share, in the third quarter, including costs of $10.5 million, or 9 cents a share, for stock-based compensation. The company lost $2.5 million, or 2 cents a share, on revenue of $205.7 million in the year-ago period.
Included in the 2005 third quarter is a gain of $18.3 million, or 17 cents a share, on the sale of Vicuron stock as a result of
acquisition of the drug developer.