swung to a second-quarter profit and topped analysts' expectations, thanks in part to an 85% increase in revenue.
The company also offered full-year revenue and earnings guidance that's within the range of analysts' consensus forecast, but MedImmune's third-quarter outlook falls below Wall Street's current estimates.
In the second quarter, the Gaithersburg, Md., biotech company earned $13 million, or 5 cents a share, compared with a loss of $29 million, or 12 cents a share, last year.
Adjusted net income, which excludes certain acquisition costs, was $15 million, or 6 cents a share, compared with a loss of $25 million, or 10 cents a share, in the year-ago quarter. Analysts were calling for earnings of 3 cents a share.
Total sales rose to $118 million, up from last year's $64 million. The company said sales of Synagis reached $55 million, up 69%, while Ethyol sales increased 49% to $25 million. Both were ahead of the company's targets.
For the third quarter, the company projected a loss of 8 cents to 11 cents a share, excluding items. Analysts were looking for a loss of 3 cents. The company lost 13 cents a share in the year-ago third quarter. MedImmune's revenue guidance of $85 million to $95 million also falls below analysts' projection of $106.2 million.
Excluding items, the company said it expects to earn 88 cents to 93 cents a share for the full year, compared with analysts' average estimate of 92 cents a share. MedImmune earned 42 cents a share in 2002.
The company raised its 2003 revenue forecast to $1.1 billion to $1.15 billion. MedImmune sees Synagis sales rising 23% to 27% and Ethyol sales increasing 20% to 25% over 2002. Analysts' revenue estimate is $1.14 billion for the year.
Shares of MedImmune closed at $40.10 Wednesday on the