MGI Pharma Revenue Rises

The company expects total revenue of $285 million for the year.
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MGI Pharma

(MOGN)

said second-quarter profits and revenue rose from a year ago, and the oncology-focused biopharmaceutical company stayed with its sales targets for the full year.

Total revenue for the second quarter was $67.2 million, including Aloxi injection sales of $60.8 million. The company earned $12.7 million, or 17 cents a share, compared with $8.6 million, or 11 cents a share, last year.

Before items, MGI had income of $8.8 million, or 12 cents a share, in the latest quarter. Revenue was $47.9 million in the year-earlier second quarter.

On average, analysts polled by Thomson First Call were looking for earnings of 17 cents a share.

For the full year, MGI is targeting U.S. sales of the Aloxi injection of $260 million and other product sales, promotion revenue and licensing revenue totaling $25 million. The company also hopes to achieve full-year profitability in 2005.

MGI, which is based in Bloomington, Minn., forecast total revenue of about $285 million, with income from operations of some $62 million.

Shares of MGI rose $1.44 to $24.10 in regular trading and added another 14 cents after hours.