Specialty pharmaceuticals distributor
earnings and revenue rose in its first quarter and the company said several new drug launches bode well for its future.
Memphis-based Accredo earned $17.5 million, or 36 cents a share, on revenue of $335.0 million in the first quarter ended Sept. 30, compared with earnings of $13.5 million, or 28 cents a share, on revenue of $316.7 million a year ago. Analysts surveyed by Thomson First Call had been forecasting earnings of 35 cents a share on revenue of $341.4 million.
For all of 2004, the company now expects to earn $1.57 to $1.62 a share on revenue of $1.50 billion to $1.55 billion. Analysts had been forecasting earnings of $1.57 a share on revenue $1.53 billion, according to Thomson First Call.
The company said its results will be enhanced in the 2005 fiscal year by the launch of new drugs including Xolair and Fabrazyme and several other new formulations of existing drugs.
The shares were recently trading up about 21 cents, or 0.7%, to $32.17.