Chiron's Earnings Rise, Beat Estimates - TheStreet


(CHIR) - Get Report

posted higher second-quarter profits, topping Wall Street expectations.

The Emeryville, Calif.-based biopharmaceutical firm reported net income of $50 million, or 26 cents a share, compared with net income of $34 million, or 17 cents a share, in the year-ago quarter.

On a pro forma basis, taking out acquisition-related charges, Chiron earned $56 million, or 29 cents a share. Analysts were looking for pro forma earnings of 26 cents a share, according to Thomson Financial/First Call.

Chiron's total revenue grew 14% to $299 million in the quarter, within the range of analyst estimates of approximately $300 million. Second-quarter net product sales rose 21% to $211 million.

Chiron shares closed Wednesday up $1.88, or 7%, to $29.29.