Mixed Message from MedImmune

MedImmune ( MEDI ) Wednesday reported record first-quarter results, but guidance fell short of analysts' forecasts.

The Maryland-based biotech company had a profit of $111 million, or 44 cents a share, vs. $109.5 million, or 43 cents a share, a year ago, and a consensus estimate of 42 cents.

Revenue jumped to $483.2 million from $431.1 million in the year-ago period.

The company repeated second-quarter guidance, saying it expected a loss of 13 cents to 16 cents a share on revenue of $93 million to $98 million, but stressed it is a traditionally slow period because its top products Synagis and FluMist are "used to prevent respiratory viruses that are prevalent during the winter months.

The consensus estimate of analysts are for a loss of 7 cents a share on revenue of $94.9 million.

The company said discussions continue with the major drugmaker Wyeth ( WYE ) regarding its "continued role, if any, in the development and commercialization of FluMist."

Wyeth, which also reported better-than-expected earnings Wednesday , is Medimmune's marketing partner for FluMist, whose sales have disappointed, and some analysts say Medimmune would have a better chance of at least breaking even without having to share the profits with the giant partner.

Shares were recently up 26 cents, or 1.1%, to $24.01.

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