Cubist Pharma Swings to a Profit

Cubist Pharmaceuticals ( CBST) swung to a second-quarter profit from a loss one year ago as sales of its antibiotic Cubicin met reduced Street expectations.

The Lexington, Mass.-based drug maker reiterated 2009 sales guidance for Cubicin in the range of $520 million to $540 million.

Net income for the June quarter totaled $23.8 million, or 40 cents a share, compared to a net loss of $1.3 million or 2 cents a share in the year-ago quarter.

Second-quarter revenue rose 28% to $130.8 million, just a tad shy of Street expectations.

Cubicin sales for the quarter rose 27% to $126.1 million, matching the estimates of analysts, although many of those forecasts had been reduced in recent weeks based on weak prescription tracking data.

Cubist shares closed Thursday up 1.5% to $17.31.

Adam Feuerstein writes regularly for TheStreet.com. In keeping with TSC's editorial policy, he doesn't own or short individual stocks, although he owns stock in TheStreet.com. He also doesn't invest in hedge funds or other private investment partnerships. Feuerstein appreciates your feedback; click here to send him an email.

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