said earnings and revenue jumped in the second quarter compared with a year ago, and the biotech drug distributor nudged up guidance for its current fiscal year.
The company earned $19.9 million, or 41 cents a share, on revenue of $389.8 million in the latest quarter compared with earnings of $17.6 million, or 36 cents a share, on revenue of $369.5 million a year ago. Analysts were forecasting earnings of 40 cents a share in the latest quarter.
Accredo said it expects to earn $1.58 to $1.63 a share in the year ending June 30, 2004, on revenue of $1.50 billion to $1.55 billion. Analysts surveyed by Thomson One Analytics are forecasting earnings of $1.60 a share on revenue of $1.53 billion. For 2005 fiscal year, the company expects to earn $1.82 to $1.87 a share on revenue of $1.75 billion to $1.8 billion. Analysts surveyed by Thomson One Analytics were forecasting earnings of $1.87 a share on revenue of $1.74 billion.
The company said it derived a larger percentage of revenue from more profitable products in the latest quarter, a phenomenon known as favorable product mix, boosting gross margin to 20.5% from 20.1% a year ago.