Earnings watch

Three profitable biotech companies posted earnings, with all three beating their Street estimates. Leading the pack was BioChem Pharma (BCHE), which delivered first quarter EPS of C$0.36 (US$0.24), US$0.02 above consensus of US$0.22, thanks largely to a reduction in the number of common shares outstanding. Last July, BCHE repurchased and retired 8 million common shares from partner Glaxo Wellcome (LSE:GLXO; GLX). First quarter revenues did increase 16 percent to C$72.5 million, up from C$62.7 million in the first quarter last year, reflecting increased sales of 3TC/Epivir for HIV and 3TC/ Zeffix for chronic hepatitis B.

Elan (ELN) and PE Biosystems (PEB) both beat the Street by a penny. ELN's $0.34 EPS was driven by an 18 percent rise in product sales to $150.3 million from $127.5 million in the first quarter of 1999. ...