BioCentury
ARTICLE | Financial News

Idec, Genzyme beat; MEDI meets EPS

April 19, 2001 7:00 AM UTC

Profitable biotechs were three-for-three in Thursday's box score, with IDPH and GENZ beating their respective EPS estimates and MedImmune (MEDI) meeting the Street's $0.36 consensus. GENZ beat the Street by a nickel, posting first quarter EPS of $0.55 (before special items and prior to amortization), thanks to a 25% revenue increase to $227.7 million from $178.6 million for the same quarter last year. The growth in revenues was driven by sales of Renagel, a phosphate binder for patients with end-stage renal disease on dialysis, which rose to $28.6 million from $8 million in the prior year's quarter. Additionally, Cerezyme enzyme replacement therapy for Gaucher disease posted sales of $139.6 million for the quarter, up 9% compared to $128.6 million for the first quarter of last year. GENZ was down $2.54 to $102.35 on Thursday.

As expected, IDPH beat the Street by $0.02, posting EPS of $0.12. IDPH last Thursday said it expected the $0.12 EPS figure following earnings by Rituxan co-promoter Genentech (DNA) (see BioCentury Extra, Thursday April 12). IDPH's Rituxan-related revenues were $48.6 million, up from $21.9 million in the first quarter last year. IDPH, which announced its numbers after market close, was down $2.51 to $52.14 on Thursday. ...