ImClone down on earnings news

IMCL was off $5.25 (10%) to $45.95 on 13.9 million shares on Thursday despite reporting third quarter EPS of $0.45, which beat the Street's $0.33 estimate by $0.12. In the third quarter of 2003, IMCL reported a loss per share of $0.22. Revenues for the third quarter were $94.8 million, beating the consensus estimate of $83 million and up from $23.6 million for the third quarter of 2003. Revenues included $32.8 million in royalties on colorectal cancer antibody Erbitux cetuximab, which represents 39% of partner Bristol-Myers' $84.1 million in in-market net sales. Net income was $39.8 million. ...