Connetics beats Street EPS
CNCT reported third quarter EPS of $0.10, beating by $0.03 the Street's $0.07 estimate and up 100% from EPS of $0.05 in the third quarter of 2003. Revenues were up 89% quarter over quarter to $37.3 million from $19.7 million. The growth reflects strong sales of scalp dermatoses drugs Olux and Luxiq plus $14.7 million in sales of psoriasis drug Soriatane. CNCT acquired U.S. rights to Soriatane from Roche (SWX:ROCZ) in March. Third quarter sales of Olux and Luxiq were up 26% to $22.2 million.
CNCT for the first time gave fourth quarter revenue and EPS estimates of $43-$46 million and $0.16-$0.18. For the year, the company narrowed its revenue guidance to $142-$145 million from $138-$146 million. The company also nudged up its EPS guidance to $0.51-$0.53 from $0.48-$0.52. ...