Connetics beats Street, raises guidance

CNCT reported second quarter EPS of $0.19, beating by $0.11 the Street's $0.08 estimate. In the second quarter of 2003, CNCT reported a loss per share of $0.06. Revenues were up 92% quarter over quarter to $38.3 million from $20 million. The growth reflects strong sales of scalp dermatoses drugs Olux and Luxiq plus $17.2 million in sales of psoriasis drug Soriatane, for which CNCT acquired U.S. rights from Roche (SWX:ROCZ) in February. Second quarter sales of Olux and Luxiq were up 34% quarter over quarter to $20.8 million. ...