Chiron beats Street

CHIR reported second quarter pro forma EPS of $0.25, beating by a penny the Street consensus of $0.24 but down 31% from $0.35 in the same period last year. CHIR said the quarter over quarter decline was due to the company's acquisition of PowderJect in 2003 and a lower Betaseron interferon beta-1b royalty rate paid by Schering (FSE:SCH; SHR), which markets the product in Europe. These two factors decreased second quarter pro forma EPS by $0.11. On the PowderJect front, CHIR said revenues of Fluvirin influenza vaccine, PowderJect's primary product, are recognized primarily in the second half of the year although costs are incurred throughout the year. ...