'Celebrity publicity' bolsters Myriad sales
Myriad Genetics Inc. (NASDAQ:MYGN) reported earnings for its fiscal 1Q ended Sept. 30 that beat the Street, including a $35 million one-time bump in revenues that the company attributed to "celebrity publicity" in mid-May. In May, The New York Times ran an op-ed by actress Angelina Jolie on her decision to have a preventive double mastectomy after finding out she had a breast cancer 1 early onset (BRCA1) mutation. Myriad reported $149.6 million in BRACAnalysis test revenues, up 43% from the prior fiscal year's quarter. The increase came despite a June ruling by the U.S. Supreme Court that invalidated the company's patents covering BRCA1 and BRAC2 tests, clearing the way for competing BRCA1 and BRCA2 tests (see BioCentury, June 17).
Total revenues in the quarter were $202.5 million, topping the Street's estimate of $167.6 million and up 52% from $133.4 million from the prior year's quarter. Myriad raised its FY14 guidance and said it now expects $700-$715 million in revenues, up from its previous guidance of $690-$710 million. ...