Medicis profit rises 20 pct and tops estimates; its sales improve and company raises outlook
Associated Press
08/05/09 7:50 PM EDT
SCOTTSDALE, ARIZ. — Medicis Pharmaceutical Corp. said Wednesday its second-quarter profit grew 20 percent due to better sales of its acne drugs Solodyn and Ziana.
Medicis said its profit rose to $15.6 million, or 25 cents per share, compared with a year-ago profit $13 million, or 21 cents per share. Revenue edged up 3 percent, to $141.2 million from $137.4 million.
Analysts expected a profit of 14 cents per share and $118 million in revenue, according to Thomson Reuters.
The company initially expected sales of $115 million to $121 million for the quarter, and it raised its full-year profit and revenue forecasts. In aftermarket trading, its shares surged $2.59, or 14.9 percent, to $20.
Medicis said acne product revenue increased 9 percent, to $94.2 million from $86.4 million. It credited the gains to greater sales of Solodyn and Ziana, and the launch of Triaz foaming cloths in April. Non-acne revenue fell to $37.1 million from $40.5 million, and other revenue slipped to $10 million from $10.5 million.
