Medicis Pharmaceutical Corporation
November 10, 2011 by staff
Medicis Pharmaceutical Corporation, Shares of Medicis Pharmaceutical Corp. fell Wednesday after the company said its profit declined 29 percent in the third quarter on a series of one-time charges.
Medicis said its profit slipped to $19.5 million, or 29 cents per share, from $27.6 million, or 42 cents per share. In the latest quarter, Medicis made $21 million in payments to its drug development partners. It also took a $5.2 million loss from its LipoSonix system. Excluding those and other one-time items, its profit came to 56 cents per share in the latest quarter. Revenue rose 4 percent, to $184.7 million from $177.1 million.
Analysts had forecast a profit of 61 cents per share and $187.3 million in revenue, according to FactSet.
Medicis stock lost $1.54, or 4.1 percent, to $36.26 in Wednesday trading.
Medicis agreed to sell the LipoSonix system, which uses ultrasound to destroy belly fat deposits, to Solta Medical Inc. for $35 million in September.
Medicis said revenue from acne products like Solodyn rose 0.5 percent to $119.1 million. In the past year the company discontinued its drug Triaz and stopped promoting a second drug, Plexion. Non-acne revenue rose 12.4 percent to $55.7 million because of greater sales of its facial wrinkle treatment Restylane. Non-dermatology revenue edged up to $9.9 million from $9.1 million.
The company narrowed its annual profit and revenue guidance, saying it will earn between $2.33 and $2.39 per share on $728 million to $741 million in revenue. Previously Medicis forecast a profit of $2.25 to $2.56 per share on revenue of $718 million to $758 million. Analysts expect annual income of $2.45 per share and revenue of $742.6 million.
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