MedImmune 1Q net income soars |
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Mon, 30 Apr 2007 23:16
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GAITHERSBURG, Md. (AP) - Biotech drug maker MedImmune Inc. said Monday its first-quarter profit more than tripled, lifted by stronger revenue and a substantial increase in margins.Net income rose to $160 million, or 66 cents per share, from $47 million, or 18 cents per share, a year earlier.Total revenue climbed 15 percent to $574.8 million, led by sales of Synagis, which rose 9 percent during the quarter to $507 million. Synagis is a children's vaccine for the prevention of serious lung infections caused by respiratory syncytial virus.On average, analysts surveyed by Thomson Financial forecast a quarterly profit of 57 cents per share on revenue of $553.5 million.Last week, MedImmune agreed to be acquired by London-based AstraZeneca PLC $15.6 billion. The company said it canceled a conference call to discuss earnings because of the merger.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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