Sepracor posts $42.9M in net income; to cut 300 jobs |
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Tue, 30 Oct 2007 12:42
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NEW YORK (Thomson Financial) - Sepracor Inc. Tuesday said third-quarter net income was $42.9 million, or 37 cents a share, beating the mean estimate of analysts polled by Thomson Financial of 26 cents a share.Revenue for the Marlborough, Mass.-based pharmaceutical company fell 1.9% to $283.9 million, below the $289.3 million analyst estimate.In the year-ago period, the company posted net income of $64.4 million, or 56 cents a share, on revenue of $289.3 million.Sepracor narrowed its full-year 2007 earnings guidance to $1.05 to $1.15 a share from a previous estimate of $1 to $1.30 a share. The new range includes an after-tax litigation charge of 28 cents a share. The company also sees 2007 revenue between $1.23 billion and $1.3 billion.Analysts are currently looking for earnings of $1.40 a share in 2007 and $1.24 billion in revenue.In 2008, Sepracor sees earnings between $2.35 and $2.45 a share, with analysts forecasting for earnings of $1.83 a share.Sepracor also said it would be cutting 300 of its sales force positions as part of a previously-announced cost reduction initiative. The company expects to cut its sales and marketing expenses by $90 million to $100 million in 2008.Shares of Sepracor closed Monday at $23.02.Ryan Vlastelicarv/pcCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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