|Medicis 4Q Profit Rises on Acne Products|
Wednesday February 27, 6:24 pm ET
Medicis Pharmaceutical's 4th-Quarter Profit Rises 54 Percent on Acne Product Sales
SCOTTSDALE, Ariz. (AP) -- Medicis Pharmaceutical Corp. said Wednesday its fourth-quarter profit jumped 54 percent on higher sales of the company's acne treatment products.
The company earned $27.5 million, or 41 cents per share, compared with profit of $17.9 million, or 27 cents per share, during the same period a year prior. Revenue rose 42 percent to $140.3 million from $99.1 million.
Analysts polled by Thomson Financial expected profit of 43 cents per share on revenue of about $129.5 million, on average.
Sales of acne treatments, which include Solodyn, Triaz and Ziana, rose 22 percent to $79.5 million, while non-acne products sales rose 80 percent to $46.9 million. Other products and contract revenue rose 72 percent to $13.8 million.
For the full year, the company earned $75.1 million, or $1.14 per share, compared with a loss of $75.9 million, or $1.39 per share, in 2006. A hefty charge related to the impairment of intangible assets weighed down results in 2006. Revenue rose to $464.7 million from $349.2 million.
Shares of Medicis Pharmaceutical rose 23 cents to $20 in after-hours trading after falling 33 cents to close at $19.77 during regular trading.