MedImmune third-quarter revenues up 15%, net loss at $72.8 million

By Lisa Kerner

Charlotte, N.C., Oct. 24 - MedImmune, Inc. said its revenues were up 15% at $177 million for the third-quarter 2006, from $154 million in the 2005 third quarter. The growth was attributed to an 11% increase in worldwide sales of Synagis (palivizumab) to $112 million; a 52% increase in sales of FluMist (Influenza Vaccine Virus Live, Intranasal) to $16 million and roughly $7 million in royalty and milestone revenues associated with Merck's human papillomavirus vaccine.

The company reported a net loss for the quarter of $72.8 million, compared to a net loss of $60.8 million in the 2005 third quarter.

Total product sales for the quarter were up 9% at $159 million, from $146 million in the prior-year quarter, due primarily to increased sales of the company's two seasonal respiratory products, Synagis and FluMist.

MedImmune had total cash and marketable securities at Sept. 30 of $1.5 billion, equal to the balance at Dec. 31, 2005 and down from $2.3 billion at June 30, 2006.

For the first nine months of 2006, MedImmune revenues were down slightly at $748 million, from $752 million for the first nine months of 2005.

The company reported a net loss for the nine-month period of $80 million, compared to income of $10 million in the 2005 third quarter.

MedImmune's total product sales for the nine-month period were down at $716 million, from $739 million for the first nine months of 2005.

"On the development front, we continue to manage our portfolio rigorously by adding innovative new programs, like those recently in-licensed from Infinity Pharmaceuticals, as well as by stringently prioritizing our development programs to focus our resources on those that have the greatest chance of becoming medically meaningful products," president and chief executive officer David M. Mott said in a company news release.

Management updated its guidance for 2006, increasing its forecast for diluted earnings per share to a range of $0.17 to $0.22.

MedImmune is a pharmaceutical company based in Gaithersburg, Md.

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