Sciele Pharma ups guidance, ends quarter with $155.3 million of cash

By Angela McDaniels

Seattle, Oct. 26 - Sciele Pharma, Inc. revised its guidance upward on the back of higher revenue and earnings for the third quarter and nine months ended Sept. 30, according to a company news release.

The company now expects full-year revenue for 2006 to fall between $287 million and $290 million and diluted earnings of $1.16 to $1.19 per share.

For 2007, Sciele Pharma said it expects revenue to grow by 13% to 17% over 2006 to between $325 million and $335 million and diluted earnings per share to be in the range of $1.45 to $1.50.

Net revenue for the third quarter increased by 27% to $74.8 million from $58.7 million for the third quarter of 2005. Diluted earnings per share, including after-tax stock compensation expense of $0.04, increased by 31% to $0.34 from $0.26 for the third quarter of 2005.

The higher revenue and earnings were due primarily to sales of Sular and Triglide, the company said.

"We also expanded our women's health sales force in conjunction with the introduction of Ostiva, a new product designed to help maintain bone health. Additionally, in October 2006 we initiated the pivotal trial of our new Sular formulation and remain on track to file a supplemental New Drug Application with the Food and Drug Administration in the first half of 2007," president and chief executive officer Patrick Fourteau said in the release.

Net income increased by 16% to $12.3 million for the third quarter from $10.6 million for the prior-year period.

Cash, cash equivalents and marketable securities were $155.3 million at Sept. 30, compared with $99.8 million at Dec. 31.

For the nine months ended Sept. 30, net revenue increased by 43% to $213.6 million from $149.5 million for the nine months ended Sept. 30, 2005. Diluted earnings per share, including after-tax stock compensation expense of $0.11, for the first nine months increased 26% to $0.82 from $0.65 for the same period of 2005.

Net income for the first nine months increased to $31.6 million from $26.2 million for the prior-year period.

Sciele Pharma is an Atlanta-based pharmaceutical company that develops branded prescription products for cardiovascular and metabolic conditions and for women's health.

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