Sepracor sees black for first time in 2005, revenues reach $820.9 million

By Angela McDaniels

Seattle, Jan. 31 - Sepracor Inc.'s consolidated revenues more than doubled in 2005 to $820.9 million for the year ended Dec. 31 from $380.9 million a year earlier, according to a company news release.

"The year 2005 was a year of significant growth for Sepracor and its stakeholders. It marks our first profitable year, aided by the successful launch in April of Lunesta brand eszopiclone for the treatment of insomnia," chairman and chief executive officer Timothy J. Barberich said in the release.

Sepracor's pharmaceutical product sales increased to $769.7 million from $319.8 million year-over-year, due in large part to Lunesta sales totaling $329.2 million in 2005.

Net income for the year was $5 million, or $0.04 per diluted share, compared with a net loss of $295.7 million, or $3.21 per diluted share, for the year ended Dec. 31, 2004.

Included in the $295.7 million net loss was a $69.8 million charge, $0.76 per share, for the conversion of convertible subordinated notes into shares of Sepracor common stock, the company said.

For the fourth quarter ended Dec. 31, Sepracor's consolidated revenues rose to $311.1 million from $131.4 million for the fourth quarter of 2004. Pharmaceutical product sales increased to $302.9 million from $117.2 million.

Net income for the fourth quarter of 2005 was $37.2 million, or $0.32 per diluted share, compared with a net loss of $33.7 million, or $0.33 per diluted share, for the same quarter of 2004.

Sepracor is a pharmaceutical company based in Marlborough, Mass.

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