Salix Revenue Increases 51 Percent
Posted on: Wednesday, 10 August 2005, 00:00 CDT
Aug. 10--RALEIGH -- Surging sales of its top two drugs enabled Salix Pharmaceuticals to post a 51 percent gain in revenue and fatten its bottom line in the second quarter.
Salix posted a profit of $5 million, or 13 cents per share, edging past the average analyst projection of 12 cents per share. A year ago, Salix lost $1.9 million, or 5 cents per share.
Revenue in the latest quarter totaled $35.1 million, up from $23.2 million a year earlier.
Although analyst Mark Taylor of Roth Capital Partners was disappointed by early sales figures for Xifaxan, an antibiotic introduced last year, the drug's latest sales results provided a pleasant surprise.
Xifaxan, a treatment for traveler's diarrhea that physicians also are prescribing for other gastrointestinal ailments, posted sales of $6.5 million, a 148 percent increase over a year ago. Taylor had expected sales of $4.5 million.
Taylor projects Xifaxan eventually will enjoy peak annual sales of more than $300 million.
Sales of Salix's top-selling drug, Colazal, a treatment for ulcerative colitis, rose 42 percent to $26.8 million.
"Our products continue to demonstrate healthy growth," CEO Carolyn Logan told analysts during a conference call.
Salix reaffirmed that it expects to post annual sales of $150 million to $155 million this year -- not counting products it is acquiring.
In June, Salix announced it was buying InKine Pharmaceutical for $190 million in stock; that deal is expected to be completed by the end of September.
Shares closed at $20.93, up $1.45.
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Source: The News & Observer
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