October 8, 2008
OSI Pharmaceuticals profits rise on cancer drug sales
Shares of OSI Pharmaceuticals Inc. rose almost 5 percent Wednesday, a day after the co-maker of the anti-cancer drug Tarceva reported higher sales and profits in the first quarter, compared to the same period last year.
In mid-day trading, OSI shares were up 4.89 percent, or $1.70, to $36.49. Tarceva is OSI's flagship drug, which it makes along with a partners, Roche Holding AG and Genentech Inc.
The company, based in Melville, said after the close of trading Tuesday that earnings increased because of a worldwide rise of Tarceva sales.
OSI said it earned $29.2 million in the quarter, compared with $6.6 million in the first quarter of 2007.
Sales in the quarter rose 17 percent, to $90.7 million.
The company said it earned 49 cents a share -- beating analysts estimates by 4 cents -- compared to 12 cents in the year-ago period.
OSI said total worldwide sales of Tarceva were approximately $267 million in the quarter, a 35 percent increase compared to the same period last year.
Late last year, OSI added Japan as a new market for Tarceva, which is used to treat patients with non-small-cell lung cancer.
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