OSI reports lower profits in 2009
OSI Pharmaceuticals Inc., MelvilleMaker of drugs for cancer
and diabetes
Net income: Profit for year ended Dec. 31 of $76 million, compared with $437 million in 2008. Profit in 2008 was affected by a fourth-quarter, $319-million noncash gain related to deferred tax assets.
Net revenue: $428
million, compared with
$379 million in 2008.
Company statement: Most revenues were from the lung and pancreatic cancer drug Tarceva, which brought in $359 million, up from $335 million in 2008. Much of that amount arose from OSI's royalties from and co-promotion arrangement with Genentech, a wholly owned member of the Roche Group. OSI also recognized restructuring costs of $4.5 million in 2009 related to its previously announced plans to consolidate U.S. operations at a single campus at a recently acquired site in Ardsley, in Westchester County.
SHARE PRICE: Up 73 cents to $37.21 yesterday.
Get ready for sun and fun with NewsdayTV's summer FunBook special! From celebrating America's 250th birthday to a new ride at Adventureland, NewsdayTV's Elisa DiStefano and Newsday lifestyle editor Meghan Giannotta have your inside look at Newsday's summer FunBook.
Get ready for sun and fun with NewsdayTV's summer FunBook special! From celebrating America's 250th birthday to a new ride at Adventureland, NewsdayTV's Elisa DiStefano and Newsday lifestyle editor Meghan Giannotta have your inside look at Newsday's summer FunBook.
