Cubist 1Q profit rises on Cubicin sales
Cubist Pharmaceuticals Inc. said Thursday that its first-quarter net income rose 10.5 percent on higher sales of the antibiotic Cubicin.
Cubist said its net income rose to $22.6 million, or 34 cents per share, from $20.4 million, or 34 cents per share, a year earlier. Revenue rose 13 percent to $162.5 million from $144.1 million.
Excluding charges, the company said it earned 70 cents per share. Analysts surveyed by FactSet expected net income of 54 cents per share and $172.9 million in revenue.
Cubist's only marketed product is Cubicin, which is used to treat severe skin and bloodstream infections. Revenue for that drug rose 14 percent to $153.7 million.
Cubist shares rose $1.39, or 4.6 percent, to $31.75 in after-hours trading after the earnings were released. In the regular session, the stock advanced 39 cents to close at $30.36.