Spectrum Pharmaceuticals Inc expects to post quarterly revenue that is nearly twice as much as analysts' expectations, helped by strong sales of its cancer drugs Zevalin and Fusilev.
"The majority of the revenue is coming from Fusilev (Levoleucovorin). And as long as the manufacturing issues for Teva and Barr continue with generic Leucovorin, we think it only goes well for future Fusilev sales," said Rodman & Renshaw analyst Reni Benjamin.
Companies that manufacture copy-cat versions of Leucovorin had faced contamination problems in the last couple of years, forcing Israel's generic drugmaking giant Teva Pharmaceutical Industries Ltd to close one of its plants in April.
The biotechnology company forecast fourth-quarter revenue above $33 million. Analysts, on average, were expecting $16.3 million, according to Thomson Reuters I/B/E/S.
Benjamin estimates Fusilev's sales between $22 and $24 million for the quarter.
Fusilev has been marketed by Pfizer Inc's Wyeth unit, Japan's Takeda Pharmaceutical Co Ltd and other companies outside the United States.
Irvine, California-based Spectrum Pharma also said it achieved its Zevalin sales target of $27-$29 million for 2010.
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