UPDATE 1-Cumberland profit tops estimate, shares climb

Tue Nov 10, 2009 3:53pm GMT
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* Q3 EPS $0.10 vs est $0.01

* Q3 rev $13.6 mln vs est $11.1 mln

* Shares up 9 pct

Nov 10 (Reuters) - Cumberland Pharmaceuticals Inc (CPIX.O: Quote, Profile, Research) posted a quarterly profit that blew past Wall Street target, helped by an early launch of its pain and fever treatment, sending its shares up 9 percent in early trade.

However, third-quarter net income was flat at 7 cents a share on revenue that rose 58 percent to $13.6 million.

Excluding items, net income was 10 cents a share.

Cunberland said initial revenue from Caldolor injection, its IV treatment for pain and fever, and a rise in volume for Acetadote injection, a treatment for pain reliever acetaminophen overdose, were its major growth drivers.

Analysts were expecting the company to earn 1 cent a share on revenue of $11.1 million, according to Thomson Reuters I/B/E/S.

The company, which went public on Aug.11, launched Caldolor in the United States in September.

Shares of the Nashville-based company were up 9 percent at $13.70 Tuesday on Nasdaq. They touched a high of $13.96 earlier in the session. (Reporting by Krishnakali Sengupta in Bangalore; Editing by Anil D'Silva)

 
 
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