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UPDATE 1-Spectrum Pharma's profit hit by higher costs; shares fall
March 1, 2012 / 3:16 PM / 6 years ago

UPDATE 1-Spectrum Pharma's profit hit by higher costs; shares fall

* Q4 adj EPS $0.24 vs est $0.31

* Q4 rev $53 mln, in line with Wall St. view

March 1 (Reuters) - Spectrum Pharmaceuticals Inc posted a fourth-quarter profit well below analysts’ estimates as it spent more on selling its products in the quarter, sending its shares down as much as 14 percent in early trading on Thursday.

For the October-December quarter, net income was $8.3 million, or 13 cents per share, compared with $4.4 million, or 8 cents per share, a year ago.

Excluding one-off costs, the company earned 24 cents per share, missing Wall Street estimates of 31 cents per share, according to Thomson Reuters I/B/E/S.

Spectrum, which gets more than 80 percent of its revenue from sales of its big-selling cancer drug Fusilev, said revenue rose 56 percent to $53 million, matching analysts’ expectations.

Total operating costs climbed nearly 60 percent to $43.3 million.

Shares of the Irvine, California-based biotechnology company were down 8 percent at $13.03 on Thursday morning on the Nasdaq. They touched a low of $12.25 earlier in the session. (Reporting by Zeba Siddiqui in Bangalore; Editing by Viraj Nair)

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