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Cephalon 4Q Beats the Street; Forecast Tops Estimates

11:03 PM
Cephalon 4Q Beats the Street; Forecast Tops Estimates
Cephalon Inc. (CEPH: 66.05, 0, 0%) reported earnings that beat analyst expectations and gave full-year revenue guidance that was above the Street’s view.

The company expects fiscal 2010 revenue in the range of $2.61 billion to $2.69 billion, beating analyst forecasts for $2.43 billion, according to a poll by Thomson Reuters. The company said it expects full-year earnings in the range of $6.80 to $7.00 per share, assuming 76.2 million basic shares outstanding as a result of the Mepha acquisition, which closes on April 1.

For the first quarter of fiscal 2010, the company expects revenue between $575 million and $595 million, compared to the street’s view of $577 million. The company forecast first-quarter earnings per share between $1.60 and $1.70, assuming 75.5 million basic shares outstanding.

For the fourth-quarter, the company reported earnings of $96.6 million or $1.23 a share, compared to year-ago profit of $5.0 million or 6 cents a share. Adjusted earnings improved to $1.66 a share, compared to $1.46 a share one year ago.

Revenue rose 6.5% to $575.2 million. Analysts had expected adjusted earnings of $1.58 on revenue of $573 million.

"2009 was a year of extraordinary innovation and growth," said Chairman and CEO Frank Baldino, Jr. in a statement. "For the year we reported positive clinical study results on several of our drug candidates, advanced five new compounds into man and continued to acquire promising assets. We continue our steadfast commitment to patients while building an enduring, diversified business for our shareholders."

Shares of Cephalon, Inc. closed at $66.05 a share after rising 54 cents or 0.82%. The stock was up another 8 cents in trading after hours.

By Kathryn Glass FOXBusiness

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