Drug maker Salix sees sales rise
Published: Fri, Aug. 03, 2007 12:00AM
Modified Fri, Aug. 03, 2007 04:19AM
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closeMORRISVILLE -- Salix Pharmaceuticals, a Morrisville company that specializes in gastrointestinal treatments, reported double-digit increases in sales and earnings-per-share in second-quarter results that beat analysts' expectations.
Product sales rose 26 percent to $66.7 million.
Earnings-per-share rose 50 percent to 21 cents on net income of $10.2 million. Analysts had expected $65 million in sales and earnings-per-share of 20 cents.
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Salix CEO Carolyn Logan lauded the company's 96-member sales force for being the driving force behind the company's increased business.
Prescriptions soared during the quarter for products such as Xifaxan, a treatment for travelers' diarrhea; Colazal, a treatment for ulcerative colitis; and Osmoprep, a colon cleanser that helps prepare patients for colonoscopies.
In the past year, Salix added two new products for its sales force to promote to doctors: colon cleanser Moviprep and a liquid version of the antacid Pepcid.
The company, which markets eight products, has requested regulatory approval for a stronger version of Colazal.
Adam Derbyshire, Salix' chief financial officer, projected $260 million in annual sales that would generate earnings-per-share of 85 cents.
Salix released the results after the close of regular stock market trading.
Shares rose $1.06 to $12.21.
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