Medicis Pharmaceutical (MRX)

[Investorman]

RPT-UPDATE 1-Medicis quarterly net rises 19 pct
August 26, 2003 5:04:00 PM ET


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LOS ANGELES, Aug 26 (Reuters) - Medicis Pharmaceutical Corp. (MRX) on Tuesday said its quarterly net income rose 19 percent due to more prescriptions for its core skin medication brands and a smaller research charge.

Medicis said its fiscal 2004 guidance is unchanged with revenue seen at $290 million and earnings per share at $2.28. The current Reuters Research estimate is $2.25 a share.

For its fiscal fourth quarter ended June 30, the Scottsdale, Arizona-based company reported net income of $13.9 million, or 49 cents a share, including a charge of $3.3 million associated with a research and development collaboration. For the year-earlier quarter, the company had a profit of $11.7 million, or 38 cents a share, which included a $5.2 million research charge.

Quarterly net revenue rose 16 percent to $66.7 million.

Excluding the research charge, the company reported a profit of 60 cents a share, compared with the average analyst estimate of 54 cents, as compiled by Reuters Research, a unit of Reuters Group Plc. The company projected $62 million in revenue and a profit of 35 cents a share for its fiscal first quarter ending Sept. 30; revenue of $70 million and earnings of 51 cents a share in its second fiscal quarter; third-quarter revenue of $76 million and earnings of 66 cents a share; and fourth-quarter earnings of 76 cents a share on revenue of $82 million.

Medicis is awaiting a decision from the U.S. Food and Drug Administration on its application to market Restylane, a wrinkle-filling injection for smoothing certain facial lines.

Restylane, already sold in Europe and Canada, is the latest option to help Americans disguise signs of aging. Like collagen injections, it temporarily fills in wrinkles, but research shows Restylane lasts longer.

The product is a man-made version of hyaluronic acid, a natural, gel-like substance that provides volume to the skin.

Shares of Medicis fell 30 cents to close at $61.97 on the New York Stock Exchange before the earnings announcement. REUTERS