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Medicis 4Q Profit Up on Restylane Sales

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Investorman Member Level  Wednesday, 08/25/04 12:05:35 AM
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Medicis 4Q Profit Up on Restylane Sales

Tuesday August 24, 6:16 pm ET
Medicis Fourth-Quarter Profit Up on Sales of Contested Wrinkle Treatment Restylane


SCOTTSDALE, Ariz. (AP) -- Medicis Pharmaceutical Corp., a maker of prescription skin treatments, said Tuesday that sales of a wrinkle-smoothing injection boosted its fiscal fourth-quarter profit.
Medicis' net income rose 71 percent to $23.7 million, or 37 cents per share, in the three months ended June 30, from $13.9 million, or 24 cents per share, a year earlier. The fourth-quarter earnings included a $249,000 after-tax loss for the sale of certain product rights and the year-ago quarter included a a $3.3 million after-tax charge for research and development.

Analysts surveyed by Thomson First Call had predicted earnings of 36 cents per share for the latest quarter.

Revenue rose 32 percent to $88 million in the fourth quarter from $66.7 million a year earlier, driven by high sales of Restylane, a dermal filler that is injected into the skin to smooth wrinkles. Rival Inamed Corp. charged Medicis with patent infringement in June over the Restylane treatment.

For the year, Medicis' profit fell to $30.8 million, or 52 cents per share, from $51.3 million, or 91 cents per share, in 2003. Sales rose 23 percent to $303.7 million from $247.5 million.

Excluding charges from the early repayment of debt, Medicis earned $73.2 million, or $1.13 per share in 2004. First Call's analyst poll had predicted slightly lower earnings of $1.12 per share.

The company said it continues to expect fiscal 2005 sales of $365 million and earnings per share of $1.42. First Call's poll has predicted slightly higher earnings of $1.44 per share.

The company has forecast first quarter sales of $85 million and earnings of 29 cents per share. That's just short of analyst estimates of 30 cents per share. Medicis' earnings guidance for ensuing quarters remains at 35 cents per share for the second quarter, 36 cents per share for the third quarter and 42 cents per share in the fourth quarter.

Medicis shares rose 26 cents, or less than a percent, to $36.17 in trading on the New York Stock Exchange. In after-hours trading, shares fell less than a percent recently to $36.09.





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