OSI Pharmaceuticals Inc. (Osip)

[surf1944]

7:32AM OSI Pharm sees mid-teen rev growth for FY10 vs the +13.7% consensus; reaffirms 10%+ EPS growth for FY10; gives update on convertible debt repurchases (OSIP) 30.44 : Co is providing an update to the preliminary rev and adjusted earnings per share growth rate guidance provided to investors at the co's recent analyst R&D day meeting on December 3, 2009. The co now believes that the 2010 overall revenue percentage growth rate will be in the mid-teens vs the +13.7% consensus and re-affirms that adjusted earnings per share will grow at 10% or more (consensus calls for 29.6% EPS growth in FY10). "Even assuming a scenario where we are unable to secure any label expansion from the ongoing sNDA application for Tarceva based on the SATURN study." The co also provided investors with an update on the re-purchase of a portion of its outstanding convertible debt bonds. As of December 22, 2009, the Company had purchased $39.5 mln face value of the 2023 convertible bonds for $37.6 mln and $40.0 mln face value of the 2038 convertible bonds for $37.4 mln. The aggregate amount of the Company's outstanding 2038 Notes, 2023 Notes and 2025 Notes at face value is now equal to $335.5 mln. The Company may, from time-to-time, continue to selectively re-purchase convertible debt bonds and common stock throughout 2010