Spectrum Pharmaceutecals Inc (SPPI)

[trade2much]

xintrax "HENDERSON, Nev. Zevalin is noted down a bit -
(AP) -- Spectrum Pharmaceuticals Inc. posted a first-quarter profit on Wednesday, buoyed by sales of Fusilev and lower research and development expenses.

The results beat Wall Street estimates, and Spectrum shares rose 39 cents, or 4.3 percent, to $9.50 in pre-market trading.

The company reported net income of $12.8 million, or 23 cents per share, for the three months ended March 31 compared with a net loss of $39 million, or 80 cents per share, a year ago. Revenue surged to $43.6 million from $11.1 million.

Analysts expected the company to report earnings of 15 cents per share on $28.6 million in revenue, according to FactSet.

The company reported $35 million in sales from its drug Fusilev, up from $600,000 a year prior. The drug is used to treat the side effects of the chemotherapy drug methotrexate. It is approved for use in patients who are being treated for osteosarcoma, a type of bone cancer, and to reduce the toxicity of methotrexate.

Sales of the lymphoma drug Zevalin remained flat at $6 million and the company reported $3 million in licensing payments.

Operating expenses fell 49 percent to $26.1 million.

"With modest needs for running our day to day operations, we believe Spectrum is firmly on the road to continued success," said President and CEO Dr. Rajesh C. Shrotriya, in a statement."