SCOTTSDALE, Ariz. (AP) - Medicis Pharmaceutical Corp., a maker of acne and skin medications, on Thursday reported fiscal fourth-quarter profit rose 3 percent as the cost of planning an acquisition largely offset sales growth.
Net income edged higher to $24.4 million, or 38 cents per share, from $23.7 million, or 34 cents per share, in the year-ago quarter. The latest results are based on 68.9 million shares outstanding versus 74.1 million a year ago.
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Without a $3.4 million charge related to planning the company's proposed merger with Inamed Corp., Medicis said it earned $27.8 million, or 43 cents per share.
Analysts polled by Thomson Financial expected earnings, excluding one-time charges, of 41 cents per share.
Revenue grew to $100.5 million, up 14 percent from $88 million in the prior-year period, to top the consensus estimate of $99.6 million. Sales of Restylane and Plexion cleansing cloths and the launch of the Vanos psoriasis treatment boosted results, Medicis said.
For the year, net income more than doubled to about $65 million, or $1.01 per share, from $30.8 million, or 52 cents per share.
The results for fiscal 2005 include expenses of $27.8 million associated with research and development collaborations and the $3.4 million merger-planning charge. Excluding those costs, the company earned $96.2 million, or $1.45 per share. Year-ago results included a $37.5 million debt extinguishment charge and $1.6 million in research and development costs.
Full-year revenue expanded 24 percent to $376.9 million from $303.7 million. Analysts predicted income of $1.44 per share on $376 million in sales.
The company said it spent 59 percent more on research and development in 2005 and plans to continue that focus in 2006.