Shares of Pharmion (PHRM:Nasdaq - commentary - research) fell 11.5% after the company posted a first-quarter sales shortfall. The company earned $4.3 million, or 13 cents a share, on sales of $51.7 million. Earnings easily beat the 8 cents a share that analysts were expecting but investors keyed on sales that fell short of the $54.3 million that analysts had expected. A year ago, the company posted a loss of $9.8 million, or 40 cents a share, on sales of $15.7 million. "While we are pleased with our increased profitability this quarter," the company said, "we remain focused on growing sales, particularly for Vidaza in the U.S."
The company hopes that a second wave of Vidaza marketing initiatives will lead to increased awareness and positively affect its sales. Looking ahead, Pharmion said that it continues to expect 2005 earnings of 33 cents to 48 cents a share on sales of $229 million to $245 million. Analysts are expecting earnings of 41 cents a share on sales of $243.2 million. Shares traded down $2.99 to $23.06.
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