Spectrum Pharmaceuticals' Fusilev Drives Q3 Revenue Growth Despite EPS Dip
Spectrum Pharmaceuticals (SPPI) has reported a strong third quarter, with key drug Fusilev showing increased market penetration and orders. The company's stock, however, saw a modest rise during intraday trading.
Fusilev, a crucial drug for Spectrum Pharmaceuticals, experienced a 13% increase in accounts ordering the drug in the third quarter. This surge led to a market penetration boost to 31%. The company's revenue for the quarter reached $69 million, with non-GAAP earnings per diluted share at $0.42, up from $0.38 in the same period last year. Year-to-date revenue stood at nearly $198 million, a 41% increase from 2011.
The integration of Allos Therapeutics into Spectrum Pharmaceuticals is proving successful, with synergies expected to reach at least $50 million. The company anticipates pro forma revenue to exceed $300 million for the current year. Spectrum Pharmaceuticals has also licensed Fusilev for marketing outside the U.S. to companies like Celltrion and Mundipharma, further expanding its reach.
Despite these positive developments, Spectrum Pharmaceuticals' earnings per diluted share for the third quarter were $0.33, down from $0.34 in the same quarter of 2011. The company has a 60% short interest, indicating a significant portion of its shares are sold short.
Spectrum Pharmaceuticals' third quarter showed mixed results, with increased market penetration and revenue, but a dip in earnings per share. The company remains optimistic about Fusilev's future, even in the face of potential generic competition. As the integration of Allos Therapeutics continues to show promise, Spectrum Pharmaceuticals aims to exceed $300 million in pro forma revenue for the year.
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