Cephalon swings to profit in 2nd-qtr 2006

US drugmaker Cephalon saw a return to profit in the second quarter of 2006, earning $55.4 million versus a loss of $249.0 million in the comparable period last year, as its sales advanced 58% to $430.7 million, well above Wall Street's expectations.

The firm's revenue for the quarter significantly exceeded its issued guidance of $380.0-$390.0 million, driven largely by strong gross sales of sleep disorder drug Provigil (modafinil) and the opioid painkiller Actiq (oral transmucosal fentanyl citrate) and favorable trends in gross-to-net sales discounts. Largely thanks to these drugs, Cephalon's basic income per common share was $0.91. The firm noted that, excluding amortization expense and certain other items, income would have totaled $1.61 per share, a 124% rise.

Corus' central nervous system franchise sales increased 34% to $194.6 million, and pain franchise sales sky-rocketed 87% to $172.2 million. Income from other products reached $64.0 million.