Cubist's sales jump 47% on Cubicin sales

The USA's Cubist Pharmaceuticals has reported a 47% jump in revenue for the full year 2008, year-on-year, driven by domestic sales of Cubicin  (daptomycin).

Total turnover increased to $433.6 million from $294.6 million in 2007.  This was primarily attributable to US sales of Cubicin, which increased  45% to $414.7 million versus $285.1 million. International product  revenues were $7.4 million, which represents an increase of 28%.  Additionally, the full-year 2008 total net turnover includes $9.4  million of service revenue relating to Cubist's exclusive agreement with  Anglo-Swedish drug major AstraZeneca to sell and provide other support  in the USA for Merrem IV (meropenem).

Net income, on a GAAP basis, was $169.8 million, or $3.00 per share, vs  $48.1 million, or $0.87 per share. The 2008 figure includes $11.8  million of stock-based compensation, $2.3 million to build new  laboratory space and $17.5 million of upfront and milestone payments to  Dyax for ecallantide. Non-GAAP net income for the year was $122.9  million, or $2.17 per share. As of December 31, 2008, Cubist had $417.9  million in cash, cash equivalents and long-term investments.