ICOS swings to $65M profit in 1st-qtr 2006

US drugmaker ICOS Corp reported net income of $65.0 million, up $106.7 million on the net loss of $41.7 million posted for the year-ago quarter, as a result of continued sales growth and reduced selling, general and administrative expenses.

Paul Clark, ICOS' chairman, noted that, during the period, Cialis (tadalfil), the group's erectile dysfunction drug marketed as part of its joint venture with Eil Lilly, continues to gain market share. As of March 2006, Cialis had a 25.8% share of US total prescriptions, up 4%, with a 34.0% aggregate market share in Europe, Canada and Mexico in February 2006, an increase of 4.7% on the like, eyar-ago period. Worldwide sales of the ED drug totaled $222.7 million, up 48% and the JV also swung to a profit of $65.0 million from a $41.7 million loss in the 2005 first quarter.

In light of its strong results, ICOS says that it expects its full-year sales to fall within the upper end of the previously-stated range $860.0-$900.0 million, adding that it expects the Lilly ICOS 2006 net income to be near the upper end of the predicted $210.0-$240.0 million.