MGI's 1st-qtr 2007 net income rises to $83.2M

Minneapolis, USA-based MGI Pharma says that its total revenue for the first quarter of 2007 was $83.2 million compared to $78.2 million for the like, year-ago period. The company reported generally-accepted accounting principles net income of $700,000, or $0.01 per diluted share, versus a net loss of $2.8 million, or $0.04 per share.

The firm's product sales increased to $81.6 million from $77.5 million, primarily as a result of the inclusion of sales of its anticancer agent Dacogen (decitabine) for injection, which earned $23.1 million, following its commercial launch in mid-2006. Domestic sales of Aloxi (palonosetron HCl) injection fell to $47.3 million from $63.3 million due to disruption in the chemotherapy-induced nausea and vomiting market following the introduction of multiple generic ondansetron products at the end of the fourth quarter of 2006. Aloxi's earnings in the period represent a 5% sequential decline over the prior quarter.

Lonnie Moulder, said that the firm's key developments during the period included "a five-year Hatch-Waxman extension for the patent covering Aloxi, which now provides Aloxi with protection into 2015. This extension, combined with the planned submission of a [supplemental New Drug Application] for Aloxi in post-operative nausea and vomiting, will allow us to maximize this brand franchise. We are very pleased with the Dacogen launch and the progress made with our pipeline, including the positive Phase III results from the Aquavan [fospropofil disodium] bronchoscopy trial, which will support an NDA submission for this product candidate later this year."