Myriad 2nd qtr swings to profit on Flurizan payment, but considers business split

Salt Lake City, USA-based biotechnology company Myriad Genetics has returned to profit for the three months ending June 30, 2008, on the back of a $100.0 million payment from Danish drugmaker H Lundbeck for the rights to discontinued product Flurizan (tarenflurbil; Marketletter July 7).

The payment from Lundbeck brought the firm's turnover up to $166.9 million, a 367% increase on the same period of the year before. Other revenue included: molecular diagnostic products that reached $64.7 million, up 53%; and research and other revenue that dipped to $2.2 million.

Completing the development of the drug to the abandonment stage more than doubled R&D costs during the period to $55.2 million. Nonetheless, the firm posted net income of $65.5 million, or $1.40 per share, versus a net loss of $7.8 million, or $0.18 per share.