Roberts Pharma Beats Analysts' Expectations

Roberts Pharmaceutical Corp has reported earnings per share of $0.15 forthe second quarter ended June 30, exceeding the First Call estimate range of $0.08-$0.09 and substantially ahead of the $0.04 reported for the comparable period of 1997. Gross profits for the quarter increased 65.8% to $28.7 million, representing an improvement in the quarterly gross profit margin to 64.6% from 57.1%, the company notes.

Revenues for the period advanced 47% to $44.4 million, benefiting from strong year-on-year increases for the company's newer pipeline drugs ProAmatine (midodrine) and Agrylin (anagrelide), plus double-digit growth in older products such as Colace (sodium docusate) and the recent acquisition of Pentasa (sulfasalazine), a treatment for ulcerative colitis. Pentasa sales exceeded $10 million in the second quarter, and Roberts reiterates in sales forecast for the drug of $40 million or more for the first 12 months of sales.