Sucampo profit up 89% on Amitiza revenue

USA-based Sucampo Pharmaceuticals' profit rocketed 89%, year-on-year for 2008, due to rising revenues from its collaboration with Abbott and  Japan's Takeda.

The firm's total turnover jumped 22% to $112.1 million, of which $34.4  million came from product royalty revenue, a rise of 25%. The latter  increase was mainly due to the growth of Amitiza (lubiprostone) 8mcg,  for the treatment of constipation-predominant irritable bowel syndrome,  following its Food and Drug Administration approval (Marketletter May  5, 2008). R&D costs rose 46% to $46.2 million.

Net income reached $25.0 million, or $0.60 per share, versus $13.2  million, or $0.35 per share. However, the firm's cash and cash  equivalent assets declined by 55% to $11.5 million, more than the  increase in its profits.