Tarceva helps OSI reach $30M 3rd-qtr profit

An increased contribution from sales of the anticancer agent Tarceva (erlotinib), up 5% to $42.0 million, helped USA-based biotechnology firm OSI Pharmaceuticals swing to a $29.6 million third-quarter 2007 profit from the $21.3 million loss it reported in the like period last year. In addition, royalties derived from the drug, which was developed in collaboration with Roche and Genentech, were $25.0 million, 78.6% higher than in the comparable three months last year.

OSI also reported that licensing and milestones, relating to its dipeptidyl peptidase 4 patent portfolio and glucokinase activator program, reached $33.0 million up from just $3.0 million in the third quarter of last year. In total, the firm reported revenue of $100.0 million for the three-month period, an increase of 77%.

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