Pharmacyclics Results Top Estimate

(RTTNews) - Pharmacyclics Inc (PCYC) Tuesday reported third-quarter net earnings of $41.4 million or $0.53 per share compared with $42.3 million or $0.55 per share last year.

Excluding items, adjusted earnings for the quarter were $0.69 per share compared with $0.09 per share a year ago.

Revenues for the quarter were $207 million compared with $79 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.37 per share on revenues of $201.5 million for the quarter. Analysts' estimates typically exclude special items.

"The third quarter represented a continuation of substantial progress, both financially and operationally, for Pharmacyclics. Our strong results, highlighted by a significant lift in Imbruvica product revenue and demand, led to our first quarter of profitability as calculated under our worldwide collaboration and license agreement with Janssen Biotech," said Bob Duggan, CEO of Pharmacyclics.

"With the recent approval of Imbruvica in Europe, our product now is available to patients throughout the 28 EU member states through Janssen, who is advancing the worldwide commercialization of Imbruvica. We are very pleased with our quarterly progress and see a growing demand for Imbruvica as a novel therapy for patients with certain blood cancers."