Business
Axcan announces record revenue of $70.6 million for the first quarter of fiscal 2006
Axcan announces record revenue of $70.6 million for the first quarter of fiscal 2006.
About this update from Trailbreaker Resources Ltd
[{"type":"text","content":"\n\n\n\n\nTSX SYMBOL (Toronto Stock Exchange): AXP\nNASDAQ SYMBOL (NASDAQ National Market): AXCA\n\n------------------------------------------------------------------------\n\n- RECORD REVENUE OF $70.6 MILLION \n\n- NET INCOME PER SHARE INCREASES TO $0.19 VERSUS $0.16 \n A YEAR EARLIER\n\n- PATIENT RANDOMIZATION FOR ITAX PIVOTAL PHASE III TRIALS\n COMPLETED\n\n------------------------------------------------------------------------\n\nMONT-SAINT-HILAIRE, QC, Feb. 9 /CNW Telbec/ - Axcan Pharma Inc. \n(NASDAQ: AXCA - TSX: AXP) today announced financial results for the first\nquarter of fiscal 2006, ended December 31, 2005 (all amounts are stated in\nU.S. dollars). Highlights for the first quarter were:\n\n- Record revenue of $70.6 million reported\n- Fully diluted income per share increased 18.8%, compared to the same\n period a year earlier\n- Patient randomization for both ITAX Phase III trials is now\n completed\n\nTotal revenue for the three months ended December 31, 2005, was\n$70.6 million, compared with $61.6 million for the first quarter of fiscal\n2005, an increase of 14.6%.\nNet income for the first quarter of 2006 was $9.2 million, compared with\nnet income of $7.8 million for the corresponding 2005 period. Diluted income\nper share for the first quarter of 2006 was $0.19, versus diluted income per\nshare of $0.16 for the same period in 2005. This was the first quarter that\nstock-based compensation was expensed, which had a negative impact on income\nper share of $0.02 for this quarter.\n\"As we begin fiscal 2006, we are pleased with the progress we have made\nso far. Our record revenues reflect the strength of our current product\nportfolio. We estimate that increases in wholesaler inventory levels\npositively impacted our revenue by less than $1.5 million, which confirms our\nprevious assumptions that wholesaler inventory levels have stabilized in our\ncurrently desired eight-to-twelve-week target range,\" stated Frank Verwiel,\nM.D., President and Chief Executive Officer of Axcan.\n\"On the research and development front, we reached another important\nmilestone by completing randomization for the Itopride North American pivotal\nPhase III trial with more than 600 patients randomized in this study,\" Dr.\nVerwiel concluded.\n\nPRODUCT DEVELOPMENT PIPELINE UPDATE\n\nAn update on Axcan's major projects follows:\n\nITAX...