MedImmune's Beat Quarter Sends Shares Higher

MedImmune Inc. reported that its 1Q07 profit more than tripled on increased sales of its respiratory drug Synagis. MedImmune posted a net profit of $160 million ($0.66/share), compared with EPS of just $0.18 a year ago. Sales were $574.8 million, up from $498 million last year. Analysts polled by Thomson Financial were looking for EPS of $0.57 on revenue of $553.5 million; Reuters consensus estimates projected EPS of $0.56. Worldwide sales of Synagis (palivizumab) grew 9% to $507 million, up from $463 million last year. MedImmune agreed last month to be bought by AstraZeneca for more than $15 billion. Shares climbed $0.82 (1.45%) to $57.50 after hours. MedImmune canceled its planned conference call because of the takeover plans.

Sources: Press Release, AP, MarketWatch, Reuters,
Commentary: AstraZeneca to Buy MedImmune for $15.6 Billion • AstraZeneca's MedImmune Acquisition Should Receive Regulatory Approval • Valuing Sepracor Through Astra-Zeneca's MedImmune Goggles
Stocks/ETFs to watch: MedImmune, Inc. (MEDI), AstraZeneca (AZN). Competitors: Amgen (AMGN), Genentech, Inc. (DNA). ETFs: iShares Dow Jones US Pharmaceutical Indx (IHE), Pharmaceutical HOLDRS (PPH), Vanguard Health Care ETF (VHT)
Conference call transcripts: MedImmune Q4 2006 Earnings Call Transcript
Related: MedImmune Investor Relations

Seeking Alpha's news briefs are combined into a pre-market summary called Wall Street Breakfast. Get Wall Street Breakfast by email -- it's free and takes only seconds to sign up.