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NPS Pharmaceuticals shares rise on 2Q profit
NPS Pharmaceuticals shares rise on 2nd-quarter profit, boosted by licensing, royalty fees
August 08, 2008: 01:10 PM EST
NEW YORK (Associated Press) - Shares of drug developer NPS Pharmaceuticals jumped Friday after the company reported a second-quarter profit on a mix of licensing and royalty fees.
The stock jumped 63 cents, or 11.9 percent, to $5.99 in afternoon trading. Shares have traded between $3.45 and $6.36 over the past 52 weeks.
For the quarter ended June 30, the company earned $1.2 million, or 3 cents per share, compared with a loss of $14.8 million, or 32 cents per share, during the same period a year earlier. Revenue rose to $27 million from $13.1 million on increased license and royalty fees.
Analysts polled by Thomson Financial expected a loss of 17 cents per share on revenue of $27 million.
During the quarter, the company said revenue gained from licensing fees from Nycomed for Gattex, which is designed to treat short bowel syndrome, a condition that prevents patients from absorbing nutrients from food. Also, it received royalty revenue on sales of Amgen Inc.'s hyperparathyroidism drug Sensipar. Top of page