SciClone 2013 profit forecast tops 2012 view
FOSTER CITY, Calif. (AP) — SciClone Pharmaceuticals Inc.'s profit forecast for 2013 topped its 2012 view, as the company said Monday it had taken steps taken in the second half of last year to improve its performance.
The Foster City, Calif., company forecast 2013 adjusted earnings of 66 cents to 72 cents per share, not counting employee stock-based compensation. The company in November predicted that 2012 adjusted per-share earnings would be 62 cents to 68 cents, down from a previous outlook of between 72 cents and 78 cents per share.
The company's 2013 revenue forecast was $150 million to $155 million, slightly lower than its outlook of $152 million to $157 million for 2012. The company also cut its 2012 sales outlook in November.
The company will report its fourth-quarter and full-year results in early March.
SciClone's main product is Zadaxin, used in the treatment of hepatitis and certain cancers. It also markets drugs designed by other companies, mainly in China.
The company said it recruited high-level executives with management experience at multinational pharmaceutical companies to help its China operation, and it strengthened its sales and marketing for Zadaxin and other products.
Company shares rose 8 cents, or 1.7 percent, to $4.90 in Monday morning trading. The stock has dropped about 17 percent in the past three months.