Important note: Information in this article was accurate in 2002. The state of the art may have changed since the publication date.
Important note: Information in this article was accurate in 2002. The state of the art may have changed since the publication date.
Reuters NewMedia - October 23, 2002
Chiron, based in Emeryville, California, said it is stopping a late-stage clinical trial of the experimental AIDS drug but that it may try to file an application with regulators based on a subset of the trial group.
The company also said it is ceasing development of a cystic fibrosis drug and a drug for hepatitis B.
Craig Wheeler, president of Chiron BioPharmaceuticals, said the decisions were made in order to advance the company's core franchises in cancer and infectious disease.
For the third quarter, Chiron said its net income rose to $83.9 million, or 44 cents per diluted share, from $52.9 million, or 27 cents a share, a year earlier.
Revenue, including sales of Chiron's Procleix test for detecting HIV and hepatitis C in donated blood, rose 22 percent to $368.5 million.
Excluding one-time acquisition costs, Chiron's net income rose to $89 million, or 46 cents per diluted share.
On that basis, Wall Street analysts on average had expected the company to earn 42 cents a share, according to research firm Thomson First Call.
Chiron's shares, which fell 86 cents, or 2 percent, to close at $41.36 on the Nasdaq exchange, were trading lower at $40.00 after hours on Instinet.
Last week, the company raised its outlook for 2002 earnings, before one-time items by about 11 percent to between $1.25 and $1.30 per share, citing stronger-than-expected sales.
On Wednesday the company said it expects 2003 earnings per share, before one-time items, to be between $1.40 and $1.50 on total revenue of $1.4 billion to $1.5 billion. Product revenue for the year was projected at $1 billion to $1.1 billion.
The current First Call estimate is for the company to earn $1.42 a share next year.
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