Cubist Pharmaceuticals, Inc. (CBST: Quote) Wednesday reported a higher profit for the first quarter as revenues increased 30 percent.
The Lexington, Massachusetts-based company reported a first-quarter net profit of $32.79 million or $0.45 per share, compared to $22.59 million or $0.34 per share last year.
Adjusted net income for the quarter rose to $66.31 million or $0.82 per share from $41.20 million or $0.54 per share in the prior-year quarter.
On average, 14 analysts polled by Thomson Reuters expected the company to earn $0.44 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter grew 30 percent to $211.69 million from $162.53 million in the prior-year quarter. Fourteen analysts had a consensus revenue estimate of $209.42 million for the quarter.
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by RTT Staff Writer
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