Medicis Pharmaceutical Corp. (MRX: Quote) Wednesday reported a decline in profit for the second quarter, due mainly to higher operating expenses.
The Scottsdale, Arizona-based company's second-quarter net profit was $14.93 million or $0.24 per share, compared to $28.78 million or $0.43 per share last year.
Adjusted income for the quarter dropped to $33.29 million or $0.52 per share from $45.99 million or $0.68 per share in the prior-year quarter.
On average, 19 analysts polled by Thomson Reuters expected the company to earn $0.46 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter grew to $196.55 million from $190.83 million in the prior-year quarter. Seventeen analysts had a consensus revenue estimate of $190.96 million for the quarter.
Looking ahead, the company expects third quarter adjusted earnings in the range of $0.41 to $0.58 per share. Revenues for the third quarter are anticipated in the range of $185 million to $200 million. Analysts currently expect the company to earn $0.78 per share for the quarter, with revenues of $221.95 million.
Adjusted earnings for the fourth quarter are expected to range between $0.72 and $0.95 per share. Revenues for the fourth quarter are anticipated in the range of $216 million to $235 million.
The company expects full-year 2012 adjusted net income in the range of $2.25 to $2.65 per share. Revenues for the year are projected in the range of $800 million to $834 million. Analysts currently expect earnings of $2.74 per share for the year, with revenues of $846.41 million.
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by RTT Staff Writer
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