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Pharmacyclics Turns To Profit In Q1 - Quick Facts

Pharmacyclics Inc. (PCYC: Quote) reported that its first-quarter GAAP net income was $75.6 million, or $1.02 per share, compared to GAAP net loss of $14.5 million, or $0.21 loss per share in the year ago quarter.

The non-GAAP net income for the fiscal quarter was $78.8 million or $1.06 income per share, compared to a non-GAAP net loss of $12.4 million, or $0.18 per share last year.

Revenue for the quarter was $102.7 million, compared to $37,000 last year, an increase of approximately $102.7 million.

Revenue for the latest quarter consisted primarily of $100 million of license and milestone revenue due to the Company's achievement of two clinical milestones in connection with the Company's collaboration and license agreement with Janssen Biotech, Inc.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.75 per share on revenues of $87.64 million for the quarter. Analysts' estimates typically exclude special items.

by RTT Staff Writer

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