Cubist Pharmaceuticals Inc. (CBST), Thursday reported a sharp decline in first-quarter net income to $6 million or $0.09 per share from $32.8 million or $0.45 per share last year.
Excluding items, adjusted earnings for the quarter were $0.34 per share, compared to $0.55 per share a year ago.
Revenues for the quarter were up 9% at $230 million, compared to $211.7 million a year ago.
Analysts polled by Thomson Reuters estimated earnings of $0.31 per share on
revenues of $243.55 million for the quarter. Analysts' estimates typically exclude special items.
Results were hurt by operating expenses that escalated to $220 million from $151.7 million last year, due mainly to an increase in research costs.
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