Salix Pharmaceuticals Ltd. (SLXP) Thursday said first-quarter profit increased to $22.4 million or $0.35 per share from $10.0 million or $0.15 per share in the same period last year.
Adjusted earnings for the quarter was $40.1 million or $0.63 per share. On average, seven analysts polled by Thomson Reuters expected the company to earn $0.68 per share for the quarter. Analysts' estimates typically exclude special items.
Product revenues totaled $202.6 million, up 18 percent from $171.1 million last year. Analysts expected revenues of $205.94 million.
Gross margin improved to 83.7 percent from 80.0 percent last year.
Looking ahead, the company expects to report full-year earnings of $3.37 per share, with adjusted earnings of approximately $3.93 per share. Revenues are projected at about $920 million.
Analysts, based on consensus, currently expect the company to earn $3.36 per share on revenues of $917.90 million for 2013.
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