Pharma firm Algeta Q2 results beat forecasts

OSLO Wed Aug 28, 2013 1:12am EDT

OSLO Aug 28 (Reuters) - Norway's Algeta, which has developed a novel prostate cancer drug with Germany's Bayer , reported earnings ahead of forecasts on Wednesday and said it received the next milestone payment on its key drug.

Algeta said its swung to a pre-tax profit of 277 million Norwegian crowns ($46.02 million)from a 31 million crown loss a year earlier, beating expectations for 262 million.

Algeta's earnings include a one-off payment of 50 million euros from partner Bayer.

The firm said that sales of Xofigo, its key product, have begun but it would not provide a guidance on expected sales. ($1 = 6.0187 Norwegian krone) (Reporting by Balazs Koranyi)