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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)