UPDATE 1-Oscient Pharma shrs fall on weak Q1 revenue view
(Recasts; adds details, CEO comment from statement)
April 16 (Reuters) - Oscient Pharmaceuticals Corp OSCI.O forecast disappointing first-quarter revenue, sending its shares down 25 percent.
The company, however, said it remained on track to meet its revenue outlook of $96 million to $103 million from cholesterol drug Antara and antibiotic Factive in 2008.
"While quarterly revenue fluctuates due to the timing of shipments and wholesaler buying patterns, as well as the seasonality of Factive, we remain on track to achieve our previously provided 2008 guidance," Chief Executive Officer Steven Rauscher said in a statement.
For the quarter, the pharmaceutical company said it expects to post revenue of about $18.5 million, with more than two-thirds coming from the sales of Antara.
Two analysts were expecting revenue of $27.9 million for the period according to Reuters Estimates. For 2008, analysts expecting revenue of $106.6 million.
Shares of the company were trading down nearly 64 cents at $2.18 in morning trade on Nasdaq. (Reporting by Aradhana Aravindan in Bangalore; Editing by Anil D'Silva)
