May 4, 2011 / 11:49 AM / 6 years ago

UPDATE 1-Spectrum Pharma Q1 results blow past expectations

1 Min Read

* Q1 EPS $0.23 vs est $0.08

* Q1 rev quadruples to $44 mln (Follows alerts)

May 4 (Reuters) - Spectrum Pharmaceuticals' quarterly profit blew past Wall Street expectations as sales of its cancer drugs Fusilev and Zevalin rose.

First-quarter net income was $13 million, or 23 cents per share, compared with a loss of $39 million, or 80 cents per share, a year ago.

Revenue rose four-fold to $44 million. Revenue from Fusilev rose to $35 million, while Zevalin sales rose to $6 million.

Fusilev is used for treatment of patients with advanced metastatic colon cancer while Zevalin is used for treatment of lymphatic cancer.

Analysts on average had expected earnings of 8 cents a share, on revenue of $30.5 million, according to Thomson Reuters I/B/E/S.

Spectrum shares were trading up 3 percent at $9.40 in pre-market trading. They closed at $9.11 on Tuesday on Nasdaq. (Reporting by Kavyanjali Kaushik in Bangalore; Editing by Don Sebastian)

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