Cubist Pharmaceuticals Inc. reported on Thursday its first quarter 2008 net income was $17.9 million or 26 cents a share.
Last year the company posted earnings of $5.6 million or 10 cents a share. Analysts forecasts averaged from 27 to 28 cents a share before special items on revenue of $86.6 million, Reuters noted.
Revenue rose 48 percent to $88.3 million mainly trigged by sales of its antibiotic Cubicin which contributed with $87.9 million.
Sales of Cubicin rose 48 percent despite of an announcement earlier this month where Cubist warned its antibiotic injection administrated with a pump was contaminated with a chemical. The company said the chemical was related to the pump manufactured by Cardinal Health Inc. rather than the drug.
Cubist stated its net earnings included a one-time write-off asset of $2.3 million to build a new laboratory. Excluding this charge the company earned 34 cents a share.
Cubist shares closed 1 cent down at $20.87 Thursday in Nasdaq.