| Icos
Shares Shed 15%
August 06,
2003
Shares of Icos (ICOS:Nasdaq -
commentary - research) dropped sharply Wednesday,
a delayed response to the company's second-quarter
earnings report issued Tuesday after market
had closed.
The stock lost 15.8%, or $6.25,
to close at $33.24. The stock had dropped as
low as $31.92 for the Bothell, Wash.-based company,
which is betting on a new impotence
treatment, Cialis, to propel its sales.
The drug was launched in the European Union
during the first quarter. Icos and its joint
venture partner Eli Lilly (LLY:Nasdaq - commentary
- research) are still awaiting approval from
U.S. regulators. The companies expect U.S. approval
by the end of this year.
Icos's shares dropped apparently
due to investors' concerns that the costs of
making and marketing Cialis will cause a greater-than-expected
loss for the company in 2004.
Icos reported that its 50% share
of the joint venture rose to $20 million for
the second quarter compared with $17 million
for the same period last year. Expenses for
the three months ended June 30 nearly doubled
-- to $65.1 million from $34 million -- compared
with the same period last year.
For the second quarter, total
Icos sales rose to $26.7 million from $22 million
for the same period last year. The company's
loss shrank to $11.5 million, or 19 cents a
share, from $40.4 million, or 66 cents a share.
source:-http://www.thestreet.com
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