Icos sees Cialis sales at least $1.1 bln in 2007
December 14, 2006

NEW YORK, Dec 14 (Reuters) - Icos Corp. (ICOS.O: Quote, Profile , Research), shareholders of which will vote next week on a pending takeover by drug maker Eli Lilly and Co. (LLY.N: Quote, Profile , Research), on Thursday forecast sales of its Cialis erectile dysfunction drug reaching at least $1.1 billion next year.

Icos also projected 2007 net income of between $52 million and $63 million, or between 78 cents per share and 94 cents per share, on a fully taxed basis. Analysts, on average, have expected 2007 earnings of 72 cents per share, according to Reuters Estimates.

The forecast comes as at least one big Icos shareholder has said Lilly's offer of about $2.1 billion, or $32 per share, undervalues Icos. The deal would give Lilly full ownership of Cialis, which the companies currently market together.