21 January 2003 14:47 [Source: ICIS news]
HOUSTON (CNI)--American Pharmaceutical Partners (APP) said Tuesday it is raising its estimated fourth quarter earnings/share (eps) more than 50% on strong demand and higher margins.
The Los Angeles, California-based specialty drug company said a preliminary review of fourth quarter and 2002 results showed estimated fourth quarter eps will be in the 33-37 cent range with full year eps in the 86-90 cent range compared to the company's earlier fourth quarter eps forecast of 21 cents and 2002 eps of 73 cents.
Said APP in a statement: "The company attributes these results to strong demand for recently launched, higher margin products combined with the leverage of fixed production and other costs over higher product volumes."
APP said its auditors must review its results.
The company plans to report 2002 results 26 February.
American Pharmaceutical Partners develops, manufactures and markets injectable pharmaceutical products, focusing on the oncology, anti-infective and critical care markets. It has more than 120 generic products in more than 350 dosages.
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