Sepracor Reports $45M Profit, Raises Expectations
Marlborough-based drug maker Sepracor Inc. reported a second quarter profit plunge from $380 million a year ago to $44.9 million as of the end of June this year.
The company, which makes the sleep drug Lunesta, said the profit decline was the result of a gain from an income tax benefit related to deferred tax assets during the second quarter of 2008. Excluding the tax benefit and a charge related to research and development, the company's profit for the second quarter of 2008 was $7.5 million.
Revenue for the quarter increased 11 percent to $362.2 million, $151.3 million of which was brought in by sales of Lunesta. For the first half of the year, revenue increased 7 percent to $656.4 million. Profit for the half decreased from $388 million in 2008 to $80 million.
The company said it expects revenue for the year between $1.22 billion and $1.27 billion. The company's previous earnings guidance was for between $1.15 billion and $1.25 billion.
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