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The Frazer, Pennsylvania based company's net income attributable to Cephalon declined to $102.72 million or $1.31 per share from $105.59 million or $1.34 per share in the year-ago period.
Adjusted net income attributable to Cephalon increased 36% to $126.70 million or $1.62 per share from $92.90 million or $1.18 per share in the year-ago period.
On average, twenty three analysts polled by Thomson Reuters expected the company to report earnings of $1.41 per share. Analysts' estimates typically exclude special items.
The company recorded an income tax income tax expense of $42.67 million during the quarter, while the recording a benefit of $66.11 million in the year ago quarter.
Revenues for the quarter were $549.41 million, an increase of 9% from $498.48 million in the year-ago period. Twenty two Wall Street analysts estimated revenues of $559.10 million for the quarter.
Net sales as a part of revenues increased to $535.22 million from $$489.66 million during the comparable period the year earlier. Net sales in the United States increased to $440.41 million from $396.93 million, while net sales in Europe increased to $94.80 million from $92.72 million in the prior year period.
Business segment-wise Central nervous system or CNS franchise net sales were higher at $291.88 million, compared with $273.67 million last year. Oncology net sales increased to $83.06 million from $52.43 million a year-ago. Other net sales declined to $44.01 million from $46.35 million in the previous year quarter, Pain franchise reported a net sales of $116.25 million, down from $117.20 million a year-ago.
Cephalon's other revenues increased to $14.18 million from $8.81 million in the year-ago period.
The company's costs and expenses declined to $390.74 million from $441.69 million in the year-ago period as cost of sales declined to $90.45 million from $121.47 million, selling, general and administrative expenses declined to $194.07 million from $222.95 million, and restructuring charges declined to $1.06 million from $1.49 million last year.
Research and development expenses for the quarter increased to $99.15 million from $88.32 million in the prior year period. There was no settlement reserve for the current quarter, while there was a settlement reserve of $7.45 million in the year-ago period. Also, acquired in-process research and development for the quarter was $6.0 million, while there was none in the year-ago quarter.
The company's other expenses increased to $20.89 million from $17.29 million in the prior year period.
The company also reported the appointment of Bob Repella as senior vice president, U.S Pharmaceutical Operations. Prior to joining Cephalon, Repella was executive vice president and general manager of the Biopharma Business Unit for Wyeth Pharmaceuticals. He served Wyeth in various senior roles in both marketing and sales. In his role at Cephalon, Repella will manage all aspects of the company's U.S. pharmaceutical and commercial operations, including sales, marketing, and health care systems for the its U.S. product portfolio.
Cephalon updated its guidance for 2009. Total net sales is now expected in the range of $2.125 - $2.175 billion. Adjusted net income guidance remains unchanged at $457 - $464 million. Basic adjusted income per common share guidance also remains unchanged at $6.30 - $6.40.
Analysts currently expect earnings of $5.70 per share, on revenues of $2.22 billion for the year.
The company also provided its 2010 net sales guidance in the range of $2.325 - $2.400 billion, which includes CNS franchise net sales of $1.180 - $1.220 billion, pain franchise net sales of $535 - $570 million, oncology franchise net sales of $400 - $430 million, and other product net sales of $200 - $220 million.
The Street anticipates revenues of $2.43 billion for the year.
R&D and SG&A guidance for 2010 are $470 - $490 million and $840 - $860 million, respectively.
Additionally, Cephalon is introducing adjusted net income for 2010 of $495 - $510 million, representing a growth of about 9% over its 2009 guidance and adjusted net income per common share guidance of $6.50 - $6.70.
Year-to-date, the net income attributable to the company increased to $246.06 or $3.17 per share from $187.93 or $2.49 per share in the year-ago period.
Year-to-date adjusted net income attributable to Cephalon increased to $338.5 million or $4.36 per share from $252.96 million or $3.35 per share in the year-ago period.
Revenues for the nine months ended September 30, increased to $1.617 billion from $1.434 billion in the year-ago period.
CEPH closed Monday's regular trade at $54.75, up $1.16 or 2.16%, on the Nasdaq. In after hours, the stock gained $0.75 or 1.37%.
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