Sciele Pharma (SCRX) Announces Exclusive Zovirax Promotional Agreement with Biovail (BVF); Guides Higher for FY07
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Sciele Pharma, Inc. (NASDAQ: SCRX) announced that it has entered into a promotional agreement, which has an initial term of five years, with an affiliate of Biovail Corporation (NYSE: BVF) to provide promotional support for Zovirax in the United States. Zovirax is a topical form of the drug acyclovir, which is used in the treatment of Type I and Type II herpes simplex viruses.
The Company expects the agreement to be immediately accretive and is increasing its revenue guidance for full-year 2007 to $335 million to $350 million, a $10 to $15 million increase from its previously announced guidance. (Current consensus is $331.57 million for FY07 revenues)
The Company also is increasing its full-year 2007 earnings per share guidance to $1.53 to $1.62 per share, an increase of $0.08 to $0.12, from its previously announced guidance. (Current FY07 EPS consensus is $1.48)
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