ICOS (ICOS) Up on European Filing of Once-a-Day Cialis; Expects Significant Acceleration of Earnings in 07/08
Late Wednesday, ICOS Corporation (Nasdaq: ICOS) announced that Lilly ICOS LLC, its joint venture with Eli Lilly and Company (NYSE:LLY), submitted a regulatory filing for marketing approval to the European Medicines Agency for Cialis 2.5 mg and 5 mg once-a-day dosing to treat erectile dysfunction. Lilly ICOS plans to file in the United States and Canada later in 2006. If approved, the first launches could occur in late 2007.
On May 4, 2006, ICOS stated its expectation that 2006 worldwide Cialis product sales would be around $900 million, and Lilly ICOS' 2006 net income would be near the upper end of the $210 million to $240 million range previously communicated. The Company also indicated that it expected ICOS' 2006 full year GAAP net loss to be near the low end of the $5.0 million ($0.08 per share) to $25.0 million ($0.39 per share) net loss range that it had previously communicated.
ICOS Corporation currently expects its 2007 fully-taxed net income to be in the range of $35 million ($0.53 per diluted share) to $45 million ($0.68 per diluted share). For 2008, ICOS Corporation's fully-taxed net income is presently expected to be in the range of $85 million ($1.23 per diluted share) to $100 million ($1.45 per diluted share).
Shares of ICOS are trading 8.45% higher in pre-open action Thursday to $21.82.
On May 4, 2006, ICOS stated its expectation that 2006 worldwide Cialis product sales would be around $900 million, and Lilly ICOS' 2006 net income would be near the upper end of the $210 million to $240 million range previously communicated. The Company also indicated that it expected ICOS' 2006 full year GAAP net loss to be near the low end of the $5.0 million ($0.08 per share) to $25.0 million ($0.39 per share) net loss range that it had previously communicated.
ICOS Corporation currently expects its 2007 fully-taxed net income to be in the range of $35 million ($0.53 per diluted share) to $45 million ($0.68 per diluted share). For 2008, ICOS Corporation's fully-taxed net income is presently expected to be in the range of $85 million ($1.23 per diluted share) to $100 million ($1.45 per diluted share).
Shares of ICOS are trading 8.45% higher in pre-open action Thursday to $21.82.
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