IRVINE, Calif. (AP) – Eye drug maker Ista Pharmaceuticals Inc. said it expects greater income in 2012 as its sales improve.
The company expects adjusted cash income of 28 cents to 36 cents per share on revenue of $180 million to $195 million. On average, analysts expect Ista to report a profit of 41 cents per share in 2012, with $195.7 million in revenue.
Ista also said it continues to expect a profit in 2011 on revenue of at least $160 million. In November it forecast an adjusted profit of at least 10 cents per share on $160 million to $175 million in revenue. Analysts expect a profit of 10 cents per share on revenue of $161.8 million.
Most of Ista’s revenue comes from sales of Bromday, a once-per-day eye drop for patients recovering from cataract surgery. The company said that during the first half of 2012, it expects to file for marketing approval of a new, lower-concentration version of Bromday called Prolensa. Ista wants to market Prolensa as a treatment for postoperative inflammation and eye pain after cataract surgery.
The company also expects greater sales of its drug Bepreve in 2012. Bepreve is used to treat itching associated with allergic conjunctivitis.
Ista said it is continuing to review its strategic options. Valeant Pharmaceuticals International Inc. has offered to buy the company for $314 million, or $6.50 per share. Ista has twice rejected the offer. Valeant said in December that it is willing to raise the offer if Ista will start negotiating, and gave Ista until the end of January to accept the bid.
Date: January 1, 2012
Source: Associated Press