Pharmacyclics Swings To Q2 Profit

(RTTNews) - Pharmacyclics Inc. (PCYC) Wednesday reported second-quarter net income of $12.4 million or $0.16 per share, compared to net loss of $16.9 million or $0.24 per share last year.

Adjusted net income for the quarter was $19.2 million or $0.25 per share, compared to net loss of $15.1 million or $0.22 per share last year.

Revenues for the quarter soared to $54.7 million from $2.1 million last year.

The revenue surge was primarily due to the company earning a $50 million milestone payment under its collaboration and license agreement Janssen Biotech Inc.

Analysts polled by Thomson Reuters expected the company to report loss of $0.07 per share on revenues of $52.0 million for the quarter. Analysts' estimates typically exclude special items.