Earnings Call Excerpt
OSI Pharmaceuticals Inc. (OSIP)
Q1 2008 Earnings Call
May 06, 2008 5:00 pm ET
Executives
Kathy Galante - Head of IR and PR
Colin Goddard - CEO
Mike Atieh - CFO
Gabe Leung - EVP and President of Oncology
Analysts
Terry Coyne - J.P. Morgan
Maged Shenouda - UBS
Joel Sendek - Lazard Capital Markets
May-Kin Ho with Goldman Sachs
Nick Abbott - Lehman Brothers
Han Li - Stanford Group
Mike King - Rodman & Renshaw
Jason Kantor - RBC Capital Markets
Presentation
Operator
Welcome to today's OSI Pharmaceuticals first quarter 2008 financial results conference call. Just as a reminder, this call is being recorded. A telephone replay will be available from 7 PM Central Time today through midnight March 6 by dialing 888-203-1112; alternatively it is 719-457-0820, with a passcode of 9608247.
Now at this time it's my pleasure to turn the conference over to Kathy Galante, Senior Director of Investor Relations. Ms. Galante. Please go ahead.
Kathy Galante
Thank you. Good afternoon and welcome to our first-quarter earnings call. Joining me today I have Colin Goddard, our Chief Executive Officer, Mike Atieh, our Chief Financial Officer, and Gabe Leung, President of our Oncology business, and Anker Lundemose, President of our Diabetes and Obesity business.
We will begin with Mike, who will provide you with a summary of the financial results, after which Colin will come back and discuss corporate development in our oncology and diabetes obesity programs.
Before we begin, I would like to remind you that we will be making forward-looking statements relating to the financial results and clinical and regulatory development on the call today. These statements cover many events that are outside of OSI's control, and are subject to various risks that could cause the results to differ materially from those expressed in any forward-looking statement. I refer you to our SEC filings for a detailed description of the risk factors affecting our business.
Now over to Mike.
Mike Atieh
Thank you, Kathy. Good afternoon, everyone. This afternoon we reported that net income from continuing operations for the first quarter increased 61% to $32 million, or $0.52 per share, compared to $20 million, or $0.33 per share, a year ago. Total revenues rose to $91 million, an increase of 17%, driven by a 39% increase in Tarceva-related revenues, offset by lower levels of revenue related to business development activities and our DP-IV patent estate. I will discuss these results in more detail, starting with revenues.
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