Biotech firm MedImmune issued bullish earnings guidance on Monday, saying first-quarter profit is likely to triple from the same period last year, helped by higher sales of its respiratory drug Synagis.
The Gaithersburg, Md.-based company said it expects quarterly earnings in a range of 62 cents to 67 cents a share, up from 23 cents a year earlier. The analysts' consensus earnings estimate was 50 cents a share, according to Thomson Financial.
MedImmune said first-quarter sales are expected to rise by 11% to 12%, with net sales growth of 9% to 10% for Synagis.
Health experts are warning that this spring could be the worst allergy season in decades in some parts of the country, CNBC's Mike Huckman reported on Monday.