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Enzon Pharmaceuticals 1Q net income jumps on sale

Drug maker Enzon Pharmaceuticals Inc. said Monday its first-quarter net income surged on the sale of its specialty pharmaceuticals unit.

During the quarter, the company completed the sale of most of its business to Italian drugmaker sigma-tau Group. The products sold include the cancer drug Oncaspar, fungal infection treatment Abelcet, meningitis drug DepoCyt, and Adagen, which is used for severe combined immunodeficiency disease, or "Bubble Boy Disease."

Enzon has said it will now focus on experimental cancer drugs and technologies.

The company earned $199.8 million, or $2.70 per share, compared with $6.2 million, or 14 cents per share, during the same period a year before. Revenue jumped to $58.2 million from $13.1 million, including revenue from the sale of R&D associated with its Adagen and Oncaspar programs as part of the sigma-tau deal.

Adjusting for the sale gain and other one-time items, the company said it lost 20 cents per share in the latest period. Analysts polled by Thomson Reuters expected a smaller loss of 15 cents per share on $19.4 million in revenue.

Shares of Enzon rose 43 cents, or 4.3 percent, to $10.50 in morning trading.