Irvine drug maker Spectrum Pharmaceuticals Inc. said Tuesday it expects fourth-quarter revenue to come in at nearly twice as much as analysts had been expecting.
Spectrum’s shares closed up 8% Tuesday to a market value of $352 million.
The drug maker said its fourth-quarter revenue could come in at more than $33 million, compared to Wall Street’s expectation of $16.3 million.
Spectrum said the boost was helped by strong sales of its two cancer drugs, Zevalin and Fusilev.
The drug maker said it achieved its Zevalin sales target of $27 million to $29 million for 2010.
The drug maker’s fourth-quarter and 2010 results are due in mid-March.
The majority of Spectrum’s revenue comes from Fusilev.
Fusilev should grow if manufacturing issues persist for a generic from Teva Pharmaceuticals Industries Ltd., Ren Benjamin, an analyst with New York investment bank Rodman & Renshaw told Reuters.
Teva, an Israeli company with an Irvine operation, had faced plant contamination problems with generic leucovorin in recent years.
