Spectrum Pharmaceuticals Inc., an Irvine cancer drug maker, said Monday that it posted a fourth-quarter profit on a onetime gain.
The company swung to a $10.2 million profit from an $8.9 million loss a year earlier. Analysts expected Spectrum to lose $7.4 million in the quarter.
Spectrum said its results included a $19.8 million onetime gain after the company reclassified stock warrants as liabilities instead of as equity.
The drug maker issued the warrants as part of stock offerings in 2005 and 2009.
Fourth-quarter revenue was up 7% to $8.6 million, below Wall Street’s estimate of $8.9 million. Most of it, $5.1 million, came from Zevalin, Spectrum’s drug that treats non-Hodgkin’s lymphoma, a blood cancer.
Spectrum also received a $1.9 million license payment from fellow Irvine drug maker Allergan Inc.
Allergan and Spectrum are collaborating on EoQuin, a bladder cancer drug candidate.
The drug maker didn’t offer a 2010 forecast in its earnings release. Analysts expect it to lose $24.9 million on revenue of $48.4 million this year.
