Shares of Spectrum Pharmaceuticals Inc., an Irvine drug maker, were up nearly 25% at close of trading after reporting a profitable second quarter.
Spectrum, which counts a market value of nearly $60 million, posted an operating profit of $10.7 million, the first in its history. A year earlier, Spectrum lost $6.25 million.
Analysts had expected the company to lose about $10.7 million.
Spectrum’s revenue surged fivefold to $20.7 million, primarily through its sale of the rights to sumatriptan and other injectable generic drugs to New Jersey-based Par Pharmaceutical Cos. in May.
Wall Street did not issue a revenue estimate.
Spectrum also said it had cash on hand of about $60 million at the end of the quarter, and that it could advance some of its highest-priority projects without raising capital.
The drug maker also confirmed that it was launching its new Fusilev drug for bone cancer on Friday.
Spectrum didn’t offer an outlook for the current quarter.
