Cubist slides on below-consensus Cubicin increase, reduced sales forecasts
This article was originally published in Scrip
Executive Summary
Cubist Pharmaceuticals reported $266m in total net revenues for the third quarter of 2013, which was a 12% increase from $238.2m during the same period in 2012. Third quarter US sales for the antibiotic Cubicin (daptomycin) for gram-positive infections increased 10% from $208.3m to $229.9m, but revenue from the company's highest-grossing product missed Needham's $237m forecast and the market consensus estimate of $236m.