MGI Pharma moves into loss for 2nd-qtr

MGI Pharma, a US biopharmaceutical firm focused on oncology and acute care, has reported total revenue for second-quarter 2006 of $87.2 million, up 30% on the like 2005 period. On a Generally-Accepted Accounting Principles basis, net loss for the reporting period was $19.4 million, or $0.25 per diluted share, compared with net quarter of last year.

"The second quarter was highlighted by multiple pipeline-related accomplishments," said chief executive Lonnie Moulder. "Of primary significance, we received Food and Drug Administration approval for Dacogen (decitabine) in early May, and initiated commercial activities shortly thereafter. We are very pleased with clinician reception to Dacogen's initial presence in the marketplace and are now working with Janssen Cilag to make this important product available to patients and clinicians in territories outside of North America," he added.

Net product sales increased 32% to $86.2 million, driven primarily by higher turnover of Aloxi (palonosetron HCl) injection, the inclusion of revenues for Gliadel Wafer (polifeprosan 20 with carmustine implant) and Aggrastat (tirofiban HCl) injection following the 2005 acquisition of Guilford Pharmaceuticals and the commercial launch of Dacogen for injection. During the quarter, US sales of Aloxi totaled $67.4 million compared to $60.8 million in the second quarter of 2005. Turnover of Dacogen was $5.2 million and consisted primarily of stocking orders from wholesalers and specialty distributors following receipt of FDA approval on May 2. Sales of Gliadel totaled $8.4 million compared to $8.5 million for the second quarter of 2005, a period prior to the acquisition of Guilford.