Boston, MA 02/19/2013 (wallstreetpr)- Pharmacyclics, Inc (NASDAQ:PCYC) has been working in collaboration with Johnson & Johnson (NYSE:JNJ) on Ibrutinib, the leukemia and mantle cell lymphoma treatment drug. Late 2014 would see the launch of the very first drug that the company would be selling if it gets market approved by FDA.
In 2012, FDA had launched a breakthrough therapy program which made speedy approval possible for drugs that were deemed fit to be categorized as significantly better treatments for existing life-threatening or serious diseases.
The breakthrough announcement that Pharmacyclics, Inc (NASDAQ:PCYC) made sent its shares skyrocketing last Friday and its shares touched an all-time high as it closed at $87, up by $6.79, which was a phenomenal rise of 8.5%. A 24 % surge over three days and the company is looking forward to sales touching $158 million by 2015.
Pharmacyclics, Inc (NASDAQ:PCYC) quarterly results were reported last week and it had seen a dip of 56 cents per share from the 78 cents. Its earnings had taken a downturn from $56.3 million to $41.9 million over the last 3 months. This was primarily because it saw a reduction in the licensing payments that it received from companies such as Johnson & Johnson (NYSE:JNJ) and Novo Nordisk A/S (ADR) (NYSE:NVO) as well as an increase in research and development costs.
The company saw its net income almost tripling to $117.5 million, an increasing by $1.58 per share. Its revenue close to doubled when it hit $160.7 million up from $77.9 million. The company will also be switching from the June ending fiscal year to the December ending one.
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