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news.OSI Pharmaceuticals has reported that total revenues from continuing operations increased 77% from $57 million for the third quarter of 2006 to $100 million for the same period in 2007.
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The Melville, New York-based company reported a net income from continuing operations of $35.9 million for the three months ended September 30, 2007, compared with net income from continuing operations of $159,000 for the Q3 of 2006.
OSI attributed its rise in revenues to increased sales of Tarceva, the cancer drug co-marketed with Genentech. Net revenues from the unconsolidated joint business for Tarceva were $42 million, compared to $40 million in the third quarter of 2006. The company also received royalties of $25 million compared to $14 million in the third quarter of 2006 from Roche, OSI’s international partner for Tarceva.
OSI also reported license, milestone and other revenues of $33 million compared with $3 million in the third quarter of 2006. The increase is primarily related to worldwide non-exclusive licensing agreements under the company’s DP-IV patent portfolio, the company said.