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news.Myriad Genetics has posted total revenues of $166.8 million for the fourth quarter of fiscal 2008, compared with $45.5 million for the fourth quarter of fiscal 2007.
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Net income for the fourth quarter was $65.5 million, compared with a net loss of $7.8 million in the fourth quarter last year. Earnings per share for the fourth quarter of fiscal 2008 was $1.47 basic and $1.40 fully diluted, compared with a $0.18 loss per share from the fourth quarter of fiscal 2007.
Total revenues for fiscal 2008 were $333.6 million, compared with $157.1 million reported for fiscal 2007. This 112% increase in total revenues for fiscal 2008 included a one-time $100 million up-front license payment from Lundbeck for European marketing rights to Flurizan.
For the fiscal year ended June 30, 2008, net income was $47.8 million, compared with a net loss of $35 million in fiscal 2007. Earnings improved to $1.08 per basic and $1.02 fully diluted share, compared with a loss of $0.85 per share for fiscal 2007.
Peter Meldrum, president and CEO of Myriad Genetics, said: “As the global leader in molecular diagnostics, we are continuing to expand our product portfolio and customer base. This exciting industry has the potential to save lives, guide the healthcare management of patients and reduce overall healthcare costs.”