J.P. Morgan Reports Strong 1Q11 For Medicis Pharmaceutical

According to J.P. Morgan, Medicis Pharmaceutical MRX saw strong 1Q11 results. J.P. Morgan said that while Medicis reported 1Q/11 EPS of $0.50 that was roughly inline with consensus, underlying top line and EPS results were in fact well above expectations as the company recorded one-time reserves amounting to $14mm (roughly $0.13 in EPS) in the quarter. “These strong top-line results were led by Medicis' aesthetic portfolio, which is showing encouraging growth as the economy recovers. We are increasing our 2011-2014 sales and EPS estimates and raising our price target to $42 from $35.” Medicis Pharmaceutical closed yesterday at $36.37.