Cubist Pharmaceuticals Bid Higher on Earnings Results

Shares of Cubist Pharmaceuticals CBST are bid higher in the after-hours following the release of the company's Q2 earnings results. Currently, shares are bid $36.02, at $37.49; they ended the regular session lower by 1.13%, at $35.93. Cubist Pharmaceuticals reported Q2 non-GAAP diluted EPS of $0.59 on revenues of $176.8 million. GAAP EPS was a loss of $0.34 per share, which reflects the impact of $81.8 million of contingent consideration expense attributable to the advancement of Cubist's CXA-201 program. Revenues increased 4.9% year over year. "This was truly an outstanding quarter in what we see as a transformational year for Cubist," said Michael Bonney, President and CEO of Cubist. "In addition to our strong financial performance, driven in large measure by robust sales of CUBICIN, we reached a favorable settlement with Teva, announced a new strategic partnership with Optimer Pharmaceuticals, and continued to advance our exciting pipeline through positive top-line data emanating from Phase 2 studies on CXA-201 and CB-183,315. These milestones represent significant progress in Cubist's ongoing goal of becoming a global acute care leader." Cubist Pharmaceuticals, Inc. is a biopharmaceutical company focused on the research, development and commercialization of pharmaceutical products that address unmet medical needs in the acute care environment.