August 8, 2011 / 8:43 PM / 7 years ago

UPDATE 1-Medicis reports Q2 profit in line, cuts FY11 view

* Q2 EPS $0.64 in line with estimates

* Q2 rev up 10 pct to $190.8 mln

* Sees FY11 EPS $2.25-$2.56, rev $718-$758 mln

Aug 8 (Reuters) - Medicis Pharmaceutical Corp posted second-quarter profit in line with estimates and cut its full-year outlook.

Earlier on Monday, the Wall Street Journal reported that Medicis has been approached by its larger rival Valeant Pharmaceuticals International Inc for a possible takeover. Medicis shares rose 13 percent in regular trading.

Medicis cut full-year earnings to $2.25-$2.56 a share from earlier view of $2.45-$2.60 a share.

Full-year revenue outlook was cut to $718-$758 million, from prior projection of $735-$770 million.

Analysts were expecting earnings of $2.53 a share on revenue of $751.6 million.

April-June net income fell to $28.8 million, or 43 cents a share, from $36.5 million, or 56 cents a share, a year ago.

Excluding special items, it earned 64 cents a share.

Revenue rose 10 percent to $190.8 million.

Analysts on average had expected earnings of 64 cents a share, on revenue of $188.8 million , according to Thomson Reuters I/B/E/S.

Medicis grabbed headlines last month after its Chief Executive Jonah Shacknai’s 6-year-old son died from injuries from an apparent stairway fall, just four days after his girlfriend was found hanged at his mansion near San Diego.

Shares of the company closed at $33.63 on Monday on the New York Stock Exchange. (Reporting by Shravya Jain in Bangalore; Editing by Don Sebastian)

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