TORONTO, Feb 28 (Reuters) - Shares of Paladin Labs Inc PLB.TO jumped more than 10 percent on Thursday after the drugmaker posted better-than-expected fourth-quarter results and forecast more of the same for 2008.
The specialty pharmaceuticals manufacturer said it earned C$1 million, or 7 Canadian cents a share, for the period ended Dec. 31, down from C$1.5 million, or 10 Canadian cents a share, for the same period in 2006.
But revenue jumped 24 percent to C$17.7 million from C$14.3 million helped by strong sales of key products.
Analysts were expecting a profit of 4.5 Canadian cents a share and revenue of C$17.1 million, according to Reuters Estimates.
“We expected Paladin to report a solid (fourth quarter) and we were not disappointed,” Maher Yaghi, an analyst at Desjardins Securities in Montreal, wrote in a note to investors.
“The company continues to post very strong revenue growth trends and maintains consistent profitability margins.”
Shares of the company were up C$1.00, or 10.3 percent, at C$10.70 after touching a high of C$10.72 earlier in the day.
The company said it expects 2008 revenue to be in a range of C$72 million to C$74 million excluding contributions from any acquisitions it makes over the course of the year. Analysts were expecting revenue of C$71.6 million. ($1=$0.97 Canadian) (Reporting by Scott Anderson; Editing by Peter Galloway)