Advancis Pharmaceutical Corp. shares fell sharply Friday, after the drugmaker cut its full-year forecast on lower-than-expected stocking of antibiotic Keflex at pharmacies.
The company now expects about $7 million to $10 million in Keflex sales, down from a previous forecast of $16 million to $17 million.
As a result, Advancis forecasts a loss of $37 million to $40 million, or about $1.21 to $1.31 per share, for the year, compared with a narrower loss estimate of $32 million to $37 million, or about $1.05 to $1.25 per share.
Analysts surveyed by Thomson Financial expect a loss per share of $1.12 on revenue of $14.9 million.
The company also said it launched a new 750 milligram dose of Keflex capsules.
"While our Keflex 750 launch has taken longer to develop than our original expectations, we are optimistic that the expanded distribution of Keflex 750 to more than 20,000 pharmacies, especially in the major chains, will enable us to meet our 2007 and long-term goals for the product," said Edward Rudnic, Advancis president and chief executive, in a statement.
Shares of Advancis dropped $1.15, or 22.4 percent, to $4.07 in morning trading on the Nasdaq. Shares have traded between $1.20 and $6.70 over the past 52 weeks.
Keflex is a cephalosporin drug similar to the penicillins, but are more stable against bacterial enzymes, making them a broad range antibiotic. It is classified as a first generation drug. Although this class of drug is relatively non-toxic, they are rarely the drug of choice for any infection. Oral cephalosporins are never relied upon for serious systemic infections.
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