Jones Lang LaSalle
Bradley Pharma swings to loss on R&D charge

June 23, 2006
The specialty drug firm said its quarterly loss was due to a hefty research and development charge and a share-based compensation expense.

(AP) — Bradley Pharmaceuticals Inc., a specialty pharmaceutical firm, said Friday it swung to a quarterly loss due to a hefty research and development charge and share-based compensation expenses.

The Fairfield, N.J., firm lost $352,642, or 2 cents per share, in the first quarter, compared with a profit of $2.2 million, or 13 cents per share, during the same period last year.

Results included a non-refundable charge of $2.9 million, or 18 cents per share, related to a collaboration and license agreement with MediGene AG and a share-based compensation expense of $927,000, or 5 cents per share.

Quarterly revenue climbed 5% to $34.8 million, primarily on higher sales in its Doak Dermalogics division. The unit's sales rose 7% to $29.4 million.

On average, analysts polled by Thomson Financial were looking for earnings of 18 cents per share on sales of $36.5 million.

Bradley shares dropped 8.8%, to $11.86 on the New York Stock Exchange. Over the past year, the stock has traded between $9.15 and $15.09.