Depomed: 2Q Earnings Snapshot
NEWARK, Calif. (AP) _ Depomed Inc. (DEPO) on Wednesday reported a loss of $21 million in its second quarter.
The Newark, California-based company said it had a loss of 33 cents per share. Earnings, adjusted for non-recurring costs and stock option expense, were 19 cents per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 16 cents per share.
The drugmaker posted revenue of $63.3 million in the period, falling short of Street forecasts. Three analysts surveyed by Zacks expected $63.6 million.
Depomed shares have increased 16 percent since the beginning of the year. The stock has climbed 1 percent in the last 12 months.