(By Balachander) Cubist Pharmaceuticals Inc. (NASDAQ: CBST) posted double-digit revenue increase for the fourth quarter boosted by continued growth of the company's bactericidal antibiotic CUBICIN (daptomycin for injection).
The Lexington, Massachusetts-based company's revenue for the fourth-quarter and full-year rose 16 percent and 23 percent, respectively.
Cubist said revenue was $245.9 million and $926.4 million for the three-month period and 2012, respectively.
Top-line numbers surrounded Wall Street consensus estimates.
U.S. CUBICIN revenue grew 14 percent to $216.0 million for the fourth quarter and 16 percent to $809.2 million for the 12 month period. International CUBICIN revenue also grew 34 percent and 38 percent for the same periods.
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"As we enter 2013, and anticipate Phase 3 data for ceftolozane/tazobactam, we expect to begin the next significant chapter of Cubist's growth story," commented CEO Michael Bonney.
The company expects top-line data readouts from these two clinical trials are expected in the second-half of 2013.
"We are advancing three Phase 3 product candidates, including ceftolozane/tazobactam, which we believe has blockbuster potential based on its unique attributes and the significant need for new antibiotics to treat infections caused by multi-drug resistant Gram-negative pathogens," Bonney said.
The stock, which has been trading in the 52-week range of $36.73 to $49.86, ended at $43.21 on Friday.