Cosmo Surges as Forecast Exceeds Analyst Estimate: Zurich MoverSimeon Bennett
Cosmo Pharmaceuticals SpA, the Italian company whose bowel-disease drug won U.S. approval this month, rose the most in more than six months after forecasting sales that were almost double an analyst’s estimate.
Cosmo jumped 8.9 percent to 41.50 Swiss francs in Zurich, the biggest advance since July. The stock has gained 30 percent this year, giving the Lainate, Italy-based company a market value of 622 million Swiss francs ($673 million). Almost 55,000 shares were traded today, more than five times the daily average for the past three months.
Santarus Inc., which bought U.S. marketing rights for Uceris in 2008, won approval for the drug as a treatment for ulcerative colitis this month. The clearance is a “watershed” that “will vastly increase our revenue potential,” Cosmo founder and Chief Executive Officer Mauro Ajani said in a statement today. The company expects sales of 67 million euros ($90 million) this year and 108 million euros in 2014, it said.
Peter Welford, an analyst at Jefferies International Ltd. in London, has estimated revenue of 53.5 million euros in 2013 and 57.2 million euros in 2014, according to data compiled by Bloomberg.