Shares for San Diego specialty drugmaker Santarus Inc. rose 10 percent after it posted better-than-expected second quarter earnings that improved its financial outlook for the year.
Stock shot up $2.39, trading at $27.26 at market close. Santarus (Nasdaq GS: SNTS), one of San Diego’s largest biotechnology companies, has a market capitalization of $1.8 billion.
Santarus brought in net income of $73.5 million on revenue of $89.4 million for the quarter that ended June 30. A year earlier in the like quarter, it brought in $3.4 million on revenue of $47.2 million.
The revenue beat analyst projections of $82.9 million. The revenue spike was due, in part, to a one-time income tax benefit of $54.9 million, the company said in its earnings statement.
The company attributed the increase to strong sales of Glumetza, its diabetes drug, which grew 39 percent to $44.4 million. It also showed strong sales of its drug Uceris, bringing in $16.2 million since the ulcerative colitis drug was approved by federal regulators in January.