MGI expects first quarter revenues of $78 million, decreased Aloxi sales

By Lisa Kerner

Erie, Pa., April 13 - MGI Pharma, Inc. said that for the first quarter of 2006 it expects total revenue to be approximately $78 million and loss per share in the range of $0.03 to $0.05.

Sales of Aloxi (palonosetron hydrochloride) injection are expected to total about $63 million for the first-quarter 2006, compared to $67 million for the same period in 2005, according to a company news release.

MGI attributed the decline in Aloxi injection sales primarily to fewer emetogenic chemotherapy administrations as well as a competitive market. However, the company continues to project 2006 sales of Aloxi injection of $285 million to $300 million.

The company previously said it did not expect Aloxi injection sales to increase from the fourth quarter of 2005 to the first quarter of 2006, and it had anticipated a net loss for the first quarter of 2006.

"Although less chemotherapy was administered early in the first quarter, we are encouraged that Aloxi continued to gain share from competing agents," president and chief executive officer Lonnie Moulder said in the release.

"Based on our analysis of historical trends and early evidence from the oncology clinic market segment, we anticipate that chemotherapy administration will return to normal levels for the second through fourth quarters of 2006."

The company said it will issue its first quarter 2006 financial results following the close of the market on April 19.

MGI is an oncology- and acute care-focused biopharmaceutical company located in Minneapolis.

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