Drug developer Pozen Inc. on Thursday raised its outlook for 2008 revenue to between $62 million and $68 million, well above Wall Street estimates.
Analysts polled by Thomson Financial expect 2008 revenue of $52.2 million.
Pozen said its revenue figure includes a $20 million payment from GlaxoSmithKline PLC in April following the approval of the migraine drug Treximet, as well as $5 million to $9 million in royalties from Treximet sales. The company's revenue estimates also includes payments from AstraZeneca PLC, its partner on a late-stage drug candidate that combines the pain reliever naproxen with the AstraZeneca's acid reflux drug Nexium.
Pozen also expects total operating expenses to be between $67 million and $71 million.
Shares of Pozen fell 31 cents, or 2 percent, to $13.95 in morning trading.
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