ImClone Posts Profit on Strength of Erbitux

Biotechnology company ImClone Systems Inc.’s first-quarter earnings blew past consensus expectations because of the strength of its colon-cancer drug Erbitux, which recently hit the market.

ImClone posted a profit of $62.7 million, or 76 cents a share, contrasted with a loss of $34.8 million, or 47 cents, a year earlier. Analysts on average had expected 17 cents a share, according to a survey by Thomson First Call.

ImClone reported revenue of $109.6 million for the quarter, up more than fivefold from the $19.6 million reported last year.

Shares of ImClone fell $3.15 to $69.94 on Nasdaq.