Talecris earnings rise on stronger blood therapeutics sales

Talecris Biotherapeutics released fourth-quarter financial results that saw net income shoot up to $17.1 million due in part to stronger revenue for its blood therapeutics drugs.

Talecris Biotherapeutics (NASDAQ:TLCR), whose $3.4 billion acquisition by Spanish company Grifols is still pending regulatory approval, released financial results Wednesday showing fourth-quarter profit of $17.1 million, up from $1.4 million a year ago.

Excluding nonrecurring items, Talecris’ fourth-quarter net income was $50.0 million, a 77.3 percent net increase compared to $28.2 million for the fourth quarter of 2009. On the same basis, diluted earnings per share were 38 cents, just a penny short of the consensus analyst estimate.

Talecris’ fourth-quarter earnings included an after-tax charge of $6.3 million, or 5 cents per diluted share. The charge was for costs associated with Talecris’ merger agreement with Grifols. The company also took a $26.6 million after-tax charge in the quarter for a jury verdict in a breach of contract lawsuit filed by Plasma Centers of America. The 2009 fourth-quarter results included an after-tax charge of $500,000 for merger expenses related to a deal with CSL Ltd., as well as an after-tax charge of $26.3 million for debt refinancing transactions.

Fourth-quarter revenue for Research Triangle Park, North Carolina-based Talecris was $410.8 million, a 5.3 percent year-over-year increase.  Still, those results fell short of the consensus analyst estimate of $413.8 million. The company attributed the revenue growth to stronger sales of its blood therapeutic products.

Talecris has not held conference calls to discuss financial results since the announcement of the proposed merger with Grifols last summer.