OSI’s Tarceva sales climb, as does its income

MELVILLE, N.Y. OSI Pharmaceuticals announced today its financial results for its third quarter; citing one of their medications, Tarceva, as responsible for their sales growth.

Total worldwide net sales of Tarceva, OSI’s oral medication used to treat lung cancer, were approximately $226 million, representing a 32 percent growth in global sales compared to the same period last year. For the nine months ended Sept. 30, 2007 worldwide Tarceva net sales were approximately $635 million representing a 38 percent increase over the same period last year.

The company reported net income from continuing operations of $35.9 million (or $0.59 per share) for the three months ended Sept. 30, 2007, compared with net income from continuing operations of $159,000 (or $0.00 per share) for the third quarter of 2006.

The Company reported total revenues from continuing operations of $100 million for the third quarter of 2007 compared to revenues of $57 million for the third quarter of 2006, an increase of 77 percent.