ImClone swings to a quarterly profit

ImClone Systems Inc., the company at the heart of the insider trading scandal that led to convictions of its founder and his friend Martha Stewart, finally posted a profitable quarter on Tuesday after bringing its cancer drug, Erbitux, to market.

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Much of the profit was derived from license fees and milestone revenue ImClone receives from partners Merck KGaA of Germany and Bristol-Myers Squibb Co. for progress in developing and manufacturing the cancer treatment. ImClone recorded $67.5 million in such payments in the quarter.

The New York-based biotechnology company reported a net profit of $62.7 million, or 76 cents per share, compared with a loss of $34.8 million, or 47 cents a share, in the first quarter a year ago.

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Analysts on average expected earnings of 17 cents per share, according to Reuters Research, a unit of Reuters Group Plc.

Total Erbitux sales recorded by Bristol-Myers in the quarter were $17.5 million. ImClone received a 39-percent royalty on those sales, or $6.8 million.