Jefferies Comments On Cubist Pharmaceuticals 1Q Sales

According to Jefferies, Cubist Pharmaceuticals (NASDAQ: CBST) delivers ~3-6% higher U.S. Cubicin sales of $154M in the seasonally weak/uneventful first quarter of the year.

Jefferies reported that this is in-line GAAP EPS of $0.34 (vs. its/cons estimates of $0.35/$0.30). “Our $36 PT is based on U.S. Cubicin sales potential of ~$700M and ex-U.S. Cubicin revenue of ~$40M in 2012, discounting back at 12% per annum. Risks include: (1) revenue heavily dependent on one product Cubicin, and (2) increasing reimbursement pressure.”

Cubist Pharmaceuticals closed yesterday at $30.36.