Cubist Pharma narrows Cubicin target, shares slide

NEW YORK (AP) — Shares of Cubist Pharmaceuticals Inc. slipped Friday after the drugmaker narrowed its expectations for sales of its antibiotic Cubicin.

Cubist said it now expects U.S. sales of Cubicin, its only marketed product, to be between $520 million to $525 million for 2009. It previously forecast sales of $520 million to $540 million.

Shares of the Lexington, Mass., company fell 71 cents, or 3.6 percent, to $19.18 in afternoon trading.

The company reported its third-quarter results on Thursday. Its profit and revenue both came out ahead of Wall Street expectations.

Lazard Capital Markets analyst Joel Sendek said quarterly Cubicin sales were solid but voiced a note of caution on Cubist due to competition from other drugs that treat complex skin infections, as Cubicin does. Sendek raised his annual sales estimate for the drug to $520.5 million from $507.3 million.

Meanwhile, analyst Eun Yang of Jefferies&Co. maintained her U.S. Cubicin sales estimate of $520 million. She rates the stock "Buy," while Sendek has a "Hold" rating.