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NEW YORK (AP) - ImClone Systems Inc., the maker of colon cancer treatment Erbitux, said Tuesday that first-quarter earnings fell sharply from a year ago due to lower revenue, higher compensation expenses associated with increased headcount and higher professional fees, primarily for accounting and tax services.
Net income declined to $28.8 million, or 33 cents per share, in the three months ended March 31 from $62.7 million, or 76 cents per share, a year ago. Total revenue dropped to $85.8 million from $110.2 million last year.
Analysts surveyed by Thomson Financial were looking for the company to post earnings of 32 cents per share on sales of $92.6 million in the latest quarter.
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