Salix reports strong third-quarter sales

Salix Pharmaceuticals reported stronger third-quarter sales of its drugs to treat various gastrointestinal diseases.

The Morrisville company announced today that revenue rose to $65.7 million, up 53 percent from the same period last year. Salix reported a net loss of $7.3 million, or 15 cents a share. The results beat the average expectation of Wall Street analysts.

Salix shares have more than tripled since March as investors grow increasingly optimistic about Salix's prospects. The stock closed at $21.14 Monday, up 20 cents.

Salix has become one of the Triangle's most successful drug companies, with several products already on the market and promising experimental treatments in development.

"The third quarter of 2009 was one of the most exciting and rewarding periods in the company's history to date," said CEO Carolyn Logan, in a prepared statement.

The company reported higher sales of Xifaxin, used to treat travelers' diarrhea, and two products used to cleanse patients' bowels prior to surgeries and colonoscopies.

Salix recently hired 64 salespeople to help market its medicines to physicians. The company now employs about 160 sales representatives.

The company recently reported positive clinical trial results for a treatment of irritable bowel syndrome. It also won regulatory approval to sell a drug to treat a type of stomach ailment that afflicts diabetics.