Shares of Depomed Inc. fell more than 13% late Tuesday after the drug company reported first-quarter adjusted per-share earnings and revenue below expectations. Depomed said it lost $27 million, or 43 cents a share, in the first quarter, compared with a loss of $21 million, or 34 cents a share, in the year-ago quarter. Adjusted for one-time items, Depomed earned $4 million, or 7 cents a share, in the quarter, compared with $2.3 million, or 4 cents a share, a year ago. Revenue reached $90 million, impacted by a one-time charge of $4.7 million in managed-care rebates, from $105 million a year ago. Analysts polled by FactSet had expected adjusted earnings of 9 cents a share on sales of $100 million. Shares of Depomed ended the regular trading session up 1.2%.
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