Cubist beats estimates, raises outlook

Shares in Cubist Pharmaceuticals Inc. jumped - reaching $39.74, the highest intraday price since November 2001 - after the Lexington company posted third-quarter earnings and sales that beat analyst projections. Cubist also raised its annual revenue forecast. Revenue increased 24 percent to $201.7 million from $162.1 million over 2010’s third quarter. The company tied a large part of the increase to US sales of Cubicin, its antibiotic skin infection treatment. US sales rose 21 percent to $186.4 million from $154.5 million in the third quarter of 2010.