Canadian drug developer Aspreva Pharmaceuticals Corp. said Friday it expects third-quarter revenue of $48 million, up sharply from the year-ago level, but below Wall Street's target.

Shares of the Victoria, British Columbia-based company sank on the news, shedding $2.02, or 8.1 percent, to $22.87 on the Nasdaq. Over the past 52 weeks, the stock has traded between $11.18 and $34.89.

The preliminary figure marks a 54.8 percent increase over revenue of $31 million during the same period a year ago. The figure also includes the negative impact of preliminary reconciliation payments to Roche, under the terms of a collaboration agreement.

Two analysts polled by Thomson Financial are looking for higher revenue of $54.3 million.

Aspreva also reaffirmed full-year guidance for revenue in excess of $200 million, while expecting CellCept prescriptions to increase by 20 percent to 25 percent.

Analysts expect the company to book $225.9 million in revenue.