Ariad 4Q loss widens on revenue dip, higher costs
Drug developer Ariad Pharmaceuticals Inc. said Tuesday its fourth-quarter loss widened on lower revenue and rising research and development costs.
The company lost $18.5 million, or 17 cents per share, compared with a loss of $16.8 million, or 24 cents per share, a year ago. Revenue fell to $2.2 million from $2.6 million. The company gets its revenue from licensing and partnerships.
Analysts polled by Thomson Reuters expected a loss of about 17 cents per share on revenue of $2.3 million.
Operating expenses rose to $20.5 million from $19.4 million. The company's lead product candidates include the cancer treatment ridaforolimus, which is being developed in a partnership with Merck & Co.
For the full year, the company lost $80 million, or 86 cents per share, compared with a loss of $71.1 million, or $1.02 per share, in 2008. Revenue rose to $8.3 million from $7.1 million.
Shares closed at $3.32 Monday.