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Halozyme Narrows Fourth Quarter Loss Due to Hylenex Payment from Baxter

Fri, 03/12/2010 - 4:18am

SAN DIEGO (AP) — Biotechnology company Halozyme Therapeutics Inc. said Friday that it trimmed its fourth-quarter loss with help from a large payment from its partner Baxter International.

Halozyme said it lost $12.7 million, or 14 cents per share, compared with a loss of $16.8 million, or 21 cents per share, in the same quarter a year before. Revenue more than doubled to $6.4 million from $3.1 million.

The latest quarter's results included $5.8 million in revenue from Baxter following the approval of the hydration drug Hylenex. Baxter licensed the drug from Halozyme.

According to Thomson Reuters, analysts expected a loss of 16 cents per share and $3.8 million in revenue.

Halozyme gets most of its revenue from collaborations. It amortizes payments from partners and recognizes them over time. The most recent quarter included $300,000 in revenue from Swiss drugmaker Roche, along with $302,000 in product sales.

In the year-ago quarter, the company posted $2.8 million in collaborative revenue, including $1.2 million from Baxter.

The company also reduced its research and development spending by $1.9 million in the latest quarter. Its selling, general, and administrative costs grew by about $930,000.

For the year, Halozyme's loss grew to $58.4 million, or 67 cents per share, from $48.7 million, or 61 cents per share. Revenue rose 56 percent to $13.7 million from $8.8 million.

 

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