Insmed Inc. on Monday reported a fourth-quarter profit as it cut research and development expenses following the sale of its biosimilars unit.
The biopharmaceutical company earned $2.3 million, or 2 cents per share, compared with a loss of $4 million, or 3 cents per share, during the period a year prior. Revenue fell to $2.5 million from $2.9 million.
The company said operating expenses fell $4.5 million, mainly on lower manufacturing expenses from research and development. The company sold assets, including its biosimilar unit, to Merck & Co as part of a $130 million deal in 2009. Biosimilars are copies of biotech-based drugs.
For the full year, the company earned $118.4 million, or 93 cents per share, compared with a loss of $15.7 million, or 13 cents per share, in 2008. Revenue fell to $10.4 million from $11.7 million.
Shares of Insmed fell 11 cents, or 9.2 percent, to $1.09 in afternoon trading. The stock has traded between 70 cents and $2.57 over the past 52 weeks.