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Amag shares fall after its earnings fall short

Tue, 04/27/2010 - 1:17pm
The Associated Press

Shares of biotechnology company Amag Pharmaceuticals Inc. fell in after-hours trading Tuesday after the company reported a wider first-quarter loss and weaker revenue than Wall Street expected.

Amag said it lost $23.1 million, or $1.15 per share, in January through March. That compares with a loss of $26.4 million, or $1.55 per share, a year earlier.

Its revenue grew to $13.3 million from $956,000.

Analysts polled by Thomson Reuters, on average, had forecast a loss of $17.5 million on revenue of $16.8 million

Most of the company's revenue was from the drug Feraheme, which treats iron deficiency anemia in chronic kidney disease patients.

Shares of Amag fell $4.28, or nearly 12 percent, to $32.50 after hours. During regular trading, they fell 68 cents, or 1.8 percent, to close at $36.78.

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