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Human Genome posts 1st-quarter loss on sales drop

Thu, 04/29/2010 - 7:17am
The Associated Press

Human Genome Sciences Inc. on Thursday reported a first-quarter loss on lower revenue, including a drop in sales of an inhaled anthrax treatment to the U.S. government.

The company lost $47.9 million, or 26 cents per share, compared with profit of $129.8 million, or 85 cents per share, a year earlier. Revenue plunged 74 percent to $46.5 million from $177.3 million.

Analysts polled by Thomson Reuters expected a loss of 19 cents per share on revenue of $40.7 million.

Revenue from the inhaled anthrax drug ABthrax fell to $13.5 million from $153.8 million a year prior. Meanwhile, results was further hurt in comparison because of a prior-year gain of $38.9 million for an extinguishment of debt.

During the recent quarter, the company received $27.6 million in revenue from Novartis as part of their collaboration on the potential hepatitis C treatment Zalbin.

The company is also developing the potential lupus drug Benlysta with GlaxoSmithKline.

Shares of Human Genome Sciences rose 38 cents to $28.12 in morning trading. The stock has traded between $1.30 and $34.49 over the last 52 weeks.

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