ROCKVILLE, Md. (AP) — Drug developer Human Genome Sciences Inc. reported a larger fourth-quarter loss on Thursday as expenses related to its lupus drug candidate Benlysta grew, and revenue decreased.
The company said it lost $87.6 million, or 46 cents per share. A year ago Human Genome Sciences lost $9.7 million, or 6 cents per share. Revenue fell 60 percent, to $21.3 million from $53 million.
Analysts expected a smaller loss of 39 cents per share and revenue of $22.8 million, according to FactSet.
Human Genome Sciences and its partner GlaxoSmithKline PLC are waiting for a Food and Drug Administration decision on Benlysta. An advisory panel said in November that the drug should be approved, but the FDA said it needed more information. After the companies submitted that information, the FDA said it needed three more months to make a decision. The ruling is scheduled to come by March 10.
Human Genome Science said its general and administrative costs nearly doubled in the fourth quarter, to $38.3 million from $19.3 million. Costs for manufacturing and development and product sales also climbed.
The company's research and development collaborative revenue dropped to $549,000 from $29.9 million after its collaboration with Novartis AG ended. The companies were developing an experimental hepatitis C drug called Zalbin, but in October, they said they would end development. They concluded the FDA was not likely to approve Zalbin.
Product sales fell to $13.2 million from $17.7 million during the quarter because Human Genome Sciences it received less money from the federal government for its inhaled anthrax treatment ABthrax. The company makes ABthrax and delivers it to the Strategic National Stockpile for emergency use. It is in the process of delivering 45,000 doses over a three-year period. Earlier it delivered 20,000 doses.
Human Genome Sciences said its manufacturing and development service revenue increased to $7.5 million from $5.4 million.
For the full year, the company lost $233.2 million, or $1.24 per share. In 2009 it reported a profit of $5.7 million, or 4 cents per share. Revenue fell 43 percent, to $157.4 million from $275.7 million.
Shares of Human Genome Sciences fell 9 cents to $24.92 on Thursday, and the stock was unchanged in aftermarket trading.
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