Idenix 3Q Loss Narrows As Costs Fall, Revenue Up

CAMBRIDGE, Mass. (AP) — Biotechnology company Idenix Pharmaceuticals Inc. said its third-quarter loss narrowed as revenue from partnerships rose and costs fell.

The company, reporting after the market closed Thursday, said it lost $11.7 million, or 18 cents per share, in the July-September period compared with a loss of $16.9 million, or 30 cents per share, a year earlier. Revenue rose 45 percent to $3.1 million from $2.1 million.

Analysts polled by Thomson Reuters expected a loss of 24 cents per share on revenue of $3 million.

Expenses during the quarter fell 24 percent to $15.1 million.

The company gets its revenue from partnerships, which include Novartis AG for the hepatitis B treatment Tyzeka and GlaxoSmithKline for a potential HIV drug.

Shares of Idenix closed at $2.50 Thursday.