Protein Design Labs
broke even in the fourth quarter, easily beating analysts' estimates, and projected a similar bottom line result for 2001.
The pharmaceuticals developer reported a loss of $51,000 in the fourth quarter ended Dec. 31. In the year-ago period, Protein Design lost $5.9 million, or 16 cents a share. The company beat the consensus estimate calling for a loss of 7 cents, according to analysts surveyed by
First Call/Thomson Financial
Protein Design, which is based in Fremont, Calif., had revenue of $17.6 million, up from $8.1 million in the fourth quarter a year ago. Much of the company's revenue comes from agreements with other drug companies.
The company expects costs and expenses to rise 20% to 25% in 2001. Revenue depends on several factors, including royalties, patent licenses and drug sales. The company declined to provide quarterly guidance, but said it does expect to break even again in 2001. Wall Street expects the company to lose a penny for the year.
trading today, Protein Design closed at $62.19. In after-hours activity on
, the stock gained 94 cents to $63.13.