was being sold down Wednesday after the company lowered revenue guidance because of a decision with
to stop marketing a growth hormone.
The Cambridge, Mass., pharmaceuticals company put fiscal 2005 revenue at $90 million to $120 million, down from its old estimate of $95 million to $125 million. Its pro forma loss estimate held steady at $35 million to $45 million, or 39 cents to 50 cents a share. The company still expects a GAAP loss of $55 million to $60 million, or 61 cents to 67 cents a share.
"The company expects that the reduction in revenue resulting from this decision will be offset by a decrease in operating expenses and, therefore, the anticipated net loss on a pro forma basis before restructuring charges remains unchanged from previous fiscal 2005 guidance," Alkermes said.
After the bell Tuesday, Alkermes and Genetech said they would stop marketing a product called Nutropin Depot for human growth deficiency, saying it was too costly to make. Alkermes was recently down 46 cents, or 3.1%, to $14.23, while Genentech was up $1.33, or 2.2%, to $61.75.