reported a larger third-quarter loss following the company's decision to terminate a sales and marketing agreement for its FluMist vaccine.
The Maryland-based drugmaker reported a net loss of $65 million, or 26 cents a share, compared to a net loss of $16 million, or 7 cents a share, for the year-ago period. Excluding charges associated with the termination of its
FluMist agreement, the net loss was $55 million, or 22 cents a share. The 2003 quarter included $17 million in other revenue, primarily from milestone and other payments for FluMist.
Analysts were expecting a loss of 21 cents.
Revenue fell from $99.4 million to $92.5 million a year ago. Product sales rose 12%, primarily due to big gains for Synagis, which jumped 25% to $61 million.
"We continue to make significant progress advancing our development-stage candidates," the company said. Research and development expenses jumped to $73 million from $54 million a year ago.
The company also forecast fourth-quarter revenue of $435 million to $475 million and EPS of 11 cents to 15 cents, or 14 cents to 18 cents excluding items. Given the timing of the flu season, the fourth quarter is the biggest revenue period for the company.
For full-year 2004, the company projected revenue of $1.11 billion to $1.15 billion and an EPS loss of 7 cents to 11 cents, or 25 cents to 29 cents excluding items.
The consensus forecasts are for 34 cents and 45 cents, respectively.
Shares closed at $27.17 Wednesday.