posted a second-quarter loss that was narrower than analysts were expecting, and revenue tripled thanks largely to an agreement covering the lung cancer drug Tarceva.
The company reported a quarterly loss of $24.5 million, or 48 cents a share, compared with a loss of $47.3 million, or $1.19 a share, a year earlier.
Excluding certain charges, the Melville, N.Y., biotech lost $19.6 million, or 38 cents a share. Analysts were expecting the company to be 40 cents a share in the red.
OSI recorded revenue of $34.6 million, compared with $11.2 million in the prior year, mostly from revenue related to co-promotion arrangements with
for Tarceva. Analysts were calling for sales of $33.5 million.
Shares of OSI were down $1.05, or 2.4%, to $42.93 in after-hours trading Wednesday.